The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-12-21
COTTON LETTERS

NEW YORK, Dec. 20.-The ginnings
came over 100000 more than most Of the
room expected and started downward on
local selling, but ran into open buying
orders for trade and weekend covering,
which checked decline at II for March
and rallied 1t to 80. Trading quieted
down in the second hour. Bears say
the report points to yield of 1880, 900,
while bulls say not, as the weight of the
bales must be and was considered by
the government in estimating the crop
at 13, 153, 900 bales. 1t Is said all houses
who do business for domestic and for
eign trade in this open buying orders
all the way down which will check
declines and make contracts scarce when
shorts cover, therefore, a rather narrow
trading market is probable for balance
of December anyway.-John F. Clark &
Co.
NEW YORK, Dec 2O.-Ring sentiment
broke out in a bearish perspiration to-
day when the figures showed some
10000 to 100000 bales more ginned for
the period than had been estimated by
the several private ginning reports, all
of which were badly off in their
guesses. We fail to see where one or
two hundred thousand bales can change
the fundamental situation one iota and
since we continue in the belief that
money than it is bringing we would pre-
fer buying cotton on this MARKET
Fenner G. Beane to Kahn & Virgin.
NEW YORK, Dec. 29-The feature Of
the marketing this morning was the
census bureau report on the amount OF
cotton ginned to December Is, which
was given as 1876, 900 bales. This was
about 100000 bales larger than the trade
had expected, so that the market natur-
ally declined on the publication of the
report. On the other hand, trade orders
were Immediately encountered on the
decline so that the market held very
steady through the day. Good demand
Is also reported from southern spot mar
kets, where the basis remains very firm.
The speculative feeling is that these
figures are another evidence of the fact
that the bureau underestimate the crop
at the beginning of the month and that
the additional supply must be reckoned
with as a market factor. Exports are
already above 1900, 900 bales and the ex-
pansion Of trade in this country Is be-
ginning to attract general attention. II
Is the actual taking of cotton by the
trade which holds the market SO steady
in the fact of larger crop views. 1t is
q question OF Lne WucthCT thiS
fact will not also bring In that specu-
lative demand which Is always a fea-
ture of an advancing market.--Hubbard
Brothers & Co.
NEW ORLEANS, Dec. 20.-Returns
to the census bureau showed more cot
ton ginned to December 10 than gener-
ally expected, slightly exceeding the
maximum Of private estimates, and as
VII I'D
While the crop seems to be larger than
estimated, perhaps by about 100000
bales, the textile trade appears TO be
expanding because of the lower prices
prevailing compared with last year, and
the larger supply available denoting a
much larger worlds consumption Of
American cotton this season, probably
by 100000 to 100000 bales. Mean
while exports from the United States
continue big. There is also in evidence,
or such was the case the past week, a
good demand for spots at the ports and
in the interior probably to fill December
commitments. In view of the larger
ginnings than expected and the larger
crop ideas 1t remains to be seen II
spinners will continue to buy eagerly or
withdraw from the market in the hope
of buying at lower prices. On the other
hand the south Is financially fit to hold
its cotton and If trade Improvement
forces spinners to remain in the market,
values may continue to. rule compare
lively steady after all.-H. 81 B. Beer.