The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-12-12
Cotton Letters


full Liverpool and Manchester and less
course of the market today and prices
worked up slowly but steadily Cables
but but It t soon soon G became evident from the
course of prices there that liquidation
had run Its course. After that market
buyer on this side and cables reported
London had finisted liquidatio Sellers
that overnight margin calls would bring
out more liquidation, but they failed to
develop any weakness and many turned
buyers TO cash their profits Spot news
was generally of an encouraging nature.
Well posted people in the trade reported
everything offered but advices were to
the effect that the interior Is not &C
seps prizes o rs not Of ony
bales for November by one of the bureaus
against $4,000 last month had little eff,
feet as itNwas figured this report showed
more consumption per day. The trade
appear to expect the government estimate
inclined to view that. 1T will come undY
that figure. II it does, the market Is
NEW YORK, Dec. 11.-Clevenberg says:
up befope we opened and later on became
quite strong. The American market re-
Elected the better tone abroad and worked
up about a cent short covering and
some new buying for long accounts Liv-
erpool ca bed that the market appeared to
long lines had been sold. A better spot
demand was reported from the south. A..
Taylor made the o domestic consumption 9SSa for
mate mates w as $4,000, but there are large
million. Dallas wired that rains were
doing great damage to cotton piled up in
The fed maH to
day, as 1t was thought liquidation Is over
and the market technically in shape 10
respond to any bullish news."-Fenner &
Beane.
SHANNON & co.
NEW YORK, Dec 1.-THE market has
been more quiet and steady today, with
private ca bles asserting that the worst
turning. The. report tomorrow may up
set things again temporarily, but liquida-
ton has been drastic and there Is grow
ing disposition to lay emphasis on numer-
Gus reports that bales are running light
which will have to be allowed for as we'll
as the poor quality. of so much Of the
cotton implying a high per cent OF waste
Current expectation is for an estimate
tust under ten million which might have
an adverse effect on sentiment for time
and bring on renewed pressure from spec
trade buying. Many of the best in the
trade think ten million equivalent to a
the aetua is atu ali PROBABLE Unless
the trade is startled by some fresh sensa
tional development, however. they are not
are spectators likely to give vigorous
support unless the trade leads the way.
Ultimately the exigencies of the situation
will make themselves felt. but no large
sustained recovery looks probable in the
Immediate future.
HUBBARD BROS. & CO.
NEW YORK. Dec. 11;-Liverpool was
That the urgent liquidation in that market
had been pretty well completed. Prices
were higher here at the opening and the
dertone, although with very nervous and
Irregular fluctuations. This is very
nssins an important government estimate,
such as that to be issued tomorrow at 2
o'clock. The estimate is the ,, final est ST
reau and is made up exclusive Of linters.
The average guess of members on the New
nat the figures would be s,s4O. 900 bales.
ANY sharp variation from these figures
will have a corresponding effect upon the
Liverpool futures are due tomorrow:
January. 1874; March. 1924.
II. & b. BEER
NEW ORLEANS Dec NATURALIZATION
having about run it's course for the pres
ent or pending issuance of the government
ranort tomorrow market ruled steadier
ana somewhat higher today.
London longs are said to have liqui-
dated. the Manchester market being more
cheerful in consequence, according to a
private cable from Liverpool. -
The average of Is private final crop
estimates is for s,7os.0oo: highest being
i0,o740O0. lowest s,397.ooo. and average
euess OF 81 members of New York Cotton
exchange for 100000.
II is evident. therefore, since the mar
ket declined OF late on recent heavy gin
Ming to December l. especially for the
last period. which was $4,000 against
I5O 900 and because of some private es-
Inmates for crop. Of ten million bales.
that ten million will likely be the pivot on
which the market will swing tomorrow.
s% The trade is expecting report q ten
million bales, but II returns p9in ,i. to
decline further, il only temporarily, while
IL $500, 900 or less it will probably ad-
In event of the report. being construed
bullish, we suggest trading IN new crop
,ieiiveries owing probab ilty of heavy ten
ders on December contracts later IN the
month especially in New York and Liver
10, and mainly because OF the big dis
count at which new crop options are
selling. $3.50, ; q;
cotton acreage next spring as was the