The Birmingham age-herald., 1924-12-19
COTTON LETTERS

COTTON LETTERS NEW ORLEANS, Dec. 1S.-Cotton | lost a little over one dollar pale today largely as a result or the desire of many longs to cash their profits. Short sellers were also more active though pressure from that element was not heavy. The lowest prices of the day were made in the last few minutes when short sellers apparently became fairly active.
 Spot news was good but there was not as large a volume of 1t in circula- ton as earlier in the week. Dry goods news and exports continue to run larger than a year ago. Professional senti- ment is mostly reactionary at the mo- ment and may carry prices some lower. Believe reactions will prove temporary and should furnish good buying oppor- tunities.-Fenner and Beane to Kahn and Virgin.
 NEW YORK, Dec. 18.-The strength and effect of the holding movement in the south this year can be seen in the relative steadiness of prices during the past two months when bearish, surplus crop views were predominant and pre- dictions of twenty cent cotton were made
 The south Is in excellent shape to con- tinue a conservative marketing of the balance of this seasons crop which should maintain the markets underlying strength and make it quickly responsive to new crop considerations and any auickening in domestic textile trade.- Steiner, Rouse and Stroock. NEW ORLEANS, La., Dec. 1S.-The undertone in the market today was not so good because of easier cables than due and some disposition to realize on long contracts and to work for re- action. | Liverpool cabled spinners indifferent in spot market. Futures easier under long liquidation. Manchester cabled good business in cloths and yarns, and that it is thought a considerable short
 interest exists in cloth, sold specula- lively. f
 Reports from New York goods market were that there was more activity print cloths sales week 100000 and that other descriptions are ruling steady. Weekend statistics tomorrow are like ly to be bearish as to weeks in sight but probably bullish as to spinners takings which may make favorable | impression on traders as was the case | last Friday.
 On Saturday, December 20, the census bureau will make a report at a. m., New Orleans time as to quaintity of cotton ginned to December 13, about 12,670, 900 to 12,772,000 expected. Shipments from United States to Europe are likely to continue free and probably show further excess over last year as Galveston wired ocean freight bookings indicate the probable exports | from that port of about 250,000 bales during last half of December. Southern spot advices remain favor able denoting continuation of good de- mand with basis about unchanged and offerings light.-H. and B. Beer to J. F. Willingham & Co.
 | NEW ORLEANS, La., Dec. 1S.-Cot- ton pricese were unchanged to shade lower on first sales Thursday but li- quidation and selling soon developed in sufficient quantity to ease prizes $1.00 a bale. The market lacked the snap of recent days with trading dull. Liverpool was reactionary being about 10 penny points worse than due just before the opening here. The spot news continued fair but not as buoyant as a few days ago. There were some mild reports from the interior.
 The goods market reports were bullish New York reported trade more active and Worth street reported sales for the week at 100000 pieces. New York said raw silk was firm and that new prices had been named on cotton flan- 1 nels. Manchester Mass, wired "Thir- teen of Amoskeage mills now in opera tion and other two expected to resume i soon."
 Exports continue a sustaining factor with prediction they will be 4,0O0,00C by Christmas. An English house cabled this: Forwarding to mills now resem- bles pre-war days and English mills will absorb 2.250,000 bales of American this season." Exports to Great Britain of American cotton last year totalled 1,173,0 ,0O0 bales.
 Expectations of bullish weekend fig ures tomorrow was a sustaining feature Il. and A. to s. R. Stewart.
 NEW YORK, Dec. 1s.-The spirit of profiting taking is in the air before the holidays. Liverpool felt 1t and closed lower than due. Our market rallied re- peatedly but did not reach yesterdays | high point. -t
 After several days urgent buying ot spots by exporters and American mills it is only natural that demand in south ern markets should become quiet, but that does not signify any change in the farmers stubborn attitude. While will ing to sell on successive advances, his offerings cease on declines.
 Exports continue free and are now 905, ,000 ahead of last year.
 Just before the close another wave o1 long selling caused prices to ease off closing Is 25 to 28 below last night. On all such reactions we believe in pick ing up cheap cotton.-John F. Clark & Co.
 NEW YORK, Dec. 18.-The Liverpool was slightly lower than due this morn ing. The decline was due to some scat tered profit taking the volume of busi- ness in our market was extremely small and the few selling orders that made their appearance caused prices to ease off somewhat from yesterdays level However the trade still continues to place limited orders to buy cotton in the market and on dips as we have had today contracts are readily absorbed we understand from various points in the south that the spot situation con- tinues extremely strong and that first hand stocks of cotton are rather low we also call your attention to the large exhorb of recent date showing that cotton Is moving out of the country very fast.
 It is the general opinion that the mills have not covered as much of theil requirements as Is normal at this time of the year. This is due to the fact that the large crop figures have influenced aninnarS fn XaIaU Y1YYrohauas Va FaaI