The Birmingham age-herald., 1924-01-25
Cotton Letters


 morning were about as due. but our market advanced quite sharply after the opening on reports of . better spot demand. with cotton hard to ob- tain in southern markets Market ruled fairly steady until early i'm the afternoon, when profit taking and local selling brought about . loss of the days advance, prices selling down some Is little or no change in the general situation, but the sentiment is bearish on the ground that the advance was too rapid and that this setback will go further. Meantime, the supply of cotton continues to diminish slowly, and there is not yet the curtaafment nee essary to balance this crop vfth the demand. It is expected that there win be tenders on January contracts to- morrow, which Is the last notice day, but as the New York stock is desirable cotton will be taken up promptly The idea of tenderA on January. however assisted in the bearish feeling being Liverpool futures are due tomorrow, March, 19.5sd; May, 1sJ5ed--Hubbard Bros. & Go.
 NEW YORK, Jan. .24-Csevenbery says: Cotton was very steady during
  Sentiment was better here and abroad and there was a moderate volume of covering, trade buying and . little new buying for long accounts The market however, went dead on the rally and i'm support, being lacking because urgent shorts had apparently covered Spot demand was reported good At Memphis. Houston and Galveston, and 1t was predicted that exports would be large in the next few days. Mil advices from the Carolinas, however, continue very pessimistic, plants preparing to curtail and trying to resell raw cotton contracted for. The largest print cloth mill at Fall River was reported work ing again, but a merchant just back from there says they are very brue- The statistical situation and prospects for exhaustion of supply by July have come to the front again, but are off set by the mill situation and specula- tive indifference"
 Liverpool, Il a. m- bids- March ss:sec; May. s4.12c; July. ssosc. Oc- tober, 2S.2Sc
 | Liverpool, due January 25: March. 19.6od; May, 19.57d; July, 1s.ssd; Oc- tober, 16.64d.-Fenner & Beane to Kahn Bros. & Virgin.
 SHANNON & co.
 NEW YORK, Jan. 24-Sentiment seems a shade more bullish, though there is still a strong feeling of hesata- tton about following advances until those are supported by a larger activity in the textile trade. Advices frum the mora cheerful today with the opinion expressed that if cotton would hold steady for a few days some fairly large orders would be placed. Buyers, how ever, are still averse to doing more than cover their most pressing require | to continue in a position to supply the goods as required Grave doubt of that, however, is expressed i'm some circles usually we'll informed, where it is regarded as quite among the posss- bilities that by May the stocks of both goods and raw material in the mills will be at a very low ebh and buyers will have to wait for goods until they can be made up- The situa- tion is very different from last year. when the mills had cotton and went on using 1t, while now there are be- I lieved to be many which have barely | enough to carry them to May, so that ises to be critical and full of interest ing developments. Certainly the situa- tion is without parallel in the history of the trade, and no one cares to offer solution of the problem i'm which the possibilities appear so without limit The remnant of the supply seems to rest in strong hands, with nothing to suggest any pressure from that source, while the world needs an enormous quantity of goods. The world may mol try to satisfy its needs fully, but the vacuum exists and conditions generally seem against any large decline, whia< only a touch appears needed to start . buying movement which would f0rc< prices up with extreme rapidity--Poza l.& Flagg.