The Birmingham age-herald., 1924-01-22
Grain Letters
HUBBARD nnos. . co.

strike in Great Britain was not en- tirely effcctual. about 25 per cent of the traffic h said to De moving. and 1t is thought that the motor transport further assist in piccing the service. In the meantime. this disrcghrd of the public welfare by a portion of the la- bor party on the eve of labor gov sernment can hardly be popular, and is likely to have substantial political ef- feet.
 The suprfy of cotton in the south is providedyt appears on . decline, has Q very considerable inflpence on prices. We are, therefore, of the opinion that recoveries will be sharper than senti- ment here expects. Another cold wave through the belt Is shown on the map this morning, which is favorable from sveral cold spells so far this winter. SHANNON | co.
 NEW YORK, Jan. 21.-Weakness in cables was taken to reflect the disturb ing influence of the real strike which wentahrough as arranged though hope was expressed at the end of the week that 1t might be averted. Private ad- vices described 1t as of no great i'm portance and likely to come to an early end. However, 1t is not possible to de- termine how far such action might spread or what the full effect might be. It is disturbing factor with large pos tsfbiiittes if carried to extreme. The ef- feet of this, however, was largely off set by food of bullish spot advices as well as reports that real curtailment had hardly made its appearance among southern mills, but that many are still running full. These advices are grad ually bringing about a change in scn- Tn M. <x}n l. position to sell on rallies is giving place to feeling. that even if the actual low has not yet been seen, the factors at work under the surface will eventually produce their destined effect, and that it is wiser to buy easy markets con- servatively and exercise some patience even If the immediate course of prices should not result in a profit on such operations.
 KAHN BROS. 6 VIRGIN
 NEW ORLEANS, Jan. 21.-Cotton was upset at the start today by tho strike on the English railways which went into effect at midnight Sunday night. As a result there was a good deal of liquidation by people who bought Saturday on reports that the strike would not materialixe. Under pressure from this liquidation, which was accompanied by a good deal of selling, prices sold off A points. Later In the day values rallied nearly as much on optimistic cables from Liver pool minimizing the effect of the strike reports from an observer who has just completed tour of the south to the ef- feet that southern mills are running 80 to 90 per cent of capacity and many sold as far ahead as August and re- ports of some good spot sales at high basis. Values eased some in the after fr1E O h fhA ginnings Wednesday are likely to come larger than the 9,900,000 recently pre- dicted and news of an attempt by the International Federation of Spinners to organize curtailment all over the world. We'll founded rumors say the federation has been putting out feelers among American mills with a view of inducing them to join the movement and that the plan has even been laid before high government officials. These, it is claimed, are disposed to approve the plan if public sentiment seems to call for 1t, even though it is a viola ton of the Sherman law. This curtail- ment movement is undoubtedly at the bottom of much of the recent selling but its exposure is likely to upset 1t. We believe there isfa large short in- terest in existence which must cover soon. =.
 NEW YORK, JanN21.-The failure to avert rail strike in England influ- enced much lower cables than due, car- rying prices about $3 per bale under Saturdays closing prices, Profit talk ing and some trade buying caused . rally, which, however" soon died out owing to the failure of new buying to make its appearance. Foreign ex- change weakness also had it's effect, onsetttng in measure the usual amount Of bullish spot advices received from the south.
 A well-known authority in Texas ad- vises that he underestimated the Texas crop and the enormous acreage in west Texas and that he expected the next ginning report to show Texas to have gtnned 75.000 bales for the period.
 Cables from Liverpool stated that the fear of the strike now that it Is on the way is subsiding but it would appear that it will increase uneasiness and accordingly effect business. A cable printed in the New York Times was to the effect that the large imports of raw cotton by England during December was unlikely. of repetition again thiis year. @s
 Nothing new developed in Worth street and the best than can be said is that buying has been ftfuI and apa- thetic. As so much stress is being laid on the statistical situation obtaining in in the supply Of cotton 1t may prove of interest to compare the prices of goods this year with those of a, year ago as published today by the Journal of Com merce. Middling cotton, New York, to- day, 33.35c; last year this time, 28.40c Print cloths today quarter of cent lower than last year; gray goods rang ing from hc lower to hc higher, with sheetiings hc. lower to Kc higher. Ginghams about the same as last year.
 From the above the necessity of bringing goods to a closer basis with raw cotton is obvious.
 Whether 1t will be brought about by wave of real buying or a sufficient curtailment to create a shortage of goods remains to be seen, but under the genreal world conditions, widespread curtailment seems to jls as being the more probable Sf the two. <
 2. Liverpool Il a. m., bids: March, s2.7oc; May. s302c; July, 31.s0c.
 Liverpool due January 9: March,; 1s.Aod; May, 1s.ssd; July. 1s.5sd.- Fenner and Beane.
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