The Birmingham age-herald., 1921-12-17
Traders Held Their
 Own in Days Trade
 Say PriUate Wires
SHANNON & CO.'S LETTER

New York, DecemDer lbt-t Spe- cial. .)-Although realizing from tims to time has caused some reaction m cotton today, there has been no real pressure to sell, and the market dis played a better ability to hold ad vances as result of reports of i'm proved spot demand. better industry for goods and bullish figures for tha week.
 Demand seems 10 be turning to the spring and summer months, which IS natural and likely. to become more marked with corresponding strength in those positions, while the near by months will be adjusted largely through spot interests, but promise to continue at a substantial premium over the later positions, owing .o the excellent character of the re- maihing local stock and the difficulty of replacing it by further shipments, except at severe losses.
 Stock trading was in fair vol ume today, but not up to the turn over of yesterday or the day before. Money after renewing at per cent advanced F of 1 per cent. The gen eral tone of the market has been firm. with special strength and ae- tivity in some of the oil shares. like Pacific Oil. In the afternoon session there was some reaction from the best prices, on which the market grew rather dull, which is always 8 good sign. There appears to be a good many sales in the market for the purpose of recording. losses, and under present conditions repurchases cannot be made within 30 days.
 These sales have been well ab sorbed, and they create potential buying power later on. There has also apparently been considered short covering, and this. on the other hand, lessens the later demand.
 There was a general expectation that the usual reaction in December would occur. but so far this has not been the case, and it looks as if we have been having the January rise a month ahead of time. The advance has been so substantial since last August that it would not be surpris ing to see some let-up in the early part of next year, as by that time there will be some poor annual state ments published by corporations of the results of this years transac- tions.-Shannon X Co.
 $. R. STEWART .S CO.'S LETTER Birmingham. December 16.-The early Liverpool quotations were slightly below due but later gained 15 points over the first quotations and increased their sales from 5,000 bales to 10000 bales, of which 4.00G were American. Our markets opened about unchanged and ruled strong throughout the entire session, sell ing as high as 80 points above yes i terday's finals, the finals values be- . ing slightly above those of yesterday. 1 The weekly mill taking figures con- | Al. I -r. .t,.,.x Toe
 ter's figures show 360, 900 bales against 271,00O these figures were about as expected but caused the i shorts to become nervous and cover ing was apparently in large volumes sending quotations up rapidly for a short time. Outside of the takings figures there was no particular cot ton news. Liverpool sent over cables | stating that merchants and consum- i CTS bought spots sparingly yesterday, i futures dull and inactive. Trading was limited, bears covering sustain i ing prices. The New York cloth mar l ket seemed to have run in a rut
 Southern spot markets sold 13.00e 1 bales yesterday at prices unchanged
 The cotton market continues tc show much underlying streigth over coming dullness and pressure and showing steadiness. Diminishins stocks in America and the reported improvement in spot demand are the
 principal factors tending the neces- sary force to turn the trend upward 1 after the bearish sentiment and skep-
 ticism had forced the level down 1 ward about s1 bale in the first
 hour. We expect trading market awaiting the next cotton ginners re i port December 20 showing amount i ginned to December 12, preferrine
 purchases on setbacks.-S. R. Stewar' i & Co.