The Birmingham age-herald., 1917-11-04
Over W. F. Campbelps Wire

will be very short for sDrins- Buriaps were firm.
 Over W. E. Campbell's Wire
 New Orleans, November alt was quiet week end sessIon in cotton Frices N ere sent to a small net advance by mod crate buying. good part of Which ap- peared to come from shorts who wanted to even-up over Sunday. Around the opening some irreguiarity was shown, January being points off while other months were up At the best of morning prices were IA to 23 points above the ciose of yesterday. It was reported that Ma tlonai Ginners association was out With a report of 7.22u,000 bales ginned to Octo- Der 31. This compares with 8,6lS,oS3 oaies ginned to the same date last year ana 7.37S.00o two years ago. On its face sucn an estimate cannot be called anything but bulish but the trade prefers to look ar the ginnings for the period rather than for the season thus far. The estimated total means that there were ginned rom the middle to the end of October l.6is.0 QUO bales. against 1.3l6.0O0 during the same period last year. and l.6T1.0O0 during the same period two years ago. Compared with two years ago, this Is bullish. but compared with last year 1t Is beartsh. So heavy was the early ginning last year. however that it was bound to fall or later on and from now on we must run against less full returns for last year, which means that bearish returns are not unlik ely, period by period, even though their bearishness Is more apparent than real.
 We do not think the ginning returns will, anyway, materially change the sit- uation and continue to advise purchases on any easy periods.-Shepard and GfucK
 New Orieans-New York telegrame re- port outside selling. One message says: Local traders bearish on lack Of de- mand" Hubbard says that there are 'n- dications of buying of December by spot houses McElroy wires: Russian defeo- ton and Italian reverses open prospects for e long war and increasing demand from the government for heavy cotton goods. ."-Gluck.
 Chicago-Cotton market was irregular yesterday On the whole. feeling ap- peared better than the day before, all though hesitation was in evidence. Good buying of May contracts by Liverpool and room traders was the feature. Stiii believe one should take advantage of strong spots to put out short lines Burke.
 Over S. R. Stuart & Co.'s Wire
 New York. November 3.-Ths strength of the near months. due to continuance of trade buying in that option which caused some shorts to cover. was the sustaining factor In the cotton market today. The National tin ners associations estimate or ginning to October 31 was 7,276,0o0 bales. ana while tho figures are 100000 bales larger than the government figures ot last year they show an increase of 400. 900 bales for the period. The crop this year is about as late as 1915 when 1s7e. 900 bales were ginned to Novem- Der 1. and 3.sss.0o0 bales were ginned after that date. If we add the latter to that given by tho National Gtnners we get a total of lint cotton around ii .000. 900 bales. which is in line with tho current estimates--as to the yield this season.
 We think that the 37-cent level for January has discounted for the time being a yield of this size. and any fur- ther advance must be brought about by some other developments.-Hutt & Co.
 New York, November S.-The steps taken by the New York stock exchange in regard to short selling has resulted in a very satisfactory rally In the ac- tive stocks. People are inclined to look around now to see to what extent the decline in bear raidng Is due There has been great CGdl WT1tteN dDOut II in the newspapers and people have felt that tho decline in investment securi- ties has been very largely brought about through this influence. Steel plainly showed by it's recovery that there has been short selling. The samo thing can be said of Great Motors and Marine preferred. There was an unex- plainable decline in Coppers in tho afternoon rather remarkable because the stock for the past few days has been rather conspicuous for it's strength. If tho market holds reason bly, well around present prices lot of the history due to bulls at the top Incoming bears at the bottom. will pass away Liauidatio like that of Cana dian Pacific usually foreshadows bet ter market.-E F. Hutton & Co.
 Ware & Leland: Believe supply of corn In sight Is SO large as to cause prices to decline from prevailing levels: look for oats to work to a lower level. Lamson Brothers: Feel that sales on rallies are advisable in both corn and oats.
 Bartlett Frazier Co.,: Liquidation In corn does not appear to have fully run its course. Further declines can be ex- pected in oats until cash demand shows some signs of improvement.