The Birmingham age-herald., 1923-11-21
Cotton Letters
II. X B. BEER.

NEW ORLEANS, La. Nov. 2o.-values made new high ground for the season full feeling regarding European political situation, bullish southern spot advices and bullish Manchester trade reports. As yet however. England has not approved pro the allies are to follow in dealing with Germany. but as English consols one point higher than yesterday, a favorable reply is expected of the British.
 Private cables are persistent as to Man with India. There was some evening up of accounts today in advance of tornor- gin ed to November IA. The latest es- innate of the national ginners is S,2s6.- 900 against s,S7oOOo to corresponding date season were only 9,72s6
 The future. of the market is likely to depend on whether or not the trade will continue to buy freely at prevailing high prices, Advices from interior today were that the demand continues good, especially on the part or English buyers, particu- larly in Texas.
 This afternoon there was considerable realizing causing values to work lower. owing to fear ginnings may be larger thar expected.
 If tomorrow's ginnings are s,4oO.ooo or advance If s,25O.O0O or less Even if re- turns are S.4oOo0o they would still be iess noG than last year to the extent of 40. gin 470,000 more after November IA than was ginned after that date last season
 
 From every angle the statistical posi- ton of the American product appears to be strongly fortified but some people are of the opinion that England and the con tinent will draw heavily on other growths at the expense of American cotton in or der to try and make the American sup ply fit in with trade requirements.
 Advices from Liverpool however. are that Manchester's Improvement is in the making of fine counts. particularly for India, which calls for good grade cotton such as is the American product.-H. S. B. Beer.
 HUBBARD BROS. < CO., LETTER
 erpool was lower this morning. owing to the sharp improvement in the sterling ex- change which took place yesterday after noon. As a matter of fact. from a mathe- nautical standpoint. the decline in Liver pool was not enough to balance the ad- fectly normal in advancing despite Liver pools decline. The government issued as compared 10 last month and year ago showing an increase in the number of spindles in operation. It would appear that the necessary curtsilment to balance the present crop has not yet begun, and our market, therefore, took rather a bull ish view of these figures.
 The census bureau report the amount of cotton ginned to November IS will bs issued tomorrow morning at the opening the National Ginners' association, which showed s.3oo,ooo bales ginned to date ne lnd1het was Steduy QurIng the day at new high prices for the season.
 Liverpool futures are due tomorrow: December. 2o.2Sd; January 2o.17d.
 SHANNON & co.
 NEW YORK, Nov 2o.-The ginning re- port due tomorrow night might by some chance prove of sort t. bring on dip thought that is more in the nature of a possib blity than probability, and if it approxinates the figures given out by a private authority it would be regarded ss deciding the fate of this crop and de- termining the size nearer 100000 than 1o,0Oo.ooo bales. Talk around the market suggests the feeeling that specu- lative longs have taken profits on large scale and that the market is so full of scale down buying orders from the trade to fix prices that decline would not go far before encountering stiff resistance That there will be fluctuations is axloma- tic, but nothing in the official reports to muzzle consumption has been reached as yet. Advces from Lancashire are that English spinners are beginning to make a profit in spite of prices being far above the level which was long since set as the absolute limit of their ability to pay With wages high they are and promise to remain in this country, the latent buying power of the big consum- ing classes here is nothing short Of come effective is another question. but there Is no question that the cotton does not exist to supply even fractional part of 1t. It is noted that the price of other growths Is advancing by leaps and bounds indicating that substitution for American is not going to be the cheap and sim ple proposition suggested.