The Birmingham age-herald., 1924-08-22
COTTON LETTERS

NEW ORLEANS, Aug. 21.-Better cables from Liverpool and optimistic spot reports from the same source were responsible for a higher market at the opening, but the advance was met with good selling, characterized as profit taking, which caused prices to sag. Trading on the whole was very light during the first hour.
 Liverpool was due IS points up on October, but opened IT points higher and advanced to a high of 28 penny points over its previous close. The cables said, however, that the undertone was good, influenced by sterling ex- change depreciation Dc and buying by trade interests. Small market, but spot demand seems improving.
 The weather map showed small rains 1 at Amarillo and Galveston, Texas, and a few scattered points in the extreme eastern belt. The tropical storm was still factor to be reclIoned with. Lat est reports showed the storm was nov ing toward the Bahama group. Warn ings are posted along the Atlantic coast. The cotton goods markets of the country are steady but do not show a great volume of trading, although there was better demand in some lines of wash goods. New York reported a good demand for August cotton in Texas, but no demand in Atlantic. Both 1 sterling and francs were higher Thurs day morning.-Levy & Aronson to 8. R. Stewart.
 NEW ORLEANS, Aug. 21-Following the recent recovery In values, the cot ton assumed a reactionary tendency this morning, due to liquidation influ- enced by more favorable weather pros- poets for the western belt, continuance of good weather east of the Mississippi river and because of storm apparently moving up the Atlantic ocean, north west, but far off the east coast of Florida, which may bring needed rain to south Atlantic states.
 Prospects are for more favorable weather for the southwest, probably showers and cooler in north portion. Liverpool and Manchester trade cables are more encouraging, reporting some trade calling, and more demand for goods from India, China and Egypt, with possibility of working time in- creasing in the divisions of mills using American cotton.
 But the textile trade on this side of the Atlantic is unfavorable. According to census bureau, the average number of spindles operated in the United States during July was only 22,697, ,499, or only at 50 per cent capacity on a single shift basis. During July of last year, I United States.
 It looks as though about two months will have elapsed before consumption of raw cotton in America becomes normal; in which case, even with favor able trade conditions thereafter, there would be only about ten months of normal consumption in the United | States this season vs. the usual twelve months in a normal season.-H. and B. l Daa 4a ' Et q rtA
 NEW ORLEANS, Aug. 21! !-The market opened strong, 12 to 14 points higher, on good cables and possibility of the tropical storm becoming 6 4 menace to the eastern belt before the end of the day. Posting of the map and morning bulletins on the location of the disturbance dispelled fears as to it's becoming a menace and deprived the market of one of it's chief stimu- lating influences. After that, selling and liquidation increased and buying decreased. Prices gradually gave way, until in the early afternoon they sold some fair-siEed rallies later, but they did not hold well. Spots continue in very active demand for immediate ship ment in the southwest, and Texas ship | pers who are unable to fill their en- agreements from the early receipts of | that state are reported buying in Mis- sissippi and Louisiana and paying a very good basis for all they can get. Most of the hedge selling here appar- ently came from the buyers of this cotton. Bearish sentiment has been increased as a result of the action of the market today and values may ease some before the selling let's up. We ex- peet, however, to see considerable cov- ering by recent sellers before bureau day, owing to the uncertainty of the | governments report and probably . higher range of va1ues.-Fenner & Beane to Kahn 6 Virgin.
 NEW YORK, Aug. 21.-After opening slightly above last nights closing prices, the market eased and finally broke under the influence of a clear weather map and the lack of fresh buying. Many believe that most of the short cotton which was to be covered before the bureau report has been bought in, and, that consequently the technical position of the market has been again weakened. Reports from Manchester indicate improvement again in business there, and 1t Is quite significant that the silk market is showing signs Of de- ciaed strength. The dry Foods market