The Birmingham age-herald., 1924-01-26
COTTON LETTERS

NEW YORK, Jan. 25-Cables this morning were somewhat better than due and the sterling exchange market showed firm undertone. Here, how opening and continued through most of the day, the market making new low records since the decline started yesterday morning. The general senti- ment is now quite bearish on the ground that the market does not hold advances and that a further period of liquidation is likely. On the other hand, this season differs from previous years of short crops in the fact that the supply of both cotton and goods Is very small, so that the market is very easily affected whenever any demand appears. The market is without the speculative support which was in evil dence last fall, as the recent declines have discouraged outside trading. The statistical position, however, is a vary strong one, and as yet the curtailment in assumption is not large enough to balance the small crop. We expect very quick fluctuations under these condi- tions, and we do not believe in fol- lowing declining markets brought about by the general feeling of discourage ment.
 Liverpool futures are due tomorrow: March, 19.42d; May, 19.41d.-Hubbard Bros. 6 Co.
 NEW YORK, Jan. 25.-Prices have again been under pressure, with talk that covering had run it's course for the present and that southern mills were selling hedges. At times the mar ket has rallied quite sharply on small waves of covering by scattered local shorts, but has met renewed. selling and in the absence of any support in the true sense of the word has failed A-. perhaps slightly bearish by comparison with previous years, but not so if the actual facts of the situation this year are taken into consideration. However, the market cannot be talked up, but must wait until the pinch of scarcity makes itself felt more acutely and forces the demand to follow advances in competition for the remnant of the supply. The market is very irregular and nervous, as might be naturally ex- pected as a result of conflicting influ- ences, but spot advices average bullish and the technical as well as the statis- tical position Is entirely sound. It may take time to work out, but pur- chases on setbacks like this promise satisfactory results in the future just as in the past.-Post & Flagg to Shan non & Go.
 NEW ORLEANS, Jan. 25.-Our mar kct IT1cQ LO IOiiOW 11lNcEpOOl HI klS ward movement at the start today, but met too much cotton and soon turned downward. Liverpool itself appeared to take a cheerful view of the market and labor situation, but press and pri- vate cables telling of the unsettled sit uation of both sides in the strike and report that a haIndred thousand miners had been thrown out of work by the strike affected traders on this side and made most of them more inclined tn sell than to buy. Decreases in mill takings by southern mills for the week which were 31 900 against 65,000 this week last year, and further decrease in takings by northern mills, which were 1000 for the week against 77,000 a year ago, was further disturbing in- fluence, as it was accepted as tending to confirm reports of small demand for manufactured goods. Takings by for eign mills, on the other hand, were 121 ; 900 against 92.000 year ago. Some peo- pie accepted the announcement of the appointment of 8 minister to Russia by the British labor party as calculated to affect sentiment, but it is more prob able that it will eventually increase trade between the two countries. The weather continues unfavorable. Prep aration work is getting further behind and spot holders appear as firm as ever. The market, however, appears to be dominated at the moment by out side influences, and there Is very little hope of permanent advance until these improve.-Fenner 6 Beane to Kahn Bros. & Virgin.