The Birmingham age-herald., 1923-12-30
Cotton Letters
HUBBARD BROS. & co.

NEW YORK. N. r., Dec 2e.-Llver- pool was better than due this morning and there was some buying from Europe at our opening, which gave Us a steadier market than might have been expected Realizing again appeared. easing the mar ket off slowly some 30 points from last nights close. The reports of curtailment on the part of southern mills have cast quite damper on the market. as they have been the only American spinners who had any profit fin their operations. This development is not unexpected as all thinking men have known for some time that the consumption of American cotton must be reduced to fit the small supply. As yet the ourtailment Is in no way suf- ficient to accomplish this purpose. The force sufficient curtsilment in consumption the current year2 That question remains unanswered as yet but naturally the mar ket feels that any sharp increase in the ourtailment on the part of the American spinners will be at least a partial answer to the question. As we pointed out yester- day, tho impetus in the market on the side of advancing prices must come from Europe, where -spinners are engaged at a profit. When they buy the American markets promptly. respond because the limited.
 SHANNON 6 co.
 NEW YORK, Dec. 2s.-Further nquida- ton was in evidence today credited to evening up by various traders on the point of leaving for an extended vacation and unwilling to have any interest open dur ing their absence. It Ia asserted also in come come out in an effort to conserve profits unless the predicted change for the bet ter in the goods markets makes its ap- year. Such liquidation would. 1t is as- serted. carry prices to considerably lower attractive to bring in support from actual foreign and domestic consumers There Is no sign of pressure from spots and holders of the actual are thoroughly well posted as to conditions and in 8 position to protect their interests.
 Sales for short account, however, look very dangerous and are feasible only for quick turns by those who are on the spot ready to act instantly to protect them- selves.
 KAHN BROS. a VIRGIN
 NEW ORLEANS, Dec: 2s.-cotton was liquidation and lost from a5 to 6s points on the days operations, with January in NaW xor on hs otRss hand dsoned only 20 points. Exaggerated reports of southern mills reselling cotton or cur- the effect that much of New York stock had passed into weak hands who may re- tender 1t furnished the principal incen.. a spot house in Dallas has sent out report to the effect that tho basis was weaker and edge. off the demand for ex- ports. The only basis for reports of mills reseliing came from offer of 1.6oo bales by one Carolina mill and few in Geor-
 
 after the first of the year. Other spot houses in Dallas and Texas reported de- mand still good basis strong. London ca bles also reported further damage to the Indian crop and a material shrinkage in the outlook for 1t. Much of the. decline is probably due to the absence ot buying from big traders who appear to have gone away on vacation. The demand for spots to fill January commitments will should have . stimulating effect on prices.
 
 NEW YORK. Dec. 2s--rhs reactionary feeling which developed in yesterdays late session incEeased today probably due to the. ejaculation of reports of .curtail- diction that some Carolina mills would soon find curtailment forced upon them sharp and immediate improvement
 Speculation continues rife to the probable amount of cotton to be reten. dered on January ?. and this uncertainty is robbing the, market of speculation.
 We believe that the key to the stua- ton lies in the demand for the manu- factured article abroad and conditions in Manchester bear close watching.
 There is always a feeling of optimism that accompanies the ,beginnins of the doubt.
 One thing is certain. however. and likely. to fall athwart the path of the speculator much sooner in 1924 than Is of splendid season in the ground in the southwest and a record acreage Is ac- cepted as a foregone conclusion. weather into the new year without a distinct inn proVement In the demand for mill prod uct the. difference between tho price duce world curtailment. While admitting the fundamentals to be as bullish. as values before starting another bull cam paign.-Fenner & Beane.