The Birmingham age-herald., 1924-11-26
COTTON LETTERS

NEW ORLEANS, Nov. 25.-The un- dertone of the market was easier today, for want of better support, values ruling lower in consequence. Cable advices from Liverpool say Lancashire will in crease working hours in mills using American cotton from the present sched- ule of 32 hours to 39A hours per week during December, which will increase English consumption of American cot ton. Knowledge that Lancasn1re mliis will increase working hours 71s hours per week December failed to revive speculative support but this feature Will likely exert influence in the future. Cot ton goods markets are ruling somewhat quieter with values holding steady. Ex- ports from United States continue free since Friday 40S, ,000 bales, against 61,- 900; since August l, 2,S63,000, against E. 23O, 900 and will likely continue liberal for balance of this week. Gradually the market is coming within the shadow Of the governments final cotton crop esti- mate, due December 8, and 1t Is prob able that liquidation will be much in evidence in advance of the crop forecast, especially on bulges. There was some evidence of pre-bureau liquidation all ready today for while tradrs are con- fident of a better market eventually ow- ing to prospects for large consumption of American cotton by the world this even up accounts before the final crop season, they are likely to be disposed to even up accounts before the final estimate Is released by Washington in early December. Meanwhile numerous final crop estimates will be issued be- fore the governments final crop esti- mate is released. Recently the dispo- sition has been to raise crop ideas. No tices for 5000 bales. December delivery, were rendered in New York today and a few December notices were issued in this market this morning and seemed to have more effect than did the tenders of about 175, ,000 bales in New York yes terday and about 10000 bales in this market. The certificated stock here is increasing rapidly, now amounting to 41 ,586 bales, having increased 2,590 bales yesterday. The New Orleans and New York cotton exchanges will be closed Thursday, November 27, Thanksgiving Day.-H. & B. Beer to J. F. Willingham & Co.
 NEW YORK, Nov. 25.-The market was higher in the early trading owing to reports of further activity in M%~. chester where the spinners have voted to work 39 hours week beginning De- cember l. In this country, the depart ment of commerce announces that ac- tive spindles were 1S1a per cent great CT in number during October than dur
 
 was less demand from the trade.
 On some local selling and profit talk ing, the market eased off slowly some 30 points or more from last night s close. Port receipts are very heavy, which Is thought to indicate large re- ports for the week, but there Is no out side speculative buying in the market. As is always the case. under such cir cumstances, the feeling tends to become bearish as the trade demand from time to time Is supplied and the market seems temporarily without any ac1,e buying.
 On the other hand, the pressure from the south Is not heavy and on each de- cline there is met the same demand from spinners whose stocks, in conse- quence of the slow increase in their working spindles do not increase as would be expected from their heavy talk ings. With holiday on Thursday, it is not likely the market will change materially tomorrow, although the local feeling Is to expect some further liqui- dalton. Liverpool futures are due to- morrow, January 13.24d; March, 13.29d. Hubbard Bros. & Co.
 NEW YORK, Nov. 25.-Occasionally we hear reports that ocean freight rates on cotton are weakening or of cancel lations being made for shipping space,
 
 movement of cotton. While it is hardly to be expected that exports will continue at their present rate of about 9,000,000 bales for full year, yet foreign advices support the belief that exports this year will far exceed those of last season. With similar improvement noted in the other cotton consuming countries of the world, we believe a ready market will await every bale that is offered.- Steiner, Rouse & Stroock.
 NEW YORK, Nov. 25.-Cotton was very firm during the first hour on buy ing of December by spot people, some trade buying, fixing prices and a mod crate speculative demand. The advance met heavy selling of March credited to Harriss Irby and they were sellers in the last hour also. Prices eased off un- der this pressure and because of absence good news for the business world as a whole Under his guidance the depart ment of commerce has become a real help to business. The post demands the trained intelligence of an engineer rath CT than the leather lungs of a politician. It could not be more competently filled than it is today.