The Birmingham age-herald., 1924-02-14
COTTON LETTERS

COTTON LETTERS
 NEW ORLEANS, Feb. 1s.--cotton was under intermittent pressure again today from the same interests that have done the most selling for some time. Good weather overnight, prediction of generally favorable weather for next day. or two and a more favorable week. ly review than expected. report that Manchester may reduce working time on account of disappointing business and was actually offering to. resell cot ton in the Cafolinas furnished the chief incentive for selling. The export from Europe for January and December were also disappointing in dry goods report. The market started off easy at decline of 16 points and soon sold 34 net lower for the old crops before a resting spot was reached. The pres sure let up for some reason when these levels were reached, and later in the day values rallied sharply on covering in anticipation of consumption figures tomorrow that may be accepted as bull ish. The probabilities are that the trade will accept consumption of 525. 900 bales or larger as bullish, though 610,o00 bales were consumed. this month last year because of the recent curtaiIment talk. Cables reported the second attempt to control the use of American cotton in England has collapsed and advices from several sources point to considerable improvement in European conditions in the near future.
 Sentiment of most traders at the mo- ment leans to the selling side, and it looks like 1t Is going to take some- thing out of the ordinary to change this, or create enough fresh demand from the public to sustain the advances. --Fenner q Beane to Kahn Bros. & Virgin.
 NEW YORK, Feb. 1s.-Prices are still under pressure, coming chiefly from speculative sources. and such op- orators were encouraged further today by early reports that the American sec tton in Manchester would vote toYnor- row on a proposal to remain closed for three days q week for a period of three months. Such a proposal must re- ceive an eighty per cent vote to be adopted. Some private cables said the proposal would probably be carried, while others were doubtful of that. This suggestion, however. added to the expected further curtaAment by do- mestic mills, helped to increase the scanty as 1t is, would more than suf- flee to satisfy requirements and that prices would later reflect pressure from the actual, which few would care to carry into the next crop discounts on the chance of another short crop and prices as high as this or higher. Tue trade demand, which is in evidence steadily on resting orders, has absorbed a large quantity of cotton again today; but, while the effect of that would be painfully apparent in a market where general covering was going on, tt does hardly more than steady prices at pres ent, and if there comes a rally on a small wave of covering sby scattered local shorts there is little resistance to sort begins to slacken. There is as yet no sign of any pressure from tns actual, and the selling looks to have fully discounted, and probably a good deal more, whatever is actually bearish in, the situation as a whole.-Post & Flagg to shannon G Co.
 NEW YORK, Feb. 13.-Cables this morning were about as due, and more favorable reports were received as to the probability of a settlement of the lockers strike in England. It was also reported, however, that an earnest ef- fort would be made for a concerted short time, about half time, in Man chester mills, and these reports caused an early decline in our market. It will require an 30 per cent vote of the mem- bers of the association to bring about such concerted short time, and the last advices from Liverpool was to the eff feet that it was doubtful that this vote could be obtained. In the after noon, a quiet market was somewhat steadier, owing to the absorption of contracts on the decline by the do- mestic trade. Sentiment remains very bearish and there Is no fresh incentive to buying. The consumption report for the month of January will be issued at the opening tomorrow. The local feel ing is that the figures cannot equal the private estimate of 560,000 bales. Certainly no such rate of consumption can continue in the United States out pool futures are due tomorrow: March, ls.s6d; May, 1s.s7d.-Hubbard Bros.