The Birmingham age-herald., 1923-11-11
OUer Priuate Wires
&n. BErR,s nAILY COTTON LETTER

H. & E. BEERS DAILY COTTON LETTER
 NEW ORLEANS, Nov. 1O.--While val to better cables than expected, the mar ket was unsettled by report of large cotton house failure locally and at Jack son, Miss, and by the uncertainty of the European political situation. '
 Foreign exchange continues to rule weak. sterling declining another 3 cents. selling at lowest level ot the year; francs were lower and silver higher, which are usual tendencies in times of political un- the restrictions insisted upon by France at the proposed inquiry by experts into Germany's economic situation would rem der such. an effort to solve the reparations problem useless in the opinion of the American government.
 This, forenoon 1t is reported that Presi- dent Millerand of France has summoned the superior council of national defense. It is stated that the body has never been summoned except in case of urgency, Aside of the uncertainty of European politics and oongested condition of the fu- lative buying of. cotton past two months, the Fundamentals of the cotton situation are stronger. than ever as regards pros pective supply and demand.
 Barring the possibility of war in Eu- rope, foreign consumption of American cotton this season promises to equal or Ha'sya is syailsbis. when 1 foreign mills used up 6,640, 900 bales of American product, and while domestic consumption promises s somewhat less than last seasons s.ss1.ooo of American, mills of the United States will likely need about ,s6,60o.o00 bales, making 1t possible & for the world to t9ar con, If available.
 Meanwhile. or since. November 3, whom the government issued forecast of l0,- 34s.o0O bales as the probable crop, .pri- vate returns point to a still smaller yield. Several private estimates of late nave pointed to a production under ten million and one estimate was released hers today for production of only s,e57sooo. against previous estimate of 1o.3oo,0oo two weeks
 British textile advices arc very optimis- tic. Manchester reported doing larger mills will resume full time in two weeks. H. & B. Beer.
 H. E. BEERS DAILY GRAIN LETTER
 CHICAGO, Nov. 10.--Liquidation was on in wheat and prices nearly ? cents a pusnra the present Us tA downturn. Numerous stop cember eelr and May and breaks were rapid short b rt'tss covering furnished bulk of the sup port. The December May difference wdsned to a.eund s w,sn eSsssrn wsls lSass sass houses bought December and sold May, changing over hedges It Is the general less liquidation in the December in all markets. as there Ia said to De ratner large scattered long interest; winnipeg s, though break of nearly points In ster- ling checked export business.
 Corn QeCuneu Tn byInpdLuy and on selling by longs early Under 74c for May there was good support from shorts and commission houses. which checked the break At the inside figure December was off over cents from the present high.-H. & B. Beer.
 HUBBARD BROS. q CO.'S LETTER
 NEW YORK. Nov. 1t.-(special.)-Ca- bles were better than due this morning and private dispatches reported that the collapse of the German revolt had tavor- ably Influenced sentiment. It must also be remembered that the decline in ster- ling exchange has a tendency to widen out Liverpool over Now York. Liverpool also reported continued improvement of business in Manchester and this is of i'm, portance as bringing a better demand m the south, which has iagged ,taa 5enind .,o, on the recent advance. Related lQuidatlon continued in our market, but was absorpeo q by purchases of the domestic mills, wno have been good buyers on the decline. W are of the opinion that the reaction . mas probably run its course for the moment. The action. of tho market ,,dn, since the en- en- citement of Thursday is significant m dication of the fact that at these prices the market is no longer in safe position. While the supply situation may mean 2 higher level yet, neysrtheiess the proper "s & Go. "