The Birmingham age-herald., 1924-09-18
COTTON LETTERS

NEW YORK, Sept. 17.--Price fixing by English spinners brought an im- provement in Liverpool this morning and after a pomentary reaction our market has been better on. account of the continued unfavorable weather in the Atlantic states and some rains in the western belt, which it was felt, might become general here. The crop maturing early has opened a great amount of cotton and consequently any rainy weather nor, if accompanied by winds, not only injures the grade but causes certain amount of loss to the open cotton on the stalk. This un- favorable weather has had the tendency to increase the spot demand from both Europe and America with a conse- quence that there Is a better basis in the south. There Is a decided change in sentiment among many of thelead- ing merchants as regards the course of prices and we find that they are now looking for at least a substantial re- action to occur, especially as many of the contracts sold in the last few days have passed into the hands of the trade against their immediate requirements. Liverpool futures are due tomorrow; i; October, 12.51d; December, 12.37d.- Hubbary Bros. 6 Co.
 NEW YORK, Sept. 17.-The session has been very dull without any inter- esting feature. The publication of pri- vate estimates of practically i3,O00 900 bales were without effect and the week. ly weather made no impression. Shorts were fairly good buyers on the theory that a good reaction was overdue, yet there was nothing new about the de- mand for cotton nor any particular change in Worth street. As time passes, AlA .V@ textile industry is faced with the neces- sity of inducing the public to pay more I for their product, or of curtailing ex- penses, and as a result there is inc creasing talk of wage reductions, par ticularly in New England-Fenner & Beane to Kahn & Virgin.
 NEW ORLEANS, Sept. Tive have for some time been advising our clients to- depose of present and prospective supplies of cotton. The course of prices has justified our ideas.
 We have now changed our position on the market. We believe higher prices are ahead. Judging the market from the standpoint of prospective sup ply and probable demand, the conclu- sion seems justified that present prices discount a crop this season of 18,000, ,00C bales of lint cotton. Our information
 
 equal the above figures. We have pre- viously stressed the importance of e real turn for the better in general business conditions. We have noted signs of a coming turn, but not such as we believed would presently effect the price of cotton. However, we now see unmistakable signs of Improvement in general business activity which we believe must inevitably be reflected in the cotton market. This improvement we expect to come from both this coun. try and from abroad. Increased activity is not likely to come with a sudden rush which would create feverish de- mand for goods: Improvement will come slowly, particularly at first, but this will prevent unhealthy imitation and subsequent collapse. We believe that purchases of cotton at present levels wiBgprove very profitable.-LevS & AronG0n to s. R. Stewart.
 NEW YORK, Sept. 17-There wal more resistance to decline. the buying coming from trade houses and weal | short accounts The aolVfh raporfs