The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-12-13
Cotton Letters
KAHN BROS. & VIRGIN


NEW YORK, Dec. 12-Trading up until
p m. was wholly of an evening up char
acter, and as soon as the estimate was
announced great confusion took place
| traders were at sea 10 to how to con-
slider the report and prices broke sharply
for few minutes.
The trade, however, came in and when
TINS was known sold-out bulls rushed TO
ried prices the limit Liverpool also
Joined in the buying and it is believed this
spond in the morning, as cable advices
state that market has been well cleaned
out and much more hopeful feeling ex-
lists regarding the political situation.
The sentiment is again bullish and
prices likely to work higher. With
another wave of speculation prices may
be lifted around the previous high level,
| but we doubt very seriously il any such
price level can be maintained unless 1t is
accompanied by strong spot demand.
NEW ORLEANS. Dec. IA tremen-
dous wav of buying swept over the cotton
market close on the heels of the govern
ment final estimate and lifted prices zoo
points Its estimate of 1O,0S1,000 bales
was some larger than generally expected
10 how to take it. New York appeared
inclined to sell on the figures, but the
/ New York took the movement; II was one
of the most sensational advances wit
messed in some time. The government es-
tlmated the average weight OF bales at
1887 pounds against 5017 last year, thus
! confirming private reports of many light
weight bales. Lightweight bales. however
indicate that running bales may turn out
over 100000 if the governments figures
turn out TO be correct. Probably one rea-
SO bullish is the fact that the government
has overestimated the crop average oil
about 100000 during past three years
| Todays figures are certainly pulllsn
enough from a supply standpoint, but 1t
remains to be seen if they have not been
discounted by the advance which followed
taking on further bulges will prove good
policy.-Fenner & Beane.
HUBBARD BROS. & CO.
| NEW YORK. Dec. 12.-The feature of
! todays market was the annual estimate
! of the crop reporting bureau OF the de-
partment of agriculture, issued at p. m
! This report gave the estimated production
for the season of 1923 in 6oO-pound oaies
gross weight, exclusive of linters, as TO-
| 0S1, 600 bales. The trade had expected
report of slightly under 10oo0,0O0 bales
| and for a moment the market hesitated,
but as no selling appeared prices soon
! advanced rapidly on outside buying Such
a crop of cotton is not in itself sufficient
| for the needs of the world II consumpuon
| is continued any such basis as that OF
! last season. Now that ideas of the crop
| are fairly we'll erystallized, more attention
will be paid to the matter of consumption.
| In this connection the decision of the Brit
| ish minister to continue in office pending
| an absolute defeat by the vote OF Parila-
ment is of Importance. An immediate res,
! ignation, followed by another election ana
| the possibility of a labor ministry, Wouiu
| have had an adverse effect upon business
] abroad. We are of the opinion that Tor
| the moment the advance is likely TO go
further the market has been pretty
! well lquidated on the decline. Attention,
| however. will now become centered upon
general business conditions and the de-
mand for cotton goods through the
world rather than upon an admittedly
| shortly american crop
Liverpool futures due tomorrow as
| follows: January, 20.35d; March, 2o.ioo.
SHANNON & CO.
| NEW YORK, Dec. 12.-While the re-
| port was fully up to expectations and a
! shade better if anything there appeared
to be more buyers than sellers after the
| figures appeared, but prices were so err
ratio with such gaps between sales as 10
make it difficult to decide just how the
estimate was being interpreted. In It's
| tcally cotton famine, or any rate a
shortage so acute as to fully justify not
only present but even distinctly h1ghef
prices for raw material and IL prices
steady there is much business in goods
pending which will probably be placed at
the market in the near future as 1t Is
an omen secret that stocks of goods in the
hands of distributors are at low ebo,
and must be repenished soon While the
crop is now officially set at a size that
precludes the possibility of any pressure
from the actual sufficient to bring about
a substantially lower level. IT is also
nings will as many think, prove small
enough to force a reduction in even this
low figure today.