The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-12-14
Cotton Letters

OOGtUH LGttEFS
SHANNON g. co.
NEW YORK, Dec. 13.--While less SEN
sational the market has been nervous.
with sharp changes in either direction
on comparatively small orders. While
evidence, the best opinion seems to be
that the crops, as estimated officially.
will be very tight fit for requirements
at these prices and later ginnings will be
closely watched to il they confirm
the figures or suggest an actually smaller
lure ia ci is inyolvad in ths extent of
the demand for goods on parity with
present or higher levels for raw material
in renewed activity in the goods markets
after the turn Of ~ year; basSg Their
in the. hands OF dealers. Exports continue
liberal and already efforts are reported
to cover January engagements but offer
ings remain light with holders firm in
their increase of price. Some of the
short interest has been covered yesterday
and today and II is hardly probable tina
trade demand will follow advances closely
Just yet but those who buy on reactions
like that recently and have the patience
have an excellent prospect of satisfactory
results.
H. b. BEER
NEW ORLEANS, Dec. 13-Folowing
yesterdays buoyancy, the market assumed
reactiQnary tendency, today's values de-
Ginning ell sharply owing to heavy realizing
government crop estimated
In contrast to the builish cables from
Manchester for some time past the month
ly report of the British Board of Trade
was not encourag ing, as noted by follow
ing statement:
ports of yarns pounds, 14.600 600. against
~ 900; exports of cloth, yards, $780,
100000 against $4,000"
1t is evident in the face OF tho returns
and the numerous and frequent optimistic
cables received from abroad that like In
America, there has been much speculation
in cotton in England this year, and that
the demand has been more OF specula
tive character than of trade buying. For
the first time this season. the stock at
New Orleans, New York and at all United
ana oos 4 II viii no be long
the worlds visible supply of American,
which was s.127,ooo last week, may be as
large as last years, which was 3,595,00O
this week one year ago.
December 10 this year against last: To-
tai stock at New Orleans. 2ssso0o against
against $1,000; total stock at all ports,
1,116,O00 against 1,10s.O0o.
Prospects are that statistical develop
ments tomorrow and in the future,
especially as regards ginnings to Decem-
Der 10, will not be conducive to higher
Liverpool or in the south becomes urgent
again.
some comfort from yesterdays govern
oS1.ooo exclusive Of linters and refrain
This afternoon it rs reported that the
cotton department Of the Pacific mills.
Lawrence :, Mass. Nil close GOWN for two
claimed. to the lack of orders. Six thou
sand hands affected,
HUBBARD BROS. & co.
morning were better than due private
&ol,. fNrtv 1A hrtxrf nar
sequence of the sharp advance in the
American markets yesterday. Our mar
kst opened at at sharp nrrt most
ruled quiet and steady through the bal
ance of the day. There is consump-
at the opening tomorrow, which may have
a considerable influence on prices. From
may regard the supply of cotton for this
season as definitely fixed That the sup
prices. The problem how is whether that
level will force the consumption down to
cupy the attention of the trade for some
weeks or months to come. Local senti-
ment today is rather bullish on the ground
ing very well and that any favorable
news will cause another advance. Futures
in Liverpool are due tomorrow. January.
1850; March, 1850.
KAHN BROS. & VIRGIN
cotton market went through SOLDERING
down process today largely as result of
yesterdays wild advance and values re-
acted considerably 1t opened strong
on the advance at Liverpool and soon
sold 40 points above the previous finals
but met with heavy selling and realizing
The poor showing made by exports of
late and belief that the advance had been
too rapid furnished the occasion for most
so freely on the early break, however, but
the sellers became timd for a time and
buying in New York furnished most of the
contracts available here. Reports of a
large spot demand. talk of higher prices
for spots and apparent intention of the
south to take all the cotton offered
brought on good sized covering move
ment eround the middle of the day and
gave the market good rally The sell
ing was renewed in the late afternoon on
the report that the Pacific Mills of Law
lack of business. The lowest prices of
the day were made under this pressure,
some months selling 1o5 points, under the
will be called upon to take a good deal
more selling and may react further tenn
porarily.
NEW YORK, Dec. 13.-The country
wide desire to buy cotton around yester-
night and was lacking this morning, even
though the English market was much
the strength in the Engl ish cables and the
feeling around the opening was extremely
reactionary and the trade did not ap-
pear as prominent buyer.
The effect Of the governments estimate
has not been stimulating to sales in
Worth street or the Philadelphia yarn
markets where from both places come re-
ports of goods being marked up con
tinuing slow. Now that the government
report has passed out of question business
conditions throughout the world and the
world wide demand for cotton must be
considered in attempting to place their
value on short crop. While sentiment is
will
eventually be forced through the previous
high levels Gin face OF the majority
opinion, but caution should be exercised
and purchases confined to good reactions
only.
Liverpool II a. m. bids: January.
Se.loc; March, 36.Ssc; May S5.57c; July.
Liverpool due December IA: January,
so.2ld; March, 20.15d; May. cod; July,