The Birmingham age-herald., 1924-12-06
COTTON LETTERS

| NN/A OkV AA1 ~ ~ A~AV0 NEW YORK, Dec. 5.-Many cross circuits featured today's market. Afte reaching a new high of 143k United
 States Realty broke nearly'10 points ant closed at 1884. A rumor regarding {
 gigantic merger of Dupont and United States Realty interests. Mallinson wa: another issue which spurted up during the impetus of tremendous volume o trading during the forenoon. Late 1T
 the afternoon heavy profit taking ant a certain amount of short selling un
 settled the general list and most of the
 days gains were entirely eliminated United States Steel, after it's advance tt 118H dropped back to 116h. Baldwin also reacted about 2 points and United
 States Cast Iron, General Motors anc many other scattered issues closed rrac' tionally lower for the day. Total sales sos. .OOO.-Fenner & Beane.
 NEW YORK, Dec. 5.-There was heavy volume today attended with ex- treme profit taking. Everywhere the oninion is expressed that we have a
 market without a precedent There is
 no rule to guide one in formulating an
 opinion. But there was never more
 solid situation. The pupnc HI rail .nr
 market and are accumulatng ral
 shares. When we have temporary
 setback in the market we advise taking
 on some of those low priced rais.-
 Jno. F.. Clark & Co.,
 NEW ORLEANS, Dec. 5.-The cotton
 market was dull and narrow In the ear
 ly trading Friday with the trace ', nlinu
 anticipating a continuance oi ii,o,. trading before the bureau report. Liver
 nool was a few points worse than que
 with spot sales 4000. An early caole
 said: iPoor undertone due to better
 evchanee scattered selling by Lonooh
 and the continent" There is some dls,
 appointment evident on the taliure oi American goods demand to snow the III 1rh- r
 provement expected only recentiy' .ait
 erated the recent complaint that tne
 cloth markets report only moderate
 sales. However, the foreign mill situa- tions reported much improved anu Manchester advice this morning saiu
 "Signs of a thoroughgoing improVe'
 ment in cotton section of Britisn tex tile industry is now unmistakable." Gen
 eTal trade news Is as bullish as ever
 and Is chief sustaining influence III
 inc market in view of large crop loeas
 IL. & A, to s. R. Stewart.
 NEW YORK, Dec. 5.-Cotton markets
 everywhere seem to be ueau ceee.
 awaiting bureau report on Mohuay
 Fall River sales during week were eS N tremeIv small but news from drygoods
 district is uniformly favorable. com nlaints from mills have ceased altogeth- CT and they are making profits again n. Now that retail trade has regaineo lts old activity scarcity of goods DecoInes apparent. British trade reports are also favorable. Latest crop esuna'es ,rich verge around 13,300,000 bales, Wn1cn' ennarentlv. present prices discount. FIX nect quiet market before report'-Jno' F. Clark & Go.
 NEW ORLEANS, Dec. 5.-Larser cron estimates, large estimates as to oinnines to December 1, continuance oI d heavy movement to market anu rapidity with which the woria IS vlslDs supply of American cotton IS lhcI were depressing features the past week.
 While there is a marked revival m the textile mill centers of America anu Europe, the larger crop ideas or la.e are reflected in a less urgent oeiianu for raw cotton and cotton goods.
 Sentiment is evidently more buillsn than otherwise, owing to improvement in economic and political sltuat,oh abroad and because of the strength us played by the stock and grain markets also by official reiterations or Preu. Pte. tions for a long period or prosper.ity, .ts . especially in the United States. on the other hand. it will require an eXpan- sion of trade in the textile departmeh. to take care of the larger supply oI raw cotton this season as the Amerlcah crop promises to be about 3,OOO,Ooe larger than last years production. Inereloie' while on the one hand there Is every Tn dication of expansion in business, tnere appears to be more than an ample sup ply of raw cotton to provide TOT Uaue this season since returns indicate 6 yield of about 14,00O,O0O bales' including linters, against maximum estimates for a worlds consumption or about 5000, ,O00 bales. The future or the market in consequence will likely oe- pend mainly on the character or tne trade demand to be expected henceforln or during the remainder of the season. if spinners continue to buy freely the market may be sustained, perhaps work somewhat higher but if mill interests re- sort to the policy of buying moderate Iy, the weight of the crop may have telling effect on values.
 For the present, however, the market will be influenced next Monday by gov ernment crop estimate and report on ginnings to December 1. If government estimates 13, 300 000 bales or more market likely to decline, advance if 13,1OO,OOO or less.
 During the past week worlds visible supply of American cotton increased 206, ,0O0 bales against 10000, and now to- tals 4,396, ,00O bales against 3,127 900 year ago. Compared with last year the worlds visible of foreign cotton is 867,- moo against 1,O80, ,000, all kinds figuring 5. .263, ,0OO against 4,207, ,000.-H. & B. Beer to J. F. Willingham & Co.
 NEW YORK, Dec. 5.-The market today was quiet and steady, the fluctu- ations representing for the most part only the usual backing and filling be- fore the coming government estimate. A good basis Is reported in the south with continued good demand, but nat urally trade buying Is restricted by the imminence of government estimate which Is expected to be large.
 On the other hand, there Is little dis position to sell freely on the eve of he report. It seems a suitable oppor- unity to draw your attention to the whole matter of crop estimates. It Is essential that everyone in the trade from he farmer through the spinner to the merchant selling retail dry goods should De furnished with sufficient information SO that he may form a reasonably accu- rate estimate of the current cotton pro- luction. This is the proper reason for I suitable number of estimates through he season.
 It Is questionable, however, whether his reason is not now the excuse, for ntirely too many crop estimates. The