The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-25
COTTON LETTERS

NEW YORK, Nov. ALPHABETICALLY the
whole New York stock was rendered
on December this morning, causing a
momentary confusion at the opening.
The tenders were promptly stopped as
December went to a discount which
made it profitable to carry the cotton
to a later month. After the confusion
of the tenders was passed, the market
recovered and held steady at a moderate
advance above Saturdays quotations.
Spinners' takings last week were among
the largest on record, showing that
trade has improved so that there is a
demand for the crop on the present level
of prices. AS we are now passing out
of the time when the maximum pressure
Of the movement is normally to be ex
pected, it is probable this demand will
make itself felt gradually in an i'm
provement of values. Over the week
end, reviews of the goods market were
generally favorable and some stress is
beginning to be laid on the difficulty
of replenishing stocks. This is not sur
prising in view of the hand to mouth
policy so long maintained by retails.
However, when stocks cannot be
promptly replenished, it is usually a
sign of increasing demand and it would
seem that we have not yet felt the full
effect of the business recovery. Local
ly, the feeling Is again bearish on the
ground that speculation is not at
tracted to our market despite the &C
tivity in securities. 1t Is our feeling
that the Improvement in trade is the I'M
ditions and it is likely to continue so to
be.--Hubbard Bros. & Co.
NEW ORLEANS, Nov. A.-Notwith-
standing heavier tenders of cotton on
December contracts today about 10000
bales in New Orleans and $4,000 to 200,
900 in New York market advanced be-
cause of the notices being stopped by
spot interests. The receiving of such a
large quantity of cotton in New York
was made possible by the, opportunity to
hedge same with March and May which
are at big premium, but the stopping
of the notices in New Orleans, where
the premium Is not so big, probably re-
fleets a trade demand as 1t is rumored
that additional large quantities of the
staple will be demanded on December
contracts in this market before the De-
cember position is liquidated. Washing
ton reports that the average number of
spindles operated in the United States
in October was 32,327,376, or at 1874 per
cent of capacity on a single shift basis,
comparing with 1851, ass and 95.4 per
cent in October last year. During July
of this. year the average number of
SplnuIcS OpSTaIeQ III tue OnlIeQ STATES
on a single shift basis was the lowest
of the year, when a total of of 22,697, 499
were operated. Since the number has
increased month by month last months
returns showing an increase of 9,269,S7
spindles compared with July, when the
rate of capacity was only 60 per cent,
whereas for October it was 1914 per cent
with prospects of catching up with last
year during the current month and per-
year during the balance of the season.
haps exceeding the remainder of last
As yet there is not let-up in the exiAlrt
movement from the United States, ship
ments to Europe since Friday amount
ing to 1000 bales, against $4,000, making
total since August l, 2,826,000, against
1928, 900 an increase over last year of
6O3,000. Indications are that exports
from America will continue free. How
ever, the movement to market con
linues comparatively heavy since Friday
at all ports $1,000 against $1,000 and in 1t
is likely that the worlds visible supply
of American cotton will continue to in
crease weekly and to a larger extent
than last season for sometime to come.
H. & B. Beer to J. F. Willingham C Co.