The Birmingham age-herald., 1924-03-14
COTTON LETTERS

NEW ORLEANS, March 13.-The cot
 ton market was called upon to absorb
 considerable selling today, but 1t took
 1t much more easily than for a long
 time and came back strong when sellers
 tried to cover. Old-crop values dipped
 45 points and the new 29 during the
 selling, but later rallied GA for the old
 and 35 for the new. ending the day
 with fair-sized gain. The northern
 parts of Texas, Louisiana and Missis-
 sippi were covered with a blanket of
 snow and sleet, and practically all of
 Oklahoma, Arkansas and eastern Ten nessee were covered. In addition, there was general and heavy rains in the | remainder of the western belt and ; freezing temperatures in all sections
 except along the gulf. The weather ] bureau reported a disturbance over the lower Rio Grande, and later one off Sabine Pass, which brought heavy
 rains to the west gulf and promises 1 to bring rains and colder into the | eastern part. Much of the selling was
 due to belief that the price could be
 put down easily owing to the small | however, met with enough demand to soon chill the ardor of the sellers. Talk of the possibility of the government is-
 suing it's revised figures on supply Fri day and probably using them in its | report on stocks at the end of Feb was A neipIul lnIluenCe, dS US | revision is likely to be quite bullish. Preparation news was encouraging. The markets acted oversold. We be- | lieve purchases on further dips are | advisable, owing to the prospects of | more unfavorabie weather, probability
 of bulltsh revision of the census figures l on carry-over soon and progress in
 working out a settlement of the repara-
 tions plans.-Fenner & Beane to Kahn | & Virgin.
 NEW ORLEANS, March 13.-Cotton
 remained a trading affair Thursday. l The range was 50 points on the more
 active positions, with the close near the top, some 40 points over the 1 previous close on May.
 Fear of serious delay in crop prepa- | rations induced very unfavorable weather map, and private reports of snow in southern points of Texas and Mississippi caused a good rally near
 the opening. The weather forecast was | for fair weather tonight in west Texas and fair in Oklahoma and all of Texas | freezing. The forecast for the east Is | for generally unsettled weather, with rain and snow.
 Dry goods reports continued bullish. Spot demand was lacking. There is
 no encouragement to be had from the stock market. The report of the British BoaSd of Trade of exports of yarns and cloth for February, which showed fair gain over February last year, was bullish. The reports showed 14,- 100000 pounds of yarns exported last month, against 10,ss1 ,0O0 pounds for the same month last year and 397,000,- 900 the year before of cloths exported,
 against 342,5S8,000 in February, 1923.
 Exports for the day were 21 ,152 bales,
 against S,790 bales last year. So far
 this week exports are 75000 bales, against 71,000 last year.
 Foreign exchange was again better.
 There Is considerable relief felt over the foreign situation.
 The weather has been bad, and any
 further unfavorable conditions, particu- larly in the southwest may result. in | higher prices; but trade demand is poor, and until this quarter improves we can not expect a continued forward movement.--Levy & Aronson to S. R. | Stewart.
 NEW YORK, March 13-Liverpool was better than due this morning as