The Birmingham age-herald., 1924-03-27
COTTON, LETTERS

NEW ,HORhs Marcn 2o.-Wnlle the market has shown steadier tone, re- fiecting very bullish spot and crop .ad- vices, with reports of large pending shipments out of the local stock in the near future, 1t looks that fresh buying of importance will hardly be in evil dence on advances until those are sup ported by advices of broader. more urgent demand for goods Here and there private information leads to the belief that, taken as a whole, the. vol ume of textile business is actually bet ter than commonly supposed and at prices which mean that losses, if any, are distinctly smaller than asserted in some cases. There is little doubt that the technical position is such that, given the kind of an impulse, the eff fort to cover the immense amount of cotton that has been sold by specula- tors and in the way of hedges by mer- chants and mills would send prices a long way back toward the point from which this decline started. The opin- ion is expressed by some good judges that while no unbroken advance can be expected, the market has definitely turned and will presently begin to re- fleet the, strength of the technical po- sition. People whose judgment has been very reliable in the past consider the selling grossly oVerdone and regard cotton as much below its intrinsic vaiue.-Post & Flagg to shannon & Go. NEW ORLEANS, March 2e.-Cotton was an active affair in the early trad ing Wednesday with fluctuations wide and the tendency upward the greater part of the time, after an early dip of about 30 points. Prices were unsettled at the sstart by weak pool and the report that the French premier had resigned. This last was taken as bear ish when first reported, but a distinct change of opinion as to. it's ultimate favorable effect on the European sit- 'uation brought extended short cover ing. M
 The weekly weather and crop report was the most b0lIish this season, which added to nervousness of longs As a result prices advanced rapidly and the May position was up almost S4 a bale from the low. Selling. in the after noon broke prices to below the previous shipworkers strike in England helped the selling. I
 The weather forecasts were for some unsettled weather in the western states and cool in east. Weather outlook was not considered bullish, as no rains were expected. Report of large book ing in freight room from New Orleans
 
 to take all room through April, was construed as buIIish.<
 The technical position of the market is still heavily short, which is a good supporting factor, but until dry goods buying improves advances will be dif- Slcult.-Levy & Aronson to, S.. R. Stewart.
 NEW YORK, March 26.-Resignation or Premier Poincare of France, due to aevote lo6 lack of. confidence on the question of pensions, was the cause, of a very sharp break in the Liverpool market this morning. There was suf- ttcient- trade buying and short cover ing here to prevent our market from meeting the decline abroad and as the offerings became scarce a sharp recov-. cry took place, the advance being checked by the selling out of long cotton bought on the recent break. It Is noticeable that on the decline of the last two days the American trade were free buyers and 1t is our belief that contracts recently sold have pass ed into strong hands. The weather in the southwest continues cloudy. with some prospects of a possible rain in the next few days. Advices from the south indicate most excellent spot demand with little offering, an infIu-