The Birmingham age-herald., 1924-11-08
COTTON LETTERS

COTTON LETTERS
 NEW ORLEANS, Nov. 7.-The mar ket ruled comparative steady during the past week, for while the disposi- tion is to increase crop estimates some what and to look for heavy ginnings to November l, the sustaining features have been the favorable results of the British and American elections, which make for constructive legislation and for trade improvement on both sides of the Atlantic. Large crop ideas and large ginnings expectations have been ginnings are concerned, they are made possible by reason of the glorious wealth CT experienced in the cotton region throughout the season, which permit ted rapid picking and ginning of the crop. The movement to market con- tinues large for week, 6S0,000 bales against 501 ,000, making the total in sight to date 5,727 ,000 bales against A. 90S,000, but 1t seems that the peak of the movement to market was reached the previous week when 717,000 bales were marketed. Meanwhile exports from United States continues of large proportion, for week, 335,000 against 87, 900, making the total to date 2, ,19S, GOO compared with 1,826,000 to even date last season. Spinner takings of Amer ican cotton like wise make a favor able showing, mills of the world hay ing taken the past week, 3S0,000 bales against S43,000 for corresponding week last year, bringing the totals so far this season up to 3,120,000 bales against 2,965,000 to this date last year. Con- pared with last year, the worlds wis ible supply, American cotton today, is 3,534 ,O00 against 2,7S1 ,000; foreign, S42,- 900 against 969.o00; all kinds, 4,376, ,O0O against 3,750,00o. All interest Is now centered in the governments forecast and ginnings report due tomorrow at 10 a. m., New Orleans time. If returns indicate a yield of 12,S00,000 or more and if ginnings are heavy, market will likely decline, but if a production of 12,600,00O or less is predicted values pl obabiy will advance. especially if gin nings a'e smaliev -aon generally cN. rect ed H. & B. Tee tc J. F. WIllits ham & Co.
 NEW YORK, Nov. 7.-The market was very inactive practically during the whole session in view of the pending government report that will be issued at Il a. m. tomorrow, eastern standard
 
 the crop has done extremely well in the last month, in view of the favor able weather throughout the belt, but we must not lose sight of the fact that in several localities rather heavy frost appeared, which undoubtedly had a very bad effect on the growth. There Is no question that there seems to be considerable desire on the part of the trade to secure cotton, but yet they ct mnff fOfr Q InUyAP YlFfRae and are content to enter orders to buy their commitments under these prices which affords very good cushion for the market on all setbacks and causes contracts to become extremely scarce on upturns. We wish to call your atten- tion to the heavy exports that have been posted within the last few weeks showing that there must be very good business pending in Manchester and the continent, which undoubtedly will show itself in the very near fu- ture. Liverpool futures are due tomor- row: December, 12.92d; January, 12.95d Hubbard Bros. & Co.
 NEW ORLEANS, Nov. 7.-Impressive steadiness at Liverpool shows confi- dence in prices and the political situa- tion, trade eager for business and there are many corresponding signs on our
  per cent larger than last week, active demand reported from Worth street The government says the Russian croI is a failure and only 29 per cent o1 normal and the official weight state. ment refutes the bearish claim of heav' fer bales by showing the belt average two pounds lighter than last year. The set in to remove the idea of crop stil making. The wet, cold spell may cause some change to ungathered crop. How ere, the market was under the effect oi the idea of a bureau break tomorrow and yet gave decided signs of change 1T feeling and buying intention on de, clines. Twelve eight crop is the divid ing line for effect and bears count or weekend advantage and large ginnings the crop estimate being only 80,00( larger than last year. Changed feeling showed itself by steadiness of the mar ket.-John F. Clark 6 Co.
 NEW ORLEANS, Nov. 7.-Cottor prices were steady at the opening Fri day with the trade looking for a dull market during the day in anticipation of the government report due at 10 a m., Saturday. Prices opened about un' changed and sold off few points, but FSCONCICu OA puJiAB d BOON Liverpool, some rains in the west an6 prospects of more unsettled weather Buying was reported at New York. Liv erpool was 5 to penny points better than due with spot sales, 5000, of which 5000 were American. An early cable said, "Tone of market good, influ- enced by renewed strength in Egyptian market, some short covering before bu. reau." The map showed generally cloudy with .1.14 inches of rain at Okla. homa City and scattered light showers elsewhere in the west. The official fore cast Is for more unsettled rainy and freezing weather in the west and some rain in the northeast. The Memphis Commercial-Appeal issued it's crop esti. mate of 12,805, ,000 bales. The report says picking is progressing rapidly and ginning is keeping pace with picking The Daily News Record estimates Fall River sales at 6O,00O pieces and the Journal of Commerce at 10000 pieces Either of these, Is a moderate improve ment, Local cloth markets Thursday called active, especially in print cloth department. Further price reductions announced to meet competition. The trade Is probably expecting a govern ment crop estimate around 12,S00, COG bales and ginnings around 9,600,00t bales.-Levy & Aronson to s. R. Stew art.
 NEW ORLEANS, Nov. 7.-Cotton held remarkably steady today and there was