The Birmingham age-herald., 1924-12-10
COTTON LETTERS

NEW YORK, Dec. 9.-Liverpool sent over lower cables than due and this brought in overnight selling orders There was also selling for short ac- count, a the bears are claiming the crop to be larger than the government estimate and on advices from Washing ton to the effect that outside growths of cotton were larger than had been thought, Professional sentiment con- tinues bearish on the theory that the crop Is around 13,500,000 bales, and that it will be difficult to market such crop at present prices. It is said on the oth- CT hand that the trade has buying or ders in the market on scale down and this should prevent any precipitate de- & Beane to Kahn & Vir- gin.
 NEW ORLEANS, Dec. 9.-Cotton prices were reactionary at the opening Tuesday, with little buoyancy apparent under the market. January was off 10 to 15 points on the first sales and de- clined to 22.9Sc in the first hour Of trad ing. Liverpool was somewhat worse than due, with spot sales, 5000 bales, of which 3,400 were American. Liverpool was about penny points worse than due shortly before the opening. The market suffered in the influence of New York and reports that 1t was widely be- lieved that the government had under estimated the crop, judging by the gin- ners' reports; also the goods reports were bearish. The map showed some heavy rains in the eastern belt with gen. orally low temperatures, particularly in the west. The forecasts are for con- tinued unsettled cloudy weather in the middle and west sections and fair and colder in the east. Sentiment seems more bearish than bullish.-Levy & Aronson to S. R. Stewart.
 NEW ORLEANS, Dec. s.-Weak cables and details Of yesterdays an- nual crop reports, which were released after the close of the market, which showed a larger acreage planted to cot ton than was estimated last July and a smaller percentage abandoned than last year, depressed the market this morn ing, as did fear of a lockout in Lanca- shire. The general impression Is that the governments crop estimate is too low, especially on MississipA and South Carolina, and the reported larger acre. age this year than previously figured on, and the smaller percentage of land abandoned served to convince some tad CTS that the crop has been somewhat underestimated. The census United States consumption report for NoVem- Der is due within a few days and will
  tion in the United States was only 435,- 900 bales of lint whereas 1t jumped to 533, ,000 for October. Returns for Novem- Der will run against only 533, 900 for November of last year.-H. & B. Beer to J. F. Willingham & Co.
 NEW YOEK Dec. 9.-Cables this morning were lower than due, partly owing to another advance in sterling exchange and partly owing to some labor trouble in one mill on technical point which led to rumors of a lock- out. Here the sentiment is still pre- dominantly bearish, and the market de- clined to the low levels reached before the publication of the estimate yester- day. A considerable addition has been made to the speculative short interest, but on the other hand the trade are not active buyers at the moment. Ex- ports continue on a large scale so that there is no real pressure from the south, although a good deal of cotton hastily bought on the estimate yester- day was resold today on the lack of any fresh demand. Spinners' takings to date are very large, and a good deal of this crop has thus been moved off the market. The present dull and sag ging market is not unusual in early December of a large crop year, but past experience shows 1t is not always a guide to the future action of prices.- Hubbard Bros. & Co.