The Birmingham age-herald., 1923-11-29
Cotton Letters
HAHN pRos. ANp vIRGIN

NEW YORK, Nov. 2S.-The trade domi- pated today's market taking tremendous offerings that came from satisfied longs. Liverpoors buoyant cables brought in much buying on this side. One large house was credited with heavy purchases of March against sales of the same month In Liverpool. Now that the crop seems fairly established the question of con very difficult to say what price will bring the necessary curtailment, of which there have been no signs.
 in for a good upward move. Today s buying was< certainly of good character and until the mills have finished cover ing their requirements. the market gives evidence of seeking higher levels. we thirk It advisable to keep some cotton on markets like we have today in order to be prepared to take advantage Of any Sq1stan1S sstoaS Mareb May 36. sod; July, S5.5Sd; December. S6.55d.
 Liverpool due, November 2s; January 21.67d; March, 21.49d; May, 2l2Od; July 20,64d; December, 21.66d.
 NEW ORLEANS. La, Noevmber 2s.-- Cotton marke@ more new records today when nearly all active positions here sold well over S6c and December went to BIC sold s7 to io1 points over previous finals and at or near the top. Liverpool started the advance as ithas on many other days and buying in our markets from there was strong influence in sustaining the market. Private cables say Liverpool is excited over the big boom in business at Manchester and appears determined to get enough cotton to keep the English spin ners busy if possible. Spot basis re- vances in Egyptian and Indian cotton in duced bullish enthusiasm. There were frequent spells of realizing during the day. Values splipped little during some of these but every little dip appeared to stimulate fresh buying and reactions were short lived. Trade interest for the do "a a at1A fNrA foy1 ad having been the largest buyers and the way they bought it was evident they are are, badly scared over the outlook tbt It world is after as much as cotton as he can get and values are sure to continue upward as long such conditions exist. -Fenner and Beane.
 H. AND B. BEER
 NEW ORLEANS, La, Nov. 2S.-Liver- pool was rampant today. scoring another sensational advance and private cables from there expressed the opinion that that
 American markets made full response of there being large demand for spots In the Interior and shorts are said to have covered freely fearing another boost markets will be closed.
 The calling off of short time in Man init. Lancashire spinners to run at will. It is said that mills there are now run ming about 80 per cent of normal indioat- ing that the mills have not been living up to organized curtailment.
 New York reports good markets firmer anG more active owing to continued rise of price in cotton. but there is room for much improvement there since goods are relatively cheaper than the ma terial
 While the Fundamental feature of the situation remains bullish, so far as pos sible, ultimate results are concerned, the technical position of the situation has been made undoubtedly weaker, due to extensive short covering, the accumula ton of long contracts and statistical develop ments of late have been less bulish as noted by domestic stocks increasing. In other words, while there is the probability of higher prices ultimately, famine prices prevail today in the midst of plenty, so far as the present is con oerned and 1t Is for this reason that cau- tion is being advised in following the ad- vance further for the time being. l spots. especially in New York, is not a constructive feature. 1t will likely be the magnet for attracting cotton to the trading centers for delivery contract.
 Statistics; Receipts at all ports since Friday. 1s7,oo0 vs. 151.oOO Exports from all ports since Friday, 63,o00 vs I34, ,000. Stocks at IS towns since Friday. in- crease, z6,000 vs. decrease 6,000o. Stock at l3 towns today. 5000 vs. 945, 900. Stock at all United States ports today. l,0S6,0000 vs. 1,1S2 900. Middling cotton, New Orleans today, s,575 vs. 2,525. The market is entitled to good reac- ton which may come when least ex- pected.