The Birmingham age-herald., 1923-12-28
Cotton Letters
HUBBARD BROS. S co.

NEW YORK, Dec. 27.-Liyerpool was better than due this morning and a good undertone was reported from abroad with fairly active business in the Manchester market. We opened higher in response to these cables but the market met con siderable realizing. easing off to about last nights closing prices in the early afternoon. Business was not particularly active and the local feeling was that the realizing probably marked the end of the December commitments and holiday feeling will probably prevail the balance of the week. On the other hand, ad- vices from the south are still to the ef- feet that a spot demand continues ao- tive with only limited offerings. The sup ply situation naturally becomes slowly substantial and general curtailment which must at some time balance the supply and demand this season. There is slow the United States, but apparently Man chester has not yet felt. falling off In the depand, although there was some
 Liverpool futures are due tomorrow: January, 2O.s9c; March, 2O.s2c.
 KAHN BROS. & VIRGIN
 NEW YORK, Dec. 27.-Liverpool full filled the general prediction of sending over better cables than due. but our re- sponse could hardly be called a full one.
 The prompt stopping of the heavy ten ders on January yesterday Is still the topic of conversation. great deal of the business today has been of an evening up character with the trade not conspicu- ous as buyers. Many traders feel disposed to await developments and learn more of | the disposition of the cotton taken up on January before again re-entering the market.
 Although advices were received from the south telling of strong spot demand ally believed that 1t due to the fill ing of year-end and end-month commit ments.
 We are unable to learn from Worth street where there has been any i'm provement in the demand for goods, all though many traders are claiming that year. In general the trade sees on the one hand a supply inadequate for a nor- nal consumption. while on the other hand is every indication of a continued resistance to high prices in the goods market.
 It appears to us that the features now being emphasized on this recent advance will prove to be but a reflection on the past conditions and until distinct im- provement Is found in the distribution of manufactured goods we believe the buy a great deal of danger to the speculator. Until the situation is fortified with a article we can only advise the purchase of cotton on substantial declines.
 NEW ORLEANS, La, Dec. 27.-cotton
 
 stimulus of strong cables and bullish spot news Shortly after the call values sold 35 to DO points above the previous. fi- nals. The bulge met rather free offer ings, however, and the upward movement was soon checked. Most of the early sell ing appeared to come from recent buyers realizing. Traders were not slow to take advantage of this opportunity to sell on. The market took the combined selling so ! tioua. Reports that some New England 1 MiilH which had 4ol elored for 30 years wia close a1rins January Tor lack of or the afternoon.
 some pig houses ree havs recently gss soTa 0uysss sess .as sasds s.as' lrs a,s general trade. however, continue cf the ssnslment that cotton Is hound to xdvs nee into new high levels and are buying on all good rasctions.-Fenner & Besne.
 SHANNON < co.
 NEw YORK, Dec. 27-Aithcugh fur | tner notices were iErusd they did not af- feet the market. bat on advances really ing was in evidence to some estant and the advance has weakened the technical position. The pressure not severe but gave the market a somewhat irregu- lar tone. At the same time, although 1t Is said in some quarters that the basis | is easier the great majority of advices show spots in excellent demand at the shrinking rapidly with offerings light. Sharp advances in futures will naturally | imply some easing of the basis in some sections spots will not everywhere be marked up to correspond. but if there | is any pressure to sell spots anywhere 1t has been very successfully concealed.
 Exports continue liberal with predic- tions that much of the local stock is all ready earmarked to fill engagements abroad which run practically through the | balance of the season.
 Advices from foreign goods markets are better and optimistic feeling is re- ported in the domestic trade though ac- iG m ted fO fo fore the middle of next month. Reactions are certain and likely to come without notice but will present op- portunites for purchases of which advan- tage should be taken but caution is de- sirable in following advances until SUD- ported by a more urgent demand for