The Birmingham age-herald., 1924-03-12
COTTON LETTERS

NEW ORLEANS, March 11.-After an early dip the cotton market de- veIoped a good deal of strength and advanced 82 points from the early low actionary attitude of Liverpool and uncertainty over the labor situation at Manchester furnished the occasion for the selling at the start, as some cables expressed a doubt as to whether or not the threatened lockout was really a thing of the past. Later cables say ing the trouble, had been adjusted, freezing weather In the southwest and heavy snow in the noEtheas started afeoveFing aovenisnt that Kept up most of the day. There was a very notice able scarcity of contracts whefever and the market appeared tight at times. Report that one of the private bureaus had predicted consumption of 300, 900 bales for February and belief that the weekly review tomorrow may have a stimulating effect on sentiment tended to make good many recent sellers cover. A message, feom President Coolidge to Congress asking for a. re duction in income taxes of 25 per cent before the 18th probably stimulated much Of the late buying as it is soon- sidered quite buIIish. 5 Some reahzinA and selling developed in the last few minutes on a cable saying prelimtnary negotiations with the English miners over a, wage agreement had broken down, but present agreement does not expire for mopth.s Sellers appear to be on the defensive at 5 tue moment, and any more unfayorable weather is apt to be followed by more covering Fenner & BeaHe to Kahn < Virgin. '
 NEW. YORK, March 1l.--ThereS has been distinctly better tone to the market. and though realizing has been nvn1 N4snnI Ix.vxes- fr.rVr ntH on strong spots offerings have been absorbed readily; and reactions, while frequent, have not been extensive, or lasting. The demand. however, must be admitted to have come chiefly from shorts influenced by bad weather ad- vices, the adjustment of the labor dis- pute, in Lancashire and more favor able construction Of events abroad. Purchases, on reactions for at least moderate profits, which with any real encouragement toS buyers would prove very substantial look the best, and the decline has fully discounted whatever is bearish in the situation. Post & 'Flagg to shannon & Co., ' s..3 NEW ORLEANS. March 11.--Cotton made a good advance Tuesday. and trading was steady during most of the day within, striking distance of the highs. x The advance was largely on short covering and some buying ins duced mostly by unfayorabie weather conditions,
 Liverpool was disappointing, and good news reflected no improvement in trade lcenters. Prices broke about 30 points early. but the recovery was rapid as the weather map and fore casts were posted. There may have been some early selling on Sol Hester of fertilizer sales, which showed about 10000 tons larger sales this year, com. pared with last year, and the 1924 sales larger than any year than 1920. t /
 The market lacked the, stimulus of better goods reports and reports of better spot demand from the interior were Hacking.
 The local spot demand was said to be better. There was early uncertaianty about the English mill lockout, but the Journal of Commerce was reported to confirm the settlement. ,s-E ~
 The. weather forecasts are for cloudy and rainy weather in the Kwest and snow in some portions. Temperatures are expected to be only. slightly warm CT. Forecast for the cast Is. for fair but freezing weather in the Interior and frost to the coast. The weekly weather and crop report tomorrow is expected to be bullish. '
 Trade news Is depressing, but the weather is likely to have a large infIu-. ence for the immediate future.-Levy a Aronsons to S. IT. Stewart. ttt