The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-10-04
COTTON LETTERS

-. NEW YORK, Oct. S.-Liverpool was
about as due this morning, but our mar
ket was lower on the overnight hedge
selling from the south. Fresh outside
buying absorbed these offerings, cans-
ing an advance to the 25%c level for
winter months, where heavy liquidation
by recent buyers made-it appearance
checking the market and causing de-
cline of some 80 to 40 points. After
such a. rapid advance as we have wit
messed, a readjustment is naturally to
be expected. These readjustments may
be quite sharp at times as the techni-
cal position of the market becomes over
bought. On the other hand, the demand
for spot cotton in the south continues
to be very active with a constantly adj
vancing basis, especially for the more
desirable grades. The result is that
there is not the hedge selling pressure
which might have been expected at this
season Of the year. In addition, the
government report Is coming out on
Wednesday of next week and the ten
dency naturally will be, after such an
advance as we have witnessed, to even
UP commitments before this report on
the idea that even If this report is bull
Ish it has been largely anticipated
through the action of the market With
the usual sharp declines that must be
expected from time to time, there is
nothing new in the situation so far as
the determination of the value of this
crop is concerned, excepting that the
hope Of a large crop has been given up;
those who sold in anticipation Of 1t
have covered many of their contracts
in the future market, but have not COW
cred their spot requirements. Broadly
speaking, the next step will be at what
point the growers will be willing to part
with enough of their holdings to satisfy
the immediate demands. This point
does not seem in the long run to have
yet been reached. Liverpool futures
are due tomorrow: December, 14.29d;
January, 14.29d-Hubbard Bros. & Co.
NEW ORLEANS, Oct. 3.-After SELL
ing at about the highest level for this
upward movement this morning, the
market declined under pressure of liQui-
dation and hedge selling. The extreme
advance represented an advance Of
nearly &c per pound compared with the
low level Of about ten days ago and the
slight reaction was only natural. Sew
eral additional private crop reports
were issued today, estimates ranging
from about IL SOC, 900 to about IL 800 900
bales exclusive of linters. Fall River
sales print cloths for week were esti-
. mated at only $4,000 pieces against esti-
mates of $4,000 to 10000 the previous
week. There was no rain of conse-
Quence overnight and temperatures were
generally higher. and while no frost in
dicated in the interior for the imme-
diate future, unsettled showery weather
Is predicted for the west and central
portions of the belt, except fair for
west Texas and fair weather predicted
for the Atlantics. Spinners' takings
were large, about 100000 bales against
269, 900, and the weeks in sight, the
amount marketed, was about 529, 900
bales against 10000 a year ago, conse-
quently variations for the week in the
worlds visible supply OF American show
an increase of about the same as last
year, about $4,000, against PAS, 900,
against 1,836,000 year ago. Exports
from the United States continue to run
ahead Of this time last year; for week,
305,00O. against $4,000; since August
/, 1,04S. 900, against $4,000, leaves stock
at all United States ports today 546 900
bales, compared with $4,000 a year ago.
Indications are for unsettled weather,
probably showers over greater portion
of west and central belts. If rains set
in, as are likely over the weekend, the
market would likely work higher again.
The interior basis is generally stronger
and somewhat higher with a good de-
mand prevailing. Prospects are for the
continuance of a good demand from
Europe, perhaps from domestic spin
hers. H. & B. Beer to J. F. Willingham
& Co.
NEW YORK, Oct. 8.-The market has
absorbed extremely heavy selling today
by local operators who thought a re-
action was due after the advance and
on better weather over the belt. Our
report was considered somewhat too low
by the rank and file, but it can be said
that our figures deferred many from
going. short. Much is heard of the
complaints from the mills who proclaim
they cannot profitably spin this price
cotton, bat the full feeling on the floor
here is that should the government
come around 100000, the mills would
likely become heavy buyers. Until the
government report, we expect trading
market between 25 and 25c.-.Fenner &
Beane to Kahn & Virgin.