The Birmingham age-herald., 1923-12-27
Cotton Letters
HAHN nRos. Q y1RGIN

NEW ORLEANS. Dec. 2s.-Cotton prices rose steadily today in the face of one of the largest amounts of cotton ever tendered in one day. At one time January sold 101 higher in both markets and the other positions 94 to 9S. The big demand that developed for the 132,500 proved a surprise to those who rendered the cotton and there was scramble on the part of those who issued the notices said to have competed with them for all the January offered and prices climbed steadily as a result of 1t. only five mo- ices were issued here but they were stopped so quickly that their presence was scarcely noticed. There was very advices from New York telling of efforts on the part of those who issued the mo- tices to get them back. Spot demand To- cally was reported good and prices ma terially higher to buy. The chief uncer- tainty hanging over the market was re- moved by the manner in which January notices were snapped up. As result we look for broadening and higher market from now on.
 NEW YORK, Dec 2s.-The outstand- ing feature of today's session was the sesyX to Over o9 oo bae anS ThG 6a ease with which the market withstood such an unusually large amount of cotton The following houses were credited with issues as follows: Stewart Brothers, 200 Anderson Clayton 500; Harris Irby & Co., 1,oooe; '; Bond McEnay. 90; Post & Flssgg
 
 rels & Ca. Honsman & Co, Hooper & Co. and Well Brothers were credited with erai opinion all along that the owners of the local stock would not take too much risk of losing such an amount of good cotton and the action of the market can not be regarded as surprise to the local traders. The fundamental bullish condi- tions have again ,,s come to the front and | cents.
 There is. no news of any marked char acter in the dry goods situation coming from Worth street and some of the best traders here are out of the market await ing moro information as to the distribu- ton of stocks by jobbers. If. as many expect, there is going to be distinct i'm provement in the demand for. dry goods real demand for spot cotton, the old high prices can be easily crossed into new high territory. but we believe that 1t will re- around 3s cents ard advise accepting of profits on such advances as the market enjoyed today.-Fenner 6 Beane.
 SHANNON & co.
 NEW YORK. Dec. 26.-The immense at snqir times @ the @ demana % r for January @ o % was in excess of the supply and the market provided the amazing spectacle of an ad- der on record for single day. The only inference is that the underlying strength exceeds even what had been thought by even the most ardent bulls and also that speculative longs chiefly conspicuous by their absence. Spot advices from the south average very bullish and a hopeful feeling is reported among mills as to the future of trade after the holidays. Foreign trade advices are also rather more cheerful and the export movement continues largely in excess of last year. Predictions of further important advances strong promise of realization, though 1t should not be expected that that will come to pass without reactions. some of which may be severe. The best policy appears to take advantage of any that occur to make purchases and use caution | in following advances unless those are l all tad htra rod ir,nr