The Birmingham age-herald., 1924-12-28
COTTON LETTERS

NEW YORK, Dec. T-Liverpool was still closed in further celebration of the Christmas holidays so that no cables were received this morni1g. Here the market was strong from the opening, advancing to the best prices reached since the government estimate early in December. Thre was a mod crate amount of trade buying, but much of the buying appears to be specula- tive in character, the first time that any speculative demand has appeared in the market fer months. There was talk that buying had been attracted from the outside to cotton as a com paratively cheap commodity and market which had not moved upward during the period of excitement in stocks and grain. These arguments are not surprising and compared to last years prices, cotton certainly seems low. Underlying the market Is the steady improvement in world trade. to which we have recently called attention many times, an improvement which has ab- sorbed the larger crop in such fashion as to put little weight on the market. There was not large increase in sell ing on the advance today so that mod crate DuylnS brought dUOut Quite d subs antial advance. As Liverpool has been closed since Wednesday, prices abroad are due materially highed on Monday and doubt is expressed as to whether the foreign market will fully equal our recent rise.-Hubbard Bros. 6 Co.
 NEW ORLEANS, Dec. 27.-The cot ton market is being favorably affected indirectly by the strength of the grain and stock markets and by prospects for expanding trade on both sides of the Atlantic, making 1t likely for the worlds consumption of American cot ton to continue to increase. Owing to the holidays abroad, European inter- ests have been buyers in American markets, and Wall street. The west and south have been good buyers of contracts. The severe cold weather throughout the country, one cold wave following another with another one in sight, Is expected to improve the de- mand for heavy cotton and wool goods. Weekend and year-end domestic trade reviews are favorable, with outlook for further trade expansion after the new year. The demand for American raw cotton is worldwide, as noted by the following comparatives as to exports from the United States from August to December 26:
 Great Britain, 1.379,636 vs. 1,108.311.
 France, 5O9,907 vs. 432,976.
 Germany, 939 ,165 vs 561.962.
 Spain, 146,614 vs. 119,39S.
 Italy, 315,S85 vs. 282,959.
 Japan and China, 452, ,750 vs. BPS, ,226.
 Other countries, 326,327 vs. 224,330.
 Total, 4,070,2S4 vs. 3,05S,162.
 Since private estimates are for a worlds consumption of American cot ton this season of about 13,000, 900 bales which seems probable, the following comparatives as to consumption of few seasons will be found of interest:
 United States, 5,s13.O0o vs. 6,9s1, ,O00.
 Foreign, 5,428,000 vs. 5,640,000.
 World, 11,241, ,000 vs. 12,631 ,000.-H. & B. Beer to J. F. Willingham & Co.
 NEW YORK, Dec. 27.-The better feling in cotton in evidence at last nights close increased at the start to- day with the west the leading buyer. Influences from the stock and grain markets were also helpful, drawing as they do close attention to the fact that we have so consistently mentioned, the relative cheapness of cotton. The Oc- tober position enjoying the peak of prominence withstands the selling di- rected at 1t by those who are laying great stress on cold weather in the west while the trade buys the March and May positions. Speculation in grains has been tremendously profitable to traders and we believe cotton today felt the first effect of speculation turn ing from a high commodity to a cheap one.-Fenner & Beane to Kahn & Vir-