The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-12-11
H.. & b. BEERS

NEW ORLEANS. Dec. 10.-There was
further important depreciation of cot
l cent per pound due to further extensive
liquidation in all markets in advance of
next Wednesdays government crop esti-
mate.
The weakness originated in Liverpool,
where tho spot demand was reported poor
result of Manchester being out of
the market for the present, awaiting bu-
reau report and its effort on values In
other words. there is more of DISPOSE
ton to liquidatefor hedge owing to un-
certainty of the government report than
to enter into new commitments for the
present which Is depriving the market of
needed support while contracts remain in
process of liquidation.
indicate a probable yield of s.s5s,eoO
bales. exclusive of lnters. of which
was credited with 4,15o,ooO bales.
The governments annual cotton crop
estimate is expected to be released at l
p. M, New Orleans time, Wednesday.
December IL. and will report on the in
500 pounds gross weight.
For some time past, numerous reports
of how light the bales were running, but
Secretary Hesters returns average the
weight at 4.1s6,4s4 bales handled, at the
ing with the close of November at $3.50
pounds, against 5s1;52 last year.
The economic situation in Germany
seems getting worse and results of the
recent election in England appear to have
had an unfavorable effect on business in
change in the government there in the
near future.
siblity of the Italian cabinet dissolving
the Italian Parliament, and the unfavor-
able United States Steel. statement for
crease rs eSs Of $4,000 tons IN booknss s were
unfayorabf political and trade develop
This afternoon the market became al
most, demoralized, due to continuance of
liquidation.-H. & B. Beer.
SHANNON co.
NEW YORK, N. Y, Dec. 1o.-weak ca
bles with further private estimates show
ing an upward revision in crop estimates
both accounts under which prices again
broke sharply since covering by shorts and
Of Which were in evidence. proved not
sufficient to take up the offerings. and
sellers were encouraged by the way in
dicating lack of speculative support, and
that the trade had reverted, to the prac-
ing a renewal of broader and more urgent
demand for goods.
Later ginnings promise to show sharp
decline even with all that can be raked
and scraped from the. fields. Any at
tempt to estimate the full extent of these
scale down in the course of these reac-
tons promise satisfactory results ulti-
matey.-Post 8 Flagg.
KAHN BROS. q VIRGIN
NEW YORK, Dec. 1o.--weakness In
Liverpool and general unfavorable com
asa the eod 81 Ii
the opening, which was further accen-
tuated by the estimate of the Times
Picayune estimating the crop at probably
Trade buying appeared, but not suf-
ficient to prevent prices selling off
the other side were none too optimistic.
1t is felt that the labor party victory
Is distinctiyeiy bad for business and this
mendous long speculative account by Lon
don has tended to upset that market.
Mrth street nna donx River
ever. Shelton of Washington forecasts the
consumption report (due Friday as for
Which admits of little II any V curtaiment.
After a 40o-point break the technical
condition has been improved but We think
the best policy is to view the market as
a broad scalping affair until conditions
abroad become. more settled Liverpool
crowd have been gigantic.
LyerpSol I'll Il m. bids; January
s sssSe; 5o aeim 1850. may ''.'c july
liverpool due december IL: January
$3.50; March, 1s;7sd; May; 1s.sod; July,
1S.60d; July, 18.20d; october, 1b.38d.-
Fenner & Beane.
NEW ORLEANS. La, De6 1o-Liaui-
the day and some values shrunk 122 to
1873 points during the process of lquida-
ton. The downward course was checked
temporarily by occasional spells of profit
taking by recent sellers and some good
rallies followed this buying. The bulls,
however, were frightened by bear liquida-
ton and did not hold long. Much of the
days weakness came from forcing out
number of stop loss orders. but some of
the late selling is said to have come from
traders who had been carrying cotton
bought at rs cents or under. Weak Lv-
erpool decline of cents pound in
of 10 900, 900 of over from the government
deprived the public of any incentive to
buy at the moment and stimulated
great deal of selling.
Holders of spots give no evidence of
being upset but the fear of large esti-
mate from the bureau next Wednesday
hangs over the market and in opin-
ion is likely to cause further liquidation
of futures and lower values.-Fenner x
Beane.
FENNER & BEANIE
NEW YORK, Dec. 1o;-clevenbers
of over Sunday selling broke May to
nearly 34c on the opening and more
selling in the first hour depressed it to
33.35c or nearly cents down since No
vember 80. Shorts and spinners took the
contracts bringing. about a 60-point rally,
all of which was lost on renewed >liquida-
ton in the late trading. There was no
fresh news, so the slump can be charged
to Saturdays ginning figures which led to
fears of estimate well over 10000 900
Wednesday afternoon: Reports from the