The Birmingham age-herald., 1924-02-27
'COTTON LETTERS
HUBBAnDss LETTER

NEW YORK, Feb. 2s.--Mafcf. notices were quite heavy this morning, bring ing a widening indifference and . lower market. This was followed by another wave of heavy liquidation, carrying the market down, to- new low levels, May fouchine 2s,s cents. On the decline, there was again good buying, causing . fair rally. Trade continues to be ex- tremely bearish. principally brought about by the dry gdOds situation and the reports being received from Caro- lima mills of their inability to sell goods. No attention. isI paid to the weather in the south, which is agam very bad, heavy rsins falling all over the valley and In the eastern belt. If this weather continpes for the next, few days, the. ground will be so saturated that early crop preparations will be seriously delayed. After such . decline as we have had, sharp recoveries can be expected. to, take place at any mo fact that -s vast msjoraty of the trade are still looking for lower prices In the late afternoon the mSrket turned much stronger dn fresh 0utside buying on the theory that . bIhstantial reac- ton was about due Hubbard Eros. ( Co.> s- i NEW YORK, Feb. 2s.--we hear the iopinIon expresied in some quarters that foday,s' notices have, left March irl well lsIiquidated position as far as the small scattering interest is con- cefned The feeling is that further de- velopments in March may be very sirni- lar to those noted in the case of Ian uafy. That Is to say, further notices may make their appearance if the March discount diminishes, but that they will be stopped Whenever the dis counts increase to something near a carrying charge, just as happened last month. There are some who predict that as soon as March liquidation has been completed, cotton will move out of New York. This was the view held at the beginning of January, but shipments proved disappotntine.
 Current old-crop prices are now: a cent to two cents a pound below quota tions prevailing at this time last year, Post & Flags to shannon ( Co.
 NEW oRLEAsgs, La, Feb. 2s.- Tenders of forty-,5inen thousand bales In New York and failure to stop the notices brought on arwave of selling and liquidation today that lowered old crop values nearly hundred points from the previous closing. Reports that loading proved . disturbing factor and accelerated the selling. Values rallied SO points in the later afternoon on cov- ering duo to denials that the co-opera- tive associations were forcing sales and report that the Japanese had bought 30,000 bales from the Texas association. There were also reports of a good de- mAnd from Russia, late wires also stated that Senator Smith of South Car oiina had promised to give out a statement this afternoon or tomorrow confirming, MT. Hester's figures on carry-over and showing the government estimate of 3,065 900 bales carry-over is halt million bales too high. The weather was about as bad as 1t well could be, with general rains in the cen tral and eastern belt and ffeezing in the northwest. A flood of delay re- ports are expected in the next day or two as a result of the recent weather, which does not yet give promise of per manent improvement. The selling ap- pears to us to have been ovefdone and q sharp rally. if not permanent ad- vance, is likely as soon as there is any covering of consequence. t
 We believe the worst is over for the time being.-Fenner & Beane to Kahn & Virgin. e4-