The Birmingham age-herald., 1924-12-18
COTTON LETTERS

NEW ORLEANS, Dec. 17.-Owlng to the urgent need of raw cotton abroad, and because of the American product being much cheaper than Egyptian, and cheaper parity compared with East Indian cotton, there has developed good demand for American cotton; the market being higher in consequence, today. Advices from all southern mar kets are that there Is good demand for spots, especially staples and low grades, at higher prices. Reports from the northern goods markets are better, also more demand for print cloths at higher prices. Washington advises that Russia plans to operate 3,1OO,OOO spin dies this season vs. 1,900,000 last, which will almost double the output of Rus sian mills. Until of late the claim was made that the foreign production of cot ton this year would be about one mill lion bales larger than last year, but recent returns show no increase, com pared with last year, in Egypt, and a slight decrease in Brazil. India may make 5O0,OO0 bales more than last year, but final results are uncertain.-H. and B. Beer.
 NEW YORK, Dec. 17-Cotton re- gained it's loss of yesterday on strong cables and purchases of about 4O,OO0 bales. apparently for long account. The selling was widely scattered in mostly small lots. The basis for the strength was the strong spot situation, big demand with little for sale and exports of 137,000 bales. There has been enormous buying of January against sales of March and May yesterday and today by the big spot interests. Gen eral speculative interest in the market has not shown much increase on the recent advance because of the big trade in grain and stocks, but cotton looks a purchase on all reactions.-John F. Clark & Co.
 NEW ORLEANS, Dec. H.-Cotton prices were higher at the opening we'd nesday with a better feeling in the market. Numerous reports were re- ceived from Texas saying: "Spot basis higher with a good demand, but cotton hard to buy due to holding move ment." Just before 9:30 a. m., quota tions were trading around 2S> to 80 points above the previous close with January at 24.12c. Liverpool was bet ter than due by to penny points with spot sales 5000 bales, of which were shade lower at the opening Levy and Aronson to s. R. Stewart.
 
 the inspiration for a better opening in our markets today and the under tone has been splendid throughout the session. Prominent local professionals were active on the speculative side and western operators are also reported as having entered the market on the buy ing side in the last day or two. A great deal of comment is heard over the relative cheapness of American cot ton as compared to foreign growths and our large exports lend color to the argument that spinners will be gener- ous buyers of American cotton around present leveis.-Fenner and Beane to Kahn and Virgin.
 NEW YORK, Dec. 17.-Continued l strength in the basis and limitation Of offerings except at higher prices had the influence of causing better Liver pool and some very good price-fixing orders from the continent. While the local trade is still of the belief that the advance of the past few days has sim ply been a temporary readjustment or the technical position and have been sellers on all bulges, nevertheless the | improvement in the print cloth market yesterday, together with the higher basis mentioned above, has brought in trade buying and some speculative short cov- ering. Whether or not the advance of the past few days will hold is, of course, a question, but the market acts as though 1t had discounted the crop and was beginning to respond to the consumption figures and the poor sea- son in the ground which has so far ex- isted in the south. While it Is too early for this to have much influence, 1t Is beginning to be talked of and will bear watching in the not distant future. Liverpool futures are due tomorrow; January, 13.21d.-Hubbard Bros. and | Co.