The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-02
COTTON LETTERS

NEW YORK, April LIN spite Of the
firmer tone of the market and some
what more encouraging reports from
both the foreign and domestic textile
trade, bearish sentiment is in the as
cendant in professional trading circles
and selling from that quarter has been
in evidence again today, promoted by
more favorable view of the weather,
which Is predicted clear though un-
seasonably cool. Arguing with the mar
ket Is to waste time, but II looks that
1t may have turned definitely and with
occasional reactions, some of which
may be sharp, will gradually forge
the actual intrinsic value of the staple.
Post & Flagg to Shannon & Co.
NEW YORK, April 1.-The market
turned moderately upward at the start
on distinctly better Liverpool and
somewhat encouraging Manchester
news. Reports of additional freight
strengthen the May position slightly.
On the bulges there appeared to be
some heavy selling of May by southern
interests, which was believed to be long
liquidation. Wall Street also sold on
prospects of better weather. Later in
the day, fresh pressure developed and
prices began to sag with little or no
support in evidence until July cotton
sold around 26.90c. At this point mod
crate short covering rallied the mar
ket, and at the close half of the pre-
vtous losses were regained.-Fenner &
Beane to Kahn & Virgin.
NEW ORLEANS, April There was
less disposition to buy Tuesday in the
absence of short covering operations
which characterized the market Mon
day. Trading was mostly dull and in
a narrow range somewhat lower than
the previous close. Liverpool was
favorable early, but turned soft before
the opening of American markets.
Some dry goods reports were more op-
timistic than recently. The weather
map showed generally fair weather
with temperatures low; but there were
no frosts, as expected, and the fore
casts are for generally fair and warmer
weather over the belt Wednesday. The
weekly crop and weather report, due
OF the opening Wednesday, is uncertain;
but 1t is generally expected to be more
beartsh than bullish.-Levy & Aronson
to S. r. Stewart.
NEW YORK, April IA natural re-
action took place in the market this
morning on the theory that weather
wouIo De better over the belt. 1t is ex-
tremely cold for this season of the wear
in Texas, Oklahoma and Arkansas. and
such cold weather is usually followed
by further rains. Moreover. adyices
from Manchester are of the most en-
couraging character with more doing
In cloth and yarn. We have a cable
direct from the treasurer of a mill in
reading as follows:
Extensive business. Cloth warns
dearer."
We believe their action today is en-
tirely normal one and does not
change the general situation at all. and
believe that the improvement in the
demand Tor cloth, together with a bet
ter outlook In Europe regarding the
reparatlon question, will bring about a
further advance. Liverpool futures are
due tomorrow. May, I6 .79d; Julv. 16 37d
Hubbard Bros. & Co.
CHICAGO. April lin two particu-
lars was overnight news favorable 20
an optimistic trading temper. One was
the prediction of an immediate favor
able report by the Dawes commission
the other was the Washington news 10
the effect that a reduction in 1928 in
come taxes was assured. Grains had
borrowed some weakness from the
stock market in the course of the last
two weeks, and it was thought that
anything creating a better feeling there
might we'll help the grain market, so
there was steady opening After the
opening, wheat quickly turned easy.
but corn held strong. The wheat news
was colorless. Cash prices were gen
orally about steady except that Mime
apolis reported an improving demand
and premiums for the choicer Qualities.
AS we see it the markets have had a
natural rally from last weeks inside
prices, and now some new incentive
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