The Birmingham age-herald., 1923-12-15
Cotton Letters
HuBBARp BROS. < co.

HUBBARD BROS. x co.
 NEW YORK, Dec 14.-Today's market was quiet and steady, although at a some what lower range of prices than those of yesterday. The government report on Mo- opening, showed 531,000 bales against 679,000 in November, 1922 While this shows somewhat smaller consumption, the falling off is not commensurate with the scale at which curtailment must at some time proceed with this short supply. The report had little influence on prices, as, whife the comparison with a year ago seems unfavorable, 1t is generally real zed that curtailnent must proceed at a that many New England mills will take extended shutdowns over the Christmas holidays. On the other hand, there is a slow increase in the daily sales in Liver pool, which would seem to indicate re- vival in confidence after the shock of the election. There is no increase in the offer ings of spot cotton in the south. great deal of cotton, both spots and futures, was sold above 35c a pound and the mar ket is now in the process of digesting this cotton All things considered. we should say the undertone Is very steady.
 Liverpool futures are due tomorrow January, 19.7od; March. 1s.67d.
 SHANNON X co.
 NEW YORK, Dec. 14.-The market today has been much quieter than has been the rule lately and speculative interest has apparently diminished somewhat Through- out the day the south has been a good seller, with local operators taking the
 
 tics failed to stimulate much interest and the government consumption report came about as expected. Sentiment has undoubt- edly become rather bearish temporarily. due to the reports that much curtailment in mill activity is expected in the near future, and 1t Is not felt that the trade is ready to follow up any large advance for the time being, although spot centers still report an excellent demand, especially in Texas.
 H. & B. BEER
 NEW ORLEANS, La, Dec. H.-Except for an easier Liverpool than expected de- velopments of the day were mixed, some favorable. others unfavorable, and while nothing came to tho surface to warrant the sharp decline this afternoon, more pressure in the way of liquidation weighed heavily on values.
 ! sumption of lint cotton during November to have been larger than the estimate for sos,ooo, figuring 5s2,ooo vs. 57s,ooo. It is reported returns to National Gin- ners' association to about 9.46o,oO0 ginned to December 13 vs. s.4ss.000 for core spending date ono year ago or about 215,- were: United States this season vs: last 2,25e.ooO vs. 2.375,ooo; mill stocks Novem- Der 30, 1.4S9,o00 vs: 1.724,ooo; stocks in public storage, ,s771Ioo vs. 4.19s.o .oo.oo; i; 52os 900 vs 5,s22,ooo active spindles No, vember 30, a4.1o1,452 vs. s4s6s,oss
 Msskg g ssht dhs snse hs August l. 7,446,ooo vs. 1871 ,ooO spinner takings for week. aoe.ooo ys 42J,ooo; since from united States for week, is.ooo vs' s 112.oo since August 1. 2.773.ooo vs, 2,492,- 900; worlds visible supply American to- 1.144,o0o vs. 1.s52,oO0; of all kinds, 4,299,o0o ys. 4.e47,00o.
 Prospects are for large exports from from Texas points, as stock on shipboard at Galveston today. Is 13o.oo0 vs Ss.oo0; at New Orleans. 56.ooo vs. 4s,ooo. In. our opinion the future course of values will depend great deal on whether or not there is a revival of the spot de- mand in the south.
 KAHN BROS. & VIRGIN NEW YORK. Dec 14.--The outside report of 5s1. 900 bales an an estimate by the Nationtl Ginners' association estimat- ing the ginnings so far at 9.460. 000, were construed as bullsh They failed, however, to have more than temporary stimulat- ing elect. The market was quieter, and on the advance, liquidation came in as the trade did not enter supporting orders, prices gave way in a slow but orderly manner. The market is without leader and the statistical situation is for the moment losing it's effect
 In talk with very prominent Wall street house however, they tell us that cheerful and that since the government report some houses have been able to clean up accumulated stocks. but in the other
 
 dress goods sales are difficult to make at anything like replacement costs. The ginning figures today seemed to increase the feeling that the government has overestimated the crop. but in this connection well known observer. writing from Austin, Tex, writes: "T expect the final estimate of the government to be 10, 900, 900 and nearly 4,250.000 from Texas, so 1t would seem unwise to base purchases at this time and level on difference of a few hundred thousand bales" We do not believe the trade are eager buyers yet and would take advantage of good bulges to accept profits. awaiting reac- tions before making purchases.
 NEW ORLEANS, La. Dec. 14.--All the news and statistical reports received fa- yored the buying side strongly todSy, but some how the market was called ul on to absorb more selling than it was abs to take and values slipped 70 to 75 polNts. The consumption figures for Novemb [ were favorable, mill stocks are nearly