The Birmingham age-herald., 1924-03-13
!. COTTON LETTERS

| NEW, YORK, March 12--ImpEove- fnents in the sterling exchangeS rate, with some selling from 2 America, brought a lower Liverpool market this hnorning. Our market was quiet ana
 bull all day, moving slowly back and
 Forth under local trading, as there was
 very little outside business, due to con-
 Htant interruption in wire communica- tions both to the. east and the south. Texas reports a better spot demand, lThe weather over the belt, continues unsatisfactory, with cold weather fol- Towing the rains in the Atlantic states land cloudy weather and rains in south Iwest Texas. It was also reported in the early afternoon that 1t was snow lover Texas may appear in the near future, which will again delay pre- lparations for the new crop. Very lit- tile attention, however, is paid to the Iweather, as the general sentiment here lcontinues to be rather pessimistic on the idea that the price discounts the lsituation, conclusion with which we do not agree. In the late afternoon, New Orleans turned free, seller on Ivery narrow market, causing a. further ldecline in prices.
 Liverpool futures are due tomorrow: May, 16.47d, and, July, '16.1Sd.-Hubbard Bros. & Co.
 NEW ORLEANS, March 12.-The icotton market was again called upon to Iabsorb considerable volume of sell- ing in the face of the most bullish lweather developments of the season. IThe sellers were careful and felt their Iway for. time, but appeared to grow lbolder as~the day advanced, owing to the absence of public buying, and sold heavily in the last half hour. Ad-
 vices from New York attributed the
 late selling to attempts of shorts to Idislodge two big traders who have Iturned bullish and been large buyers recently. It is, probable that the de- Isire to get a better covering basis was really the motive behind much of the lseiling. Closing sales were around the
 lowest. Liverpool sent over rather Ipessimistic cables at the. start, claim
 labor situation again, though the trou-
 ble in the spinning industry. had been
 adjusted. Foreign exchange was thigher and political and financial ad-
 vices were generally encouraging. The
 map showed generally freezing weather
 cold followed by unsettled weather was predicted for the east Texas sent in reports of rain or snow and sleet over
 most of 1t during the day, and the
 weekly, when finally received, showed very little progress in preparation, ow- | that the selling is being overdone and \ that the delayed preparations will soon respond to the unfavorable weather.--- Fenner Beane to Kahn & Virgin.
 NEW ORLEANS. March 12.-After holding firm during most of the day around the previous close or slightly higher on disappointing Liverpool and unfavorabie dry goods news, the
 market finally gained way under a wave of liquidation and closed for the day around 10 points below on the near positions and 30 points on October. The. early strength was on more un- favorable weather reports. The map showed generally cloudy weather over the belt, with unreasonable tempera- lures, the forecast for the west was for continued unsettled weather, frost and freezing weather predicted for the east, Wire trouble delayed the weekly weather report, which was bullish, but indicated a more favorable condition in west Texas than expected.
 An afternoon report said there was considerable selling against weekly long interest in the New York market. E It was finored the national ginners' [ estimte of February consumption was E 4S8,000 bales, against recent estimates of 500,000 bales. These reports, togeth- CT with the weather, probably induced liquidation. There was some encour- ! agement in foreign news, but general
 trade and dry goods reports remain un-