The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
COTTON LETTERS

NEW YORK, Nov. 3.-The usual fall
ing off of the demand with the COM
petition of October shipments has given
all markets an easier undertone. Prices
declined this morning some 20 points
from Saturdays close. While business
was dull in consequence of the election
tomorrow, enough trade demand ap-
peared on the decline to bring about a
recovery during the early afternoon.
A government ginning and condition
report is due on Saturday of this week.
The market now is receiving the usual
number of private estimates, some of
which are for 13,OO0, 900 bales and over.
These large estimates increase the PES
simistic feeling in speculative circles,
but they do not add materially to the
information Of the trade. The size OF
the crop has been fairly well estab-
lished. 49,.
Exports continue large, the october
shipments to Europe being very heavy.
Reports from Manchester are favor
able and while business in the United
States expands but slowly, something
like a boom is taking place in Great
Britain, where the conservative victory
is regarded as a sign of the steady re-
turn to normal conditions, which has
been on the. way in Europe ever since
early in the summer. 1t is this conf
to the demand for cotton, holding prices
in the face of the large crop estimates.
The New York and New Orleans mar
kets will be closed tomorrow, election
day. Liverpool futures are due tomor-
row; December, laid; January, 1S.03d.
NEW ORLEANS, Nov. 3.-During
the early session the market declined
under the depressing influence of the
continuance Of good weather inland and
easier cables than due but values re-
covered somewhat in the afternoon ow@
ing to shorts covering over tomorrow
holiday and because of more moderate
private crop estimate returns to the
Clement Curtis, Chicago, indicating
yield of 1885, 900 bales, compared with
other recent private forecasts for pro-
duction of 100000 and 13,250000.
While election results are uncertain
there Is a feeling of confidence that
the administration will win, in which
event results would likely be reflected
in the speculative, markets Wednesday
and while no permanent advance would
likely develop in cotton the trade out
look would be considered more favor
able.
Europe continues to take cotton in
a. large volume. Compared with last
season, exports from the United States
since Friday total 100000 against 10000
thus far this season, or since August
/, 2,103,0 900 against 1,799,OOO.
Usually in good crop ears, the dispo-
sition is to over estimate the produc-
ton as is generally the cause in small
crop years, when the inclination is to
under estimate the yield. Under the.
circumstance the more conservative
forecasts are likely proved more reliable.
Another feature that has influenced
the larger crop ideas is the heavy gin
nings, but this is accounted for by
the long spell of good weather permit
ting rapid gathering and ginning of the
crop, especially in Texas, where the
staple is reported to have been gathered
faster this year than ever known be-
fore.
NEW YORK, Nov. 3.-Early prices
were at a decline owing to several ad-
vices from the south which expressed
confidence in a crop of 100000 bales
or more and locals finding the market
bare of support sold prices off with ease
At the decline, however? they ran into
trade demand which absorbed their
offerings. Increased working time in
Manchester goes into effect today and
it is significant that it has come at
least two weeks earlier that expected by
most of the trade. Our mail advices
from Liverpool indicate that the Eng
fish trade is becoming impressed with
the ready way in which the world faces
the heavy movement Of the actual and
the maner in which they take advantage
of all easy markets on which to secure
their supplies. Unless some concrete
evidence in a crop of $4,000, 900 or over,
we believe that purchases from this
level down is advisable in face Of the
Improvement in world trade.-Fenner &
Beane to Kahn & Virgin.
@DT NJc NaA4a-
lost "a points during the early trading
on good weather and disappointing
cables. A more moderate crop estimate
than has been current for some days,
large export movement and expecta-
ton that the election will have stimu-
lating effect on business stimulating
both buying and covering in the after
noon as a result of this combined buy
ing values rallied rs points from the
low and ended the day with a net gain
of about 10 points. The generally ac-
cepted view Is that the crop has in
creased as a result of recent favorable
weather but an estimate of 1855, 900
from a Chicago authority tended to tenn
per the views of those bearishlyk in
cIined as 1t is 10000 less than the gov
ernment's last estimate. kilograms
fl ON New York to the effect that Worth
street expects a revival in trade If the
elections turn out favorable to its
views acted as a damper on selling and
selling and apparently stimulated trade
buying. Sentiment is more or less
mixed but the opinion is growing that
present prices discount crop around
current estimates and there is more dis
position to buy on dips.-Fenner &
Beane to Kahn & Virgin.
NEW YORK, Nov. 3.-Election uncer-
tainties will not sooner be out of the
way tomorrow when the cotton trade
will be faced with another bureau re-
port coming out on Saturday morning
at II a. M, New York time. While there
is no, great doubt entertained over the
outcome of either, caution is temper
ing activities on both sides of the mar
ket. Considering the widespread belief,
however, that the government will again
add to it's crop production figures, the
manner in which the trade has been alb
sorbing contracts is encouraging to con-
structive views.-Steiner, Rouse &
Stroock to A. "A. Housman & Co.
NEW YORK, Nov. 3-Cotton was soft
early on cables, southern and local SELL
ing, due to good weather and the Jour