The Birmingham age-herald., 1923-12-07
Cotton Letters
uuRRARD EROS. X co.


 continued to be unsettled in anticipation of the general election which Is taking place today the returns on which are not available at this writing. Here the mar llet received sufficient trade demand 10 maintain price facility well in the early trading, but subsequently further liqufda- prices during the early afternoon. The tiou brought about quite setback III National Ginners' association, it Is under, to December l, 9.140,o00 bales, and for the period 742,000 bales. This estimate is about in line with the rumors which GIT culated throughout the market yesterday. Our advices from Liverpool are to the eff feet that much will depend upon the re- % sqt Sr is ooed or if he government is returned to power. These results will be fairly we'll ascertatned by tomorrow noon. In the meantime the local sentiment Is against the market on the ground that further liquidation is only naturally to be expected under the cir cumstances. Liverpool futures are due to- morrow:s January, 19.e4d; March, 19.7od.
 KAHN BROTHERS. & VIRGIN
 NEW ORLEANS, Dec. 6.-Publcation bureau was followed by considerable le covering movement, though it turned out to be some larger than rumors of the past two days indicated. Removal of the uncertainty over what they might show seemed to relieve the trade and cred rather freely. The character of the Presidents message and strong stock stock
 
 full influences. Cables from Liverpool were the most optimistic this week and well posted men there said that the liquidation about over and the mar ket likely to rally sharply on any. fla vora be news: Hany hoped that today 5 elections in England would furnish that stimuiand At result of fresh buying and covering brought on by these in- fluences prices rallied several points dnr- afternoon on heavy selling and renewed liquidation.
 liqudation and values broke badly. Gin. nlng prediction of 9,143,000 ys. 9,319.0 900 or 766.000 for the period vs. 46o,o00 last year were generally accepted as confirm ing the largest of the more recent esti- mate. The technical position may have been improved soiho by ithe days. liqui- dstion but we doubt if the liquidation has run it's course yet.-Fenner & Beane. market has been disappointing in that the rallies which came in the early ses- sion failed to hold serving as they did opportunities for outside liquidation in which Wall street joined. The officiai figures published by the national gin tie the market There was also great deal of talk of tho actual being shipped here for delysrS Soo Tsf rs amount nI ysried nsariy all cotton houses here are to the effect that the fundamental conditions VII yet estena to bs hshse s prGss hrs h ing by Manchester must continue as the American mill is admittedly not flourish :
 Confidence has received severe shock ins the extent of the decline and the widespread tendency to increase crop estis mates and it should be constantly kept in5 mind that the technical position of the market still leaves a great deal to be. desired.
 With sentiment still bullish, however in which the mills-How seem to be lead Ing the procession in optimism, substan- tlai recoveries are expected. and for this reason believe the market should be used for broad scsiping opportunities, letting each day be sufficient to the end thereof aronnd @ the for%er @ hsh levels 'g people a are aD likely to .view<S5-cent cotton with misgiv- ing the small supply to satisfy the de- mand.-Fenner & Beane.
 SHANNON & co.
 NEW YORK, Dec. 6.--It is still a nervous unsettled market in which selling closed observers express the opinion that liqnidation has been very thorough and that much of the selling now reflects an increase in the speculative short account. Mil demand, however, has not been so much in evidence today and although the early market showed strength, resistance to later pressure was not, vigorous and prices gave way rather <easily. though there has been no suggestion of weak have been able to learn. good demand Is reported at firm basis and the volume of business limited by lack of offerings velopnent tha. would serve to create desire to replace the contracts sold re- gently would find the market practically obvious that even the highest point reached discounts supply small as is promised even on the largest of re cent estimates and while it is impossible to estimate the bottom purchases on a scale down in all weak markets for a pull look the best.
 IT. & E. BEER
 NEW ORLEANS, La, Dec. 6.-Having come within the shadow of the govern- ment's annual crop estimate, scheduled market remains downward, with contracts stll in the process of liquidation. Tend ing to confirm the larger private crop estimates of late, it is reported that re- turns to the Nationa Ginners association indicate 9,l40,000 bales ginned to Decen- Der I against 9,32o,0oo to corresponding period, November IA to December l against only 45OOO0 one year ago, which would make s16.ooo more than last veal "A remarkable showing considering the bad weather during the period in west Texas where the acreage was large and
 While in a few cables from Liverpool were encouraging. saving liquidation about over, expect sharp recovery in event of favorable developments, other cables were discourag gng, one saying had to go lower to find buyers. Expect very heavy tenders on December and January
 late cable from Liverpool read:
 "Vcry nervous and unsettled. easily af- fected either way. Liquidation still con, tinues with small offtake by the trade Tor awhile during the session, the market took spurt the favorable construction placed on the Presidents message to Congress opposing soldier bonus. s.p- vored the merger of the railroads.
 3Ls-er it was learned that the nation's