The Birmingham age-herald., 1924-03-02
COTTON


 Isentiment continues in the ascendancy Hand old crop values were sold down nnearly a hundred points in the face of Hpest dry goods and 3spot news that Ereached the market for some time. The |Insv crops were also under heavy pres |nweather in the belt, forecast oS good |Eweather over Sunday and decline at |H HLtverpooi furnished the incentive for |Ekhe days selling. Sentiment as a whole,
 However, is. so bearish that it takes but
 little 'encouragement to bring out a
 hand, long distance forecasters are pre- Edicting return of bad weather early <Inext week, probably before farm work &|can be resumed in Texas to any extent.
 Augusta, Ga, reported mills in that *section selling goods on a profitable &Ibasis and buying spots freely. Fall ZERiver sales for the past week were Ffinally. estimated at 100000 pieces, or #tbree times what they have been run Epieces in the past few days to the con &snming trade. Good inquiry from mills {|was reported by local spot houses, and <|basis Is steady. The most discouraging I 5feature of the situation is that the bulk ] 5of the selling seems to- be coming from
 southerp traders. New York showed z zdisposition to advance yesterday until I Emet with a flood of offerings from the
 
 SIhcavy selling from Palm Beach. We 2lhcfieve the selling is being overdone, < but it looks at the moment like it will \ $ltake something out of the ordinary to %Istop it: and start covering movement. --Fenner & Beane to Kahn & Virgln.s | .NEW YORK. March 1.ENo fresh in- *lforfnaffon has reached here regarding 3 the threatened lockout of operatives in
 Laflcashire. So far as known to traders la,~a aN 1.-the dispute, and the lockout Is still *threatened for next week. Possibly the N Nuncertainty in this respect has contrib 4 4uted to the easier ruling of the market, 4but if so, the fact has not been men <ttoned in private cables from Liverpool, Hand latest reports received were hope 5Iful of a settlement.
 There were reports that the Japanese import duty on commodities went into 4 effect today, but so far as cotton is con xcefned. at least, we are told that that ! Is not the case.
 Continued price fixing was reported J on the rally as well as on the earlier < 3decline. and the market was quieter \ 3with the tone little steadier. Exports of cotton from New York q yesterday included 936, bales. Eastern belt forecast fair tonight and tomorrow. Western belt forecast, partly cloudy
 tomorrow in Arkansas and east. Texas. E-Post < Flasg to shannon ( Co. NEW YORK, March 1.-Liverpool was easier this morning because of the ! action of ouN market yesterday. Both the Liverpool and New York markets had looked for "a substa initial recovery i From the recent decline, and confidence was more or less shaken when selling agatn appeared, causing both markets { Ito work lower. The selling this morn ing was attributed to selling from the sonth, also selling of long cotton that had been held in anticipation of an up- ! turn. This selling caused very easy I market, showing very little support ex- cept in spots. It cannot be denied that < 2sentimeht is extremely bearish, but in Hour estimation market must be in a < very healthy position in SO far as great $quantities of goods have been hedged Hoy future contracts as we'll as an enor-
 mous amount of spot cotton that had 5lremained unhedged during the early glwinter advance. The slightest change n sentiment from the dry goods quarter lwiil undoubtedly. cause a further sharp 3Iupturn. In the meantime, the market will remain rather unsettled, but we '|ccrtainly do not wish, to follow this de-
 Liverpool futures Are duo Monday.
 March; le.S4d; May, ,.1624d.--Hubbard
 Bros. 6 Co.,. M VIEW. OpAEARS1 La.j March 1.- NCottoH lost heavily again Saturday. A ||weak Liverpool and a fair weather map Iand forecast with no stimulating news looming into the market for the week SIend session after the unexpected sharp i|break of Friday caused prices to break slalmost SS a bale from the previous Iclose, After decline of about 70 points to Approximately the former lows on the Erecent down swing, prices stealied .somewhat, and with reports that spot
 holders here and in the interior were not nervous on the decline, there were Ismal rallies, but as prices did not irn- ,lprove, purchasers on the early decline iIprobably hquidated some of their hold ings over the weekend.
 Liverpool was very disappointing, and was said to have been influenced by action Of the American markets,
 The weather showed fair over the en- I tire belt, and there was not drop of IIrain reported. The forecast is for gen- erally fair weather in all sections. How. ever, temperatures remain too cool for
 quick drying out, and cooler readings are expected. eas' ,.. ..t g.. t-
 Dry goods news has a. note of con
 firniation of the bullish reports of Fri day, Worth Street sales were estimated Tor the week at 250,000 pieces, but the reports did not live up to expectations.
 Spot demand did not develop as many
 had hoped. rep0rt yesterday of a very large sale of cloths by a southern
 nili, reported as being in pieces, is now
 corrected to have been in yards. The market has lost lot of friends
 In the last liquidation in the face of some very encouraging reports, and it VIII probably take some new stimulant
 to restore confidence.--Levy & Aronson to $. R. Stewart.