The Birmingham age-herald., 1924-12-17
COTTON LETTERS


 cables, large exports and urgent gen. eral demand for spots influenced mar ket to higher level today. Nearly all interior reported better demand for sta pie at high basis, with offerings light due to general holding movements. There is ravenous demand for extra staples, some sales reported at the high est basis ever known, the premium be- ing as high or higher than during the World war The demand for low grades is urgent also owing to the scarcity of low grades.
 Receipts at all United States ports so far this week total 153000 bales vs. 168,000 for same time last week and 144,000 for corresponding period last season. The lighter movement to mar ket will likely make for a bullish week end statement next Friday, especially if spinner takings for week are larger than last year which will probably be the case. The trade Is becoming much concerned as regards the absence of sufficient rainfall in the cotton region this year, particularly in Texas to place | a good season in the ground for next years crop.-H. and B. Beer to J. F. | Willingham & Co.
 NEW YORK, Dec. 16.-A further rise of 35 to 40 points was registered this
 
 ing and the market at 2:40 p. m., was only seven points above yesterday. Ca bles were higher and telegrams from south reported a good spot demand at highest basis of the season. Exports were 94,000 bales. There was some trade buying early and a moderate in | crease in speculative demand was mo- ticeable from Wall Street but they turned sellers in the afternoon when the stock market reacted. Sentiment aver ages friendly to the market on reactions and purchases on setbacks took advis- | able basis on spot demand and prospects of improved business at mills after Jan- uary first.-John F. Clark & Co. | NEW YORK, Dec. 16.-The local ele- ment who have been selling the market daily had a change of heart today and were eager buyers up until the after noon, when outside buying failed to come in when they had cotton for sale. Strength of southern spots continues to be the feature of the market, while ex- ports show every indication of being in the neighborhood of one and one-half million bales for December. Sentiment has undergone somewhat of a change here in professional circles but as we have pointed out this market Is likely to prove big broad scalping affair un- til after the turn of the year and on such advances as we have had today we would accept partial profits and replace in periods of weakness.-Fenner and Beane to Kahn and Virgin.
 NEW ORLEANS, Dec. 16-Cotton prices were up 30 to 35 points in the first trading Tuesday morning with the market in an almost buoyant tone, fol- lowing the advance Monday of approx a a Q hal yfoer ports of urgent spot demand. Memphis wired this morning: Demand both for eign and domestic coming principally from New England" Dry goods reports were hardly more encouraging than re- gently. North Street reported the cloth markets quiet but steady. New York reports the cotton goods market quiet. The weather map showed a few light rains in the northwestern portion of the belt. Remainder of the belt dry, rather warm but cloudy.-Levy and Aronson to s. R. Stewart.
 NEW YORK, Dec. 16.-The general opinion prevailed yesterday that the market would possibly have some re- action today, in view of the steady advance that occurred during yester- days session. However, such was not the case, due to further buying orders
 
 market is now confirming the bullish situation in spots, for as you know, we have been hearing that the demand continues throughout the various spot market in the south and the basis this week has advanced generally. It is our idea that foreign consumption will be greater than Is now anticipated, as all reports from the continent point to a much better business. The market is showing no signs of weakness, in fact, the trade continues to buy on all setbacks and just as long as this con tinues, and we think it will for some time, we do not see any possibility of a decline of consequence occurring in the market. Liverpool futures are due tomorrow: January, 13.00d; March, 13.O6d.-Hubbard Bros.
 NEW YORK, Dec. 16.-A continuation of the buying late yesterday was strong ly in evidence today. Spot news from prctically every section of the south Is the most bullish of the season, which Is persuading trade interests to enter fresh buying orders in the futures mar ket and raise the limits on existing ones. As yet outside buying has not developed on any scale but as prospects for next years crop begin to define themselves and general activity replaces the holi- day dullness now prevailing in the tex tile trade we expect to see renewed intrst displayed in the cotton market and higher prices.-Steinr, Rous & Stroock.
 LIVERPOOL COTTON