The Birmingham age-herald., 1924-01-05
Cotton Letters
HuBBARD RRos. . CO.

HUBBARD BR0s. . co. NEW YORK. Jan. 4.--The Liverpool market was again sharply lower than ex- pected this morning, as q result of lack of confidence in that market over the po- liticaf outlook in England. Our market failed to decline as much as expected, and after hesitating. sold off rather sharply under further liquidation of old. outstanding long cotton. This decline was checked by reports of better spot demand rally. the market ruling quiet and dull in the early afternoon. slightly under last nights closing prices. The market does be expected during the early weeks of Janusry. when there fs usually pretty sctss Sy TOT ket. Spots. however, are closely held in the South, and with the acute supply sit the attention of Che. trade is turned to- wsS the fsp ths new saos Futures are due in ,Liverpol tomorrow: January 2o.o1d; March, 2oosd
 KAHN BROS < VIRGIN
 NEW ORLEANS. Jan 4.-Cotton de- dency today. owing to larger ginning fore cast than expected and smaller spinner takings than looked for. There was good
  but the buiges met considerable sales and did not hold. The ginning forecast is for s.7s0leoo bales ginned to January 1. com last year. This Indicates 2oe.oo0 bales ginned for the period vs 108,000l year ago, The first impression was that such estimate of 1o.osf,0o0. and caused some selling. A study of the figures, however. soon convinced the trade that they do not of 500 pounds, the government standard. owing to the lightness of bales this year. It was also figured out that it will take ary to bring them up to the government prediction, owing to the light weight bales. This is now believed impossible, as gin- 13s.ooo. Takings of 2s7.ooo bales for the the average. The into sight for the first Spot news was good and the interior re- ports the big spot houses taking every thing they can get. The spot situation come more. forcibly to public attention than ever by continued large export move ment. We believe the buying side offers the best opportunities, especially for those willing and able to wait awhile.
 NEW YORK. Jan. 4.--It has been dull and uninteresting session with the market displaying tired and sagging tendency throughout Spinners' takings apd the ru- mored National Ginners' forecast on the
  althought the loss in the visible created mild comment.
 The market acted today as though for with the constant reiteration of the bullish statistical position. This is SO obvious that we believe our friends should cease laying extreme necessity of the mills being able to establish better average for their spot cotton in order that they may freely move their present stocks. Unless the de- mand for their goods improves, lower prices are indicated.
 NEW YORK, Jan. 4.-Clevenberg says: Liverpool was weak, but the American markets opened only moderately lower, because the decline abroad was said to be The The mark market here ere for the day was WI rather, small and without feature, except that Liverpool and spot people were buyers ners M reported s,7So. 600 ginned to Decem- Der 31. which led to renewal of assertion that the government estimate of slightly over ten million was too high. spinners from the south were that spot demand was strong and cotton hard to buy. Senti- though the general cotton situation is no less bullish than heretofore, there is less talk of 40-cent cotton. This is due proba- bly to the absence of aggressive bullsh of the new crop will appear before the spot situation becomes too acute.'
 LiVerp0ol II a. pluS. January, 34.o0c: March, 35.03c; May, 35.14c; July. S4.25c; October, 2S.60c
 Liverpool due January $: January. 2o14d; March, 20o7d; May, 19.94d; July 19.43d; October, 16.50d.-Fenner & Beane.
 SHANNON & co.
 NEW YORK, Jan. 4.-Although spot news ana statistics generally favor the constructive side strongly there is as yet hardly a faint suggestion Of a broad ening tendency in the goods markets where the volume of business continues disappointingly small, even at prices far below the cost of replacement, according to the best advices. While therefore hold CTS, of the actual are in a strong position well able to play a waiting game and there appears no indication of pressure from that source buyers ,are reluctant ter. reports from the goods markets and soon as the scattered short interest has covered demand fades out and the market turns heavy once more. Those who attempt, however, to press on de- clines soon find that except for the con- tracts which they are themselves supply ing there is very little for sale and that to cover shorts means bidding prices up again to nearly the same point from which the decline started.
 If mills had distributed curtaiiment in the same way beginning early in the autumn they would be in a more com fortsble position.
 As that was not done, however, 1t looks that it will have to be the more dras- tic for brief period but that shoald not be given too much weight as a mar ket influence.