The Birmingham age-herald., 1923-12-09
Cotton Letters
KAHN RRos & vIRc1N

NEW YORK, Dec. s.-The ginning fig ures of s,243,917 proved considerably the natural result of liquidation and some short selling. Liverpool and the trade were reported as buyers. The reports have which now points to within hailing dis tance of 900 bales without linters. ,ess Mow that the 4f supplies of consumption will have more and more Influence on prices It Is thought that recent advances and 1t remains to be seen whether or not their future needs will be sufficient to take care of liquideting sales.
 We think close attention should be paid to the probable course of business In Man chester now that the elections are over and the surprising gains made by the
 While the fundamental conditions ap- parently have undergone no change. be. lieve that basis of S5 cents per pound for cotton is within a close distance of danger and that purchases should be con fined to sharp breaks. Around 34 cents for May cotton, however, the trade is ex- pected to come in on large seale.-Fen- ner & Beane.
 NEW ORLEANS. Dec. s.-LarEer gin nings returns than predicted and larger than anyone expected upset the market selling and liquidation. Values declined s6 to 9S points during the process of ab sorbing this, rallied 40 on some covering, but slipped again in the last few minutes and ended the day 80 to ss lower. The census bureau reported s,24s,s17 bales s.31s.soo to same date last year. This is S6e,700 for the period, against 450,000 last year; and s1s,5oo for the period from No show an increase of s3 per cent for this period of last year. Such big increase was quite 8 surprise, the ginnings for cent larger than last year. If we get a similar increase for the remainder of the 1o,ooo.o0o bales. though the light weight of many may reduce this some when fig ured in 5oo-pound bales, the government standard. Ginnings after December 1 last year were 410,000 bales. We expect more liquidation and a further decline.-Fenner & Beane.
 H. & B. BEER
 NEW ORLEANS, Dec. s.-Large as ex- pectations were as to ginnings to Decem- Der l. census returns were 1o4.oo0 bales larger. 9.320, 900 to corresponding date last year. or s7o.ooo for the period, November 14 to December l, against 45o,ooo one clined about 1 cent about 100 points, part of which was recovered owing to some realizing ey short, . .s and heavy buy msined downward.
 Ginnings for the last period were not spending period last year. but were larger than for the period November l to 14 of this year, or s7o,ooo against s2o,ooo. which
 Since ginnings for last period were S7o,000, or for about two weeks. what will season? 1t looks like they may be com paratively large and carry crop we'll over 10, 900 bales.
 Government crop forecast for November 2 for Louisiana. Florida and South Caro- lima is already ginned, with tho estimate for several other states nearly ginned to governments final crop forecast, due De- cember 12, to be near It's forecast of No vember g.. which was for yield of 1o,-
 During the morning New York wired National Ginners estimates crop at 1o.- 100000.
 Next week. in advance of tho issuing of the governments annual crop estimate the market is likely to rule nervous and as there Is telling what size crop gov ernment report. will indicate.
 Ginnings and annual government crop estimates do, not include lnters, which. from a crop last year of s,729,00o, ginned furnished 61o.000 bales of linters which must be taken into consideration when figuring the commercial crop, since lint CTS are included In consumption figures.
 If the governments estimate is for a Wednesday the market may recover. but if the production is for 1o,100.000 or more. values likely to decline somewhat
 Meanwhile developments in tho spot market will be watched closely. As yet there is no revival in the demand.
 SHANNON & co.
 NEW YORK, Dec. s.-The ginning proved fully up to expectations and was construed as indicating about 10, 900, 900, though much comment is heard on the numerous advices as to the light weight and poor grade of the bales and many good judges doubt if the ginning for the balance of the season will serve to bring the total actually up to 10000, 900. Specu- lative interests, however. pretty sure to accept the figures without analysis or regard for any possible contingencies in connection with the same and will proba- bly continue to sell short on any rally until they find more solid resistance than the market has displayed the past week. Fortunately, liquidation has already been on an immense scale and the technical situation has improved very mataXlally, with reliable information that price fixing has by means been completed as yet. Operators for later higher prices will not be exempt from risks and disappointments, but tho Fundamentals lof the market arc very sound and will fin due course pro- duce their inevitable result.
 HUBBARD BROS. & co.
 NEW YORK, Dec. 8.-Liverpool was steadisr this morning. which would seem to show that the liquidation in that~mar