The Birmingham age-herald., 1924-01-15
Cotton Letters

NEW YORK, Jan. 14.-Moderate rai- lies resulting from occasional small waves of covering by scattered shorts fail to bring in any general support and do not promise to hold until a stronger incentive for buying Is provided by a more gen. eral improvement in the goods markets. The spot situation continues strong, re- | flecting the efforts of merchants to se- l cure the actual required to fill their en- gagements. but as they succeed in doing that they automatically iiquidate their long hedges and that. combined with of- ferings for special account and belated liquidation of scattered stale, longs Is absence of broader speculative interest. is takag the short he side in of last spring, but there Is an essential difference in the extent of the available while. the technical position has become thoroughly sound and the market would respond promptly to support from what ever source 1t may come.-Post and Flagg. KAHN BROS. & VIRGIN
 NEW oM.nsd ORLEANS LEAN so La Jan lacot Cot showing made by Liverpool at time trading in our markets started but soon turned reactionary and sold off few % fair sized AS rallies a but they "i diS not hold and closing sales were about s1.5U bale net lower. Calling of a strike on the English railways for next , of the British coal miners to renew wage iagreements coupled with fear of the effect of labor government were in the day 1t was reported that the French government had suspended trad ing in some commodities owing to the olrno SY, fron 2naf na Ina other hand, was strongly builish and ex- ports were large but neither stimulated any fresh buying of conseqnencesN though they probably checked selling to some extent and induced some covering in the late trading. Postponement of the con- sumption report until Tuesday morning though. as a matter. of fact. It may point to larger figures owing to the in clusion of delayed reports. Some people also interpret the delay as due to prepa- ration of report on bale weights. Senti- ment still leans to the selling side and it looks like 1t will take something out of the ordinary to change this-Fenner & Beane.
 NEW YORK. N. r.. Jan. 14.--Although Liverpool sent over better cables than great deal of the strength in Liverpool prices was attributed to the renewed weakness In sterling exchange. French exchange was also very weak and Liver pool cotton market came under the in- fluence of these two factors and has dis played tired, sluggish tendency through out the day. The market feels the lack of speculation and it seems that this will be lacking until something tangible hap pens to the prospects for the new crop ports from Worth street were to the effect that business continued dull with second hands offering goods on cheap basis with very few takers.
 Unless the consumption report sur prises the talent in showing a much larger consumption for December than ex- pected. the market will be in need of &
 much revived goods son an spot a.nn demand i,o or abroad to prevent 1t sagging to lower levels under the weight of stale liquida- ton.
 NEW YORK N. Y, Jan. 14--Cleven- berg says. Liverpool was strong when we opened but our response was small over-S Sunday selling by commission houses The pressure increased after the opening and Liverpool turned weak The Ameri- can markets made new lows for the de-
 'Trade interests were fair buyers on the early dip. while the selling looked There was no spot demand reported. and 1t was said that some Carolina mills had more cotton bought than they seemed to need :,, for the season son., in ,r.r.. and sterling in the afternoon. weakness in stocks and predictions that the consump- ton report will Do small caused me May to sell to sS.65c. The consumption re- port postponed until tomorrow is expect ed to be bearish. but is probably dis counted. Cotton may go lower. tempo rariiy. because of absence of bullish speculative incentive and weakness in francs. which is Q new and bearish de-
 Liverpool, II a. m.: March. 22.61c; May, 33.77e; July 33.71c. October, 2SS2c. Liverpool. due Jan. 15: March. 19.23d May 19.1sd; July. 1s.77d; October. 1s.1sd. -Fenner & Beane.