The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1921-12-20
Private Wires Report
Most Markets in Very.
Much Better Shape
HUBBARD,s LETTER

More cheerful cable advices from Liv-
erpool with spot sales of 10000 bales
caused higher opening this morn
ing. After selling off to around last
nights closing prices values again
improved on further buying from
Wall street and western accounts,
where the feeling Is becoming more
optimistic as result of the improved
trade conditions in this country and
brighter political situation in Eu
rope.
1t was noticeable that the south was
fairly steady seller of hedges on
the advance and as the market
reached the 1880 level the prices
which it sold at the night before
Thanksgiving. This selling increased
we believed it advisable to take prof
its around these prices as we are APP
preaching the holiday season.-Hub-
bard Bros. & Co.
s. II. STEWART & CO.'S LETTER
Birmingham, December oliver
pool cables came over about as due
with good sales of 100000 bales at an
advance of AZ points for good mid
ding over Saturdays. Cables also
stated American spots were at modS
crate demand, exports good. Man
chester firmer with a fair cloth in
quiry, chiefly by Calcutta. Our mar
kets opened 10 to 10 higher and main
tanned a good tone during the entire
session and contracts sold around the
lows for March during the morning
apparently went into strong hands,
bringing about the best riees of the
day in the afternoon on locals in New
York and New Orleans covering their
shorts Wall street and New Or
leans were good buyers in the late
trading.
Japanese interests were apparently
on the buying side all day taking
several thousand January and March
in the last hour. There was no par
ticular cotton news, but a better de-
mand was reported for spots. The
technical positions of the market
must be considerably relieved as the
are back to the high of last
November. The government ginnings
will be issued at the opening
tomorrow and If their figures are UNI
der expectations a sharp cpturn may
continue However, some reaction is
in order, but prices look eventually
much, higher.-S. r. Stewart & Co.
SHANNON & CO.'S LETTER
New York, December 19.-Speeial)
ance on every small dip in cotton
today which is pleasant change
from the recent order of the day
when every upturn of five or ten
points was regarded by some as
good place to sell. The census re-
port on ginning to December Is is
due at the opening tomorrow and
pi eliminary private estimates have
barely 10000 as the
probable amount for the period with
the impression gaining ground In
local circles from spot and goods
markets has apparently undermined
to some extent the confidence felt
by shorts in their position.
Realizing by casual longs must
be expected from time to time on a
scale up but with further If only
gradual Improvement in trade we
believe such offerings will be taken
care of with no important weaken
ing of prices. Reactions when they
occur will in our opinion afford good
opportunity for purchases of spring
and summer months.
The stock market looked more
like reacting on Friday and Sat
urday and today the general expec-
tation was that we would have -
lower range. rms 'loed, ho"SNei'
has not been borne out for the
market has again gotten dull on the
set back and it is closing with
distinctly strong tone. The action
of the market is most encouraging
to the bull element for as long as
it continues to get dull when it
goes down only fractionally, 1t
will continue to work higher. she
reason for the strength is no doubt
the fact that the short interest has
not covered to any material extent
and although 1t is not quite as large
as it was two weeks ago, when IL
assumed such enormous proportions
it is still extremely large, and is the
most stubborn short interest that
we have ever known in our expert
ence-Post & Flagg.