The Birmingham age-herald., 1924-11-19
COTTON LETTERS

NEW ORLEANS, NOV. 1o-t oHoW- ing yesterdays reactionary tendency, undertone of the market was better to- day in consequence of better cables than due, favorable trade advices, large exports and firmness in foreign ex- change and strength of the stock mar ket. There were rumors yesterday, prop aganda in nature that there was the possibility of the federal reserve bank board raising the rediscount to check in- flation but the unofficial from Wash ington say nothing will be attempted by the government to prevent business expansion. On the contrary, indica. tions are that there will be no political interference with business, which seems well on the way to recovery. Secr&tary of Commerce Hoover was quoted as say ing in his annual report to congress that business prospects for 1925 are indica- tive of a highly prosperous year, judg- ing from the signs of the times, such as the improvement in the economic situa- tion in the agricultural sections of the west and south and the operation of the Dawes plan in Europe for the inn provement of the economic situation in Europe. Returns to the National Gin ners' association, Memphis, say indi- cated yield of 1O,910, 900 bales ginned to November IA and that they point to a crop of 12,540,0OO bales. Returns to Fossdick bureau, Memphis, Tenn, indi- cate a crop of 13,056000 and say ex- pect government to show 100000 A prominent local commission house esti- mate puts crop at 14,300,000, including $50 ,0O0 bales of linters, or lint yield Of l3,3 O0O. The next government report due Friday November 21, at 10 a. m., New Orleans time, and will give gin- nings to November IA, and crop forecast. Meanwhile exports from United States continue free; since Friday, 2s0,000 bales, against 29,000; since August l, Z, 2,679, ,OOo. against 2,16S,000 bales, or 511,- 900 in excess of last year.-H. 6 B. Beer to J. F. Willingham & Co.
 NEW ORLEANS, Nov. 1S.-Overnight news shows that yesterdays pressure came mostly from outsiders liquidation of election interest principally by Wall street. It also confirmed the view that further liquidation in stocks and grain might be counted on in conjunction with bureau effect and notice day tactics for getting another cheaper hold in cot ton. However, trade news continues good and the character of buying on the opening dip this morning indicated be- lief that reaction had gone far enough and that broader buying intention pre- vailed from 24c down. The National Ginners' estimate of 12,600,000 confirmed much reliable private information to this market that actual outturn Is short of earlier crop appearance and that the crop might be overestimated. A pri- vate estimate of 14,300,00 including linters was offset by interior news of strong general spot demand and firm stock market, also inside news to the effect that two largest spot houses will absorb both December and January tenders. The market hesitated around 24.50c because of bureau feeling ideas of favorable weekly crop summary to- morrow and comparisons with large mill takings Friday but the new strength of steel. checked selling.-John F. Clark & Co.
 NEW ORLEANS, Nov. 1s.-After a moments hesitation the market turned strong in the early trading Tuesday. Prices were stimulated by the estl- mate of the National Ginners' report at only 12,540,O00 bales and an estimate of ginned to November IA of 10,91O,00O bales, indicating about 8S per cent of crop ginned. Liverpool was about as due here just before the opening with spot sales 5000 bales, 5000 American. A cable said: Trade calling consider erably reduced, hedge selling slightly increased, some stop orders, undertone steady.
 The weather map showed lower tenn peratures, especially over the north ern portion of the belt with light frosts in many places and freezing al Raleigh, N. c. but there was no rain, which was favorable and 1t is probably too late for cold weather to do much damage. Good trade news continues favorble, New York reported the cloth markets fairly active and firm despite the recession in raw prices Monday. Fall River reported that business continued good with spin ners holding conference on subject of reduced wages. A local factor reported that business of 2,000 bales spot here aft CT the close Monday at a good basis. The market is firm with sentiment fun damentally bullish, but some traders expecting recession in anticipation of 13, ,O00,0000 bales Friday by the govern ment.-Levy & Aronson to s. R. Stew art.
 NEW ORLEANS, Nov. 1S.-Cotton was strong today and prices averaged about 35 points higher than the previous closing, though they sold 50 higher at one tune. Good spot and dry goods news, reports that trade interests were absorbing the offerings and strong stock market tended to stimulate bulIish op- operations and the market was well sus- tained from start to finish. Reports of rapid ginnings and private claims that the eastern states are not likely to come up to government estimates were helpful in view of the fact that gin ming forecasts so far issued range from 10, ,9lO,00O to 10,9S5,000. Many in the trade are inclined to accept such gin- nings as discrediting government and private estimates ranging from 12,S00,- OOO to above 13,000,000. Exports continue large and are now 511, ,000 ahead of last year and apparently increasing the lead every week. American mills were re- ported good buyers of spots in the in- terior. Sentiment appears to be so strongly arrayed on the buying side that prices are apt to go higher before it runs its course. A period of realizing in advance of the bureau Is expected by many.-Fenner & Beane to Kahn & Vir- gin.
 NEW YORK, Nov. 1s-Liverpool this morning was slightly higher than due and our market opened steady at around last nights prices. Heavy buying from the trade and only a moderate volume 1n