The Birmingham age-herald., 1923-12-29
Cotton Letter
SHANNON & co.


 NEW YORK Dec 2s.-There has been rather strong tendency to accept prot It's and local traders have been working for a reaction which they consider due from the easier technical position after the advance. This. with scattered selling for. the south filled up the early demand which, however. not much importance was attached as such a development is in such markets and not likely to prove more than temporary. The general run of news has been bullish, but the market velopments and see what happens in the goods markets before relying with full confidence on further sustained ad- for a pull recognize the possibility of sharp dips at times and are advising ders are in evidence but active inquiry is reported for freight room and it is as as ethe the cotton can be put in condition 1t will be shipped out rapidly and the To- cal stock will be quickly cut in half. It of market swings when once under way but the underlying factors in the general of supporting higher prices which are confidently expected in the best informed trade quarters.
 KAHN BROS. & VIRGIN
 NEW ORLEANS, Dec. 28.-Cotton was under pressure from realizing and selling for q reaction most of the day. Prices slipped 35 to A points under the weight of the combined selling and then rallied tried to cover Closing sales were about 20 points down. Reports of small sales at Fall River. predictions of considerable curtailment among southern mills after the year were apparently depressing 8 little. Dry goods buyers, appeared to in realizing. Ring traders took advantage of this to play actively for reaction. Strong spot news, report of large sales of spots here and at other. points at a high basis and predictions of large exports during January were the chief bullish stimulants Some buying followed announcement from Lvermore that the stock market was at first stage of bull movement.
 Takngs for the week were not up to of last year and movement into sight shows that from crop the market has sssn oof6o o95on vel ,fe5 ee sentmen a rood lower during the yeaf-end realizing. NEW YORK, Dec. 2s.-Ths market has presented a. holiday appearance through out the session and trading has been slug quotations were almost wholly the re- suit of professional trading. Whether one agrees or not it must be sai that the majority of people here are bullish and predictions of 40 cents Is still very gen eral, but in predicting such a price. the goods, after the turn of the year Is ao- cepted as assured fact Worth Street advised us last night that they had on
 
 many inquiries but nothing so far has msterialised in the way of actual busi- the sellers and the ljobbers are still far apart. While bullish sentiment continues so general and since there is yet no tan gibe evidence of the necessary curtail- ment sufficient to meet the exigencies of the small supply and with nine out of ten commission houses advising purchases quick recovery from each break.
 We prefer. however. to advise purchases 111Y l,,.w- fNr 4LA ished article, the failure of which to ma terialize will be evidence that the bal the price the world is willing to pay for
 Liverpool II a. m. bids January. s5.toc; March, S5.s5c; May S6,o5c; July. S5.15c;
 Liverpool due December 2s: January. 2QS3d; March, 20.S0d; May, 20.57d; July. 200Sd; october, 16.75d.-Fenner & Beane.
 HUBBARD BROS. & co.
 NEW YORK, Dec. 2S.-Liverpool con tinued strong this morning but further realizing appeared In our market, which sold off moderately from last nights close, Business was on a very restricted basis and fresh news appeared. Some more January notices circulated but in small volume and were promptly stopped tion. The supply of cotton from this crop is small and the curtailment of con balance the supply. On the other hand, there seems to be prospect in America that the price of goods will advance inl- ton. The result is that the market lies almost entirely upon the foreign demand to give 1t an upward impulse. Exports but when the foreign commitments for are very large for the size of the crop, each month are filled, the market has a petus We think the marRet nsnqs is fasa likely to remain quiet and steady until after the turn of the year Liverpool futures are | 0sod.