The Birmingham age-herald., 1924-11-29
COTTON LETTERS

NEW ORLEANS, Nov. 2s-In ad- vance of the government annual crop estimate due December 8, the market Is being depressed by the disposition to increase crop ideas, further liquidation having lowered values somewhat. Re turns to the southern Cotton company indicate yield, based on crop ideas of their correspondent, 2,704,000 bales, but when figured on the government acre age pointed to crop of 13,191,00O bales. Returns to a prominent New York com mission house point to a production of 13, 140, ,000 bales, plus 800000 linters, or total yield of 14,210000 bales. This firm estimates domestic consumption of American cotton at 6,164,000 bales, against 5,s13,O00 and looks for world carry over of American cotton at close 2,819,000 at the close of last season. Tending to confirm reports. of trade expansion, spinners of the world took of American cotton last week 46S,0 bales, against 350,000 for corresponding week last year, making total so far this season of 4,435,OOO bales, against 4,162.00O to even date last season.
 Large exports, likewise tend to sus- tain predictions for a large consumption l of American cotton by the world this season; shipments from United States compared with last season, for week having been 273,000 bales against Al, ,000, since September 1, 3,02S,000 against g. 270,000 year ago, an increase of 75S0O0 bales.
 Of this weeks spinner takings, south ern mills took 160,000 bales, against 174,- 900; northern mills, 79,000 against 64,000, and foreign mills, 229,000 compared with 112,000. There is a every indication of the continuance of the trade eXpaIu1ed as noted by the recent revival in the .e.k, ,r3.a at home but abroad as well. For the present, however, the market is under the depressing influence of larger crop ideas.-H. & B. Beer to J. F. Willing ham & Co.
 NEW YORK, Nov. 2s.-The market was wholly under the influence of larger crop estimates and as outside business continued small and trade buy ing was of moderate proportions, liqui- dation has been evident all day. There is no change in the general situation. The speculative element continue bear ish in the belief that the next govern ment report will show another sizeable | addition to the crop and that in face of this mills find no necessity of fol- lowing advances to obtain their supply and point out the difficulty of inducing outside speculation for an advance to enter the market at this time.-Fenner & Beane to Kahn & Virgin.
 NEW ORLEANS, Nov. 2s.-Cotton opened steady to somewhat easier and dull Friday. Liverpool was about as due to a shade better than due over the holiday with spot sales 5000 bales, of cable said Market waiting New York lead, fair trade calling" The weather map was dry with tke weather cold and freezing in many sections. New York said that a steady trade demand was likely to keep the market from any ma terial decline. The Southern Products company issued its estimate of the crop at 12,704,000 bales on the basis of its own figures and 13,191 ,000 bales on the basis of government acreage and yield per acre. This last it is said merely as matter of record. The report says have made the maturity of some late cotton possible. Worth street said: Cloth markets were quiet but firm" In our opinion markets has developed tech nical weakness and we look for lower market temporary.-L. & A: to S. R. Stewart.
 NEW YORK, Nov. 2S.-It looks as though a large number of operators have decided that the market will have to discount another increase in the gov ernment crop figures to come out De- cember 8, the final crop estimate of the year. At the same time buying by the trade is apt to be restricted somewhat prior to their inventories but such a condition would be only temporary and cotton not taken now will have to be purchased later.-Steiner, Rouse & Stroock.
 NEW YORK, Nov. 27.-Cotton aver aged 30 to 40 points lower on profes- sional selling, hedge selling and some liquidation of election optimism. Cotton trade interests appeared to be the chief buyers, although there was considerable covering around 23.50c for January and it was remarked that if the trade has the contracts 1t might be difficult for today's sellers to get their contracts back. The Jay cotton scrop estimate of 13, ,41O,OOO bales was quite a factor In the selling. Exports were 9S'oUo bales and continue the biggest bull card Spinners taking were also large Market, however, lacks speculative az gressiveness on bull side and unless trade demand continues in good volume prices may ease off further-Jno. F. Clark & Go.
 NEW YORK, Nov. 2s.-During the holiday, there was little change abroad, prices remaining on the same pasls as when the American markets closed, with the spot sales about in the same volume as has recently been the case. Here the market was dominated almost from the start by large crop estimate of IS OOO bales by a well known local house, a good deal of scattered selling following the publication of the figures. The trade was again buyers on the decline and in the early after noon the market held steady, some 40 points lower than last nights close. Weekly figures were relatively bullish as the into sight while large, was under that of last week and spinners talxings, allowing for the holiday, were large Speculative sentiment is very bearish in anticipation of a series of large crop estimates the coming week before the final government estimate on December s. On the other hand, advices from warn and goods markets are both favor able and the volume of business is sat isfactory at higher prices.
 It must be remembered that 1t is not three weeks since the improvement be- gan with election and that there has been so far no accumulation of stock.