The Birmingham age-herald., 1924-12-16
COTTON LETTERS

NEW ORLEANS, Dec. 15.-Under- tone steady in face of cables easier than due.
 There was a rumor that returns to na- tional ginners indicated 12,670,000 bales ginned to December 15 vs. 9,549,000 and 0,S76, ,0O0 in 1920 which would point to about 445,0O0 for last period, December IA to 13 against 306,000 last year and 735,O ,O00 in 1919. The trade was dis posed to consider the rumor as more bullish than otherwise since such re- turns would tend to about confirm the government final estimate for yield 13, ,153, 900 bales. Compared with foreign cotton, the American product is relative ly cheaper which probably accountS for Europe taking more of the American commodity. At about this time last year East India cotton was about 2h pence lower than American cotton and Egyptian only 5B pence higher whereas now East Indian cotton is only about half penny lower than American while Egyptian about 129s pence higher.
 The improvement in the economic con ditions in Eprope, especially on the con- tinent is making a better market for the cotton of India, and the shortage of the Egyptian crop about the same as last years 1,250,000 bales coupled with the shortage of long staple cotton in the United States has placed Egyptian product in very strong position. East Indian cotton which competes with the American crop is usually to cents lower than price of American cotton, whereas today it is only about one cent lower while Egyptian is about 25 cents higher than American whereas 1t usually commands much smaller prem ium. Advices from London that the worlds supply of wool is short, has been brought up, that higher prices are expected which is expected to increase the worlds consumption of raw cot ton.
 Compared with last year the stock at Bombay, India, last Friday was 2s4.000 bales vs. 286, ,000, and Alexandria, Egypt, F261, ,00O vs 260,000.
 London reported bad weather in h. dia today with market one cent higher. Aside from American raw cotton be- ing relatively cheaper than foreign cn product today Is about ten cents lower or about $50 per bale cheaper than a year ago. Because of the lower rice consumption of American cotton likely b mametrially same-H. and B. Beer to J. F. Willingham & Go.
 NEW YORK, N. Y, Dec. 15.-The cotton market was finally broken away from the influence of the government estimate. Everybody already knows how big the supply and hereafter it's distribution will be the governing fac tor in prices. In the expectation that holders would force their cotton for sale, both exporters and American mills have recently kept out of the market Finding no weakness among holders, spinners resumed buying, only to find offerings too scant to suit them. The result is keen competition for spots and a substantial advance in both spots and futures.
 A morning decline of seven to eight points was followed by a steady advance of forty-five points, leaving old crop months 32 to 37 points above Saturday. October representing next crop, closed forty-six up on the day. We expect in cerased demand and further advance.- John F. Clark 6 Co.
 NEW ORLEANS, Dec. 15.-After a poor start on weak cables the cotton market was galvanized into activity to- day by forecast of small ginnings for the period and strong spot news. The holding movement in Texas exceeds anything ever known before according to competent observers and Memphis reports the situation so strong in that section that there is almost a buyers panic in evidence.
 Spot houses led the buying forcing shorts to cover in a market that was bare of contracts. Prices advanced 50 points from the early low and 40 over Saturdays final close. Closing prac- tically at the top. The spot basis was reported about the highest of the sea- son with demand excellent and offer ings generally light. Professional senti- ment is still bearish but the indica- tions are for broadening demand for contracts and higher prices..-Fenner and Beane to Kahn and Virgin.
 NEW ORLEANS, La, Dec. 15.-Cotton prices were somewhat easier in the early trading Monday on a poor showing by