The Birmingham age-herald., 1924-03-08
COTTON LETTERS

NEW YORK, March 7-Liverpool was again better than due this morning, but the market failed to hold as reports were received here that the mill owners in Manchester had notified the opera lives that if they did not come to terms by Tuesday of next week that they would lock them out. Heavy realizing made it's appearance on this informa- tion, which was added to by the fact that southern spinners takings had shown falling off of some 5000 bales. Usually; it Is very inadvisable to follow declining market brought about on strike news, and we think this Is the case at the present time. Liverpool fu- lures are due tomorrow. May, 16.36d; July, 16.08d.-Hubbard Bros. G Co.
 NEW ORLEANS, March 7.-Bearish sentiment came to the front again to- day and values reacted 100 points for the old crop months under the steady stream of selling orders that the mar ket was forced to absorb. Another bad break in, francs, cables saying the mas ter spinners of Great Britain have de- cided on a lockout unless the workers call off the strike at one mill and dis appointing mill talkings furnished the incentive for the selling. The same in- fluences tended to check the desire to buy and the buying power was at a low ebb. Spot news on the other hand was very encouraging. Many points in the interior sent in reports telling of efforts on the part of shippers to buy to fill commitments and of their in- ability to get much even at a high basis. Press and private cables from Liverpool also stated that the opera lives at. Manchester have been given seven days in which to call off the strike at the one mill before the lock- out becomes effective. Telegrams were received from the southwestern part of Texas telling of unfavorable>,s soil con ditions there and of a late start. The eastern cooperative associations are said to be deIuged with offers for their spot holdings and are said to be re- fusing to sell at present prices, A wire from an authoritative source also had combined to investigate the prob ability of dealers being able to deliver the cotton due them on contracts and to have become quite uneasy over the prospects. They found. 1t is stated, that most of the dealers had bought futures to cover cotton sold them, but had very little cotton on hand. Sentiment in the trade still leans largely to the selling side. We believe that the selling is be- ing overdone.--Fenner & Beane to Kahn & Virgin.
 NEW YORK, March 7.-Prices re- acted. again today as result of real izing by recent buyers and fresh sell | ing on the failure of the goods markets to develop more, activity. The uncer- tainty as to the outcome of the labor troubles in, Lancashire and the possi- bility of a lockout there next week also promoted selling and restricted the de- mand in spite of continued bullish spot advices, which for the time being are passed over without attention, regard
 less of their bearing on later possibili- ties. The opinion is expressed in lead tVRep 6A atn hat hA AAaI line hal fully discounted what there Is bearish in the situation and that a large buy ing power is steadily accommodating, the results of which, if it should become effective, would be sensational. Trad CTS, however, remain skeptical on this subject and are likely to continue so until there is something more tangible than possibility In the situation. It looks, however, that it needs more sell- ing to force prices down than buying to put them up, and many who refuse | to buy at this level would probably be among the most eager buyers several cents higher, New crop advices do not as yet suggest an early movement of a large crop, but the effect of that is neutralized by the reflection that 1t Is too early to lay stress on such condi- tions. There are still those who be- lieve that cotton planted around the end of May has a chance to make a crop, but the number of those Is yearly growing less. A trading market with much irregularity looks probable with purchases on good reactions the more promising and prudent, all things con. sideredy-Post & FIagg to shannon & Co. NEW ORLEANS, March i7.-Small sales at Fall River lack of encouraging news from goods centers and fear of a lockout in the English spinning indus try were probably the chief factors in the days decline.
 The further break in French francs, bearish weekend figures, and some re- ported heavy selling of May at New York in the afternoon were additional influences.
 Liverpool cables were good, cables reported good character of contract buying, although spot demand was re- ported poor, spot sales were smaller.
 The weather map was about a stand off, with clouds in the west, but fair in the east, with practically no predic- tion. The forecasts, however, indicate unsettled weather in the west and cold CT weather in the east.
 | The market lacked the influence of good spot demand. there were some re- ports of better demand in the east, but Texas points were discouraging. ..a. U