The Birmingham age-herald., 1923-12-02
Cotton Letters
HIrBRARD BROS. S co.


 NEW YORK, Dec. 1.-Liverpool re- sponded rather reluctantly to our decline of yesterday and some belated lidudation held overnight gave us lower opening. Profit taking again appeared to nave run it's course and the market met some i'm tied buying orders from the trade which had absorbed the early sales. From that time to the close prices improved steadily. the market recovering large portion of yesterdays break. We understand that business is still brisk in Manchester For the time being the English market is the dominant factor in making prices. trade conditions in this country being such that asbisan hs e1e mls af are 5rces os vet the Eng fish general election has attracted but Tt tie attention, but it is possible that the trend of politics within the next week may be a factor in the Liverpool market. It appears to be taken for granted that the present government will be returned tfon time approaches this confidence may be weakened, and the prospects of Of , a would not be a stabilizing factor. The local feeling is that the profit taking was well absorbed and the market Is In good technical condition. At tonights close we are inclined to agree with this view
 H. & E. BEER
 NEW ORLEANS, Dec. 1.-The market today recovered most of the ground lost yesterday, due to shorts covering, large exports and more favorable reparaton news. The days export, however, repre- sented end of November clearances and are likely to fall off again next week. As yet there continues a good demand for mand may be for delivery on December contracts, especially in New York where magnet to attract cotton to that market. Advices from New York are to effect that 10000 bales of consigned cotton arrived there the past week, and that the certifi- cated stock there is now 2S.00o. Big pre- miums are generally an obstacle in the way of efforts to carry bull campaign to af1 tartn n al ii proving unprofitable to buy large pre- miums, just as it Is bad business to sell discounts. This season. however, is out of the ordinary. and 1t may be that Decem- Der longs prepared to care for all the cotton that may be rendered on contracts handed more cotton than they can take care of a slump would be sure to follow. that Houston sold 26o 900 bales for export, but this rumor has been probably con- founded with advices from Houston say ing that a quarter million pounds sterling was sold there yesterday.
 Nervous and cratic markets. perhaps with wide fluctuations, are likely pend ing the next report on ginnings to Decen- the governments final crop estimate of the season. due December 12.
 Next week international political devel- opments are apt to affect the speculative markets. The Presidents message to Con- gress xvi will be delivered perhaps Wednes, E. England and more reparation news Is likely
 KAHN BROS. & VIRGIN
 NEW ORLEANS, Dec 1.-Cotton opened down on overnight liquidation orders and sold 25 points lower during the first half hour, steadied and little, later began to climb. On the rebound values went up s4 to 9s points from the low and ended tho
 Heavy trade buying in this country re- ports of large price fixing in Liverpool by English mills and encouraging. political and later brought on a heavy covering movement. As soon as the liquidation let up contracts became scarce and shorts who wanted to cover paid dearly for their few hours of success.-Fenner Beane.
 NEW YORK, Dec. 1.-Clevenburg says: After some overnight selling and local selling for further reaction had been promptly absorbed by the trade, the cot rallied S4 a bale to within S3 points of its previous high for May. The character of and foreign trade interests taking the bulk of the offerings. so that when yesterdays s sellers tried to replace their cotton they good spot demand. The cotton situAtion Is such that reactions can hardly be more than temporary until higher levels are
 That yesterdays decline had not changed the widespread belief in higher tion of the market. old bulls re-entered on the buying side and found the trade buying as well as Liverpool and contracts rapidly became hard to obtain. Overnight political news was read favorable and the securities market gave no signs of alarm over the gathering of the new Con- gress next week.
 We think 1t well, however, to recognize the level of prices obtainable for cotton and to consider the question of demand from both American and English mills.
 Nothing in the nature of drastic de- cline. Is anticipated prior to the forth coming ginning report and the annual es- innate of the crop by the government If this crop is 9,600,000 or under. prices have not reached level sufficient to notice ably check consumption. as is the belief. and which seems to be well founded. that a great deal of cotton is yet to be fixed in price. Liverpool due 24 to S6 up.- Fenner & Beane.
 SHANNON & co.
 NEW YORK, Dec. 1.-The market to- day has acted very well, due to con siderably improved technical position after yesterdays break. Many weakly held accounts have been closed out and the realizing has been immense. The trade continued to buy heavily today, and that, combined with short covering from locals. caused a sharp advance, with selling con- tracts very scarce. Reports from dry goods markets show smaller volume of business at advancing prices and further curtailment in New Bedford Is expected in the near future.
 Grain Letters