The Birmingham age-herald., 1924-12-03
COTTON LETTERS


 NEW ORLEANS, Dec 2.-The tech nical position having improved as 8 result of recent extensive liquidation of long contracts, the market was steadier and somewhat higher today. Returns to prominent south Atlantic spot house indicated yield og 13,220,0 ,000 bales, ex- elusive of linters. Due to the resump- tion of exporting of gold to Europe, 100000 having been exported last week, with prospects Of further ship ments in the future, Foreign exchange Is ruling firm, demand sterling having sold at $4.64% today, a new high for 1924.
 Exports of raw cotton from the United States, which already are nearly 800,- 900 bales larger than to even date year ago, 3,304, 4,000 against 2,515,000, are hke- ly to reflect improvement in foreign exchange by the continuance of free shipments of raw cotton from America While advices from northern goods markets are to the effect that the mar kets are quieter, because of the late de- cline in spot cotton news from the mill centers is distinctly better, plants, north and south resuming full time, many run ming night and day.
 Liverpool cabled, Manchester doing a large business with China" Meanwhile, however, the trade has, to consider ad- ditional private crop estimates and the government annual crop estimate and census report as to ginnings to Decem- | Der 1, due December 8.
 Furthermore, receipts at all United States ports continue very large so far this week since Friday 261 ,OO0 bales against 192,000 last week and I'll ,000 last year, indicating another very large insight for the week and probably an- other increase for the week in the worlds visible supply of American against an increase of only about 10000 for the corresponding week last year. As the date of the next crop forecast draws near, market apt to become very nervous, making it possible for further liquidation and hedge selling to be wit messed, in which case values may work lower, or be sold on bulges.-H. & B. Beer to J. F. Willingham & Co.
 NEW YORK, Dec. 2.-Buying by the trade to fix prices on call cotton, par ticularly New England mills, coupled with considerable buying by Liverpool, put prices up 30 points during the first hour. The contracts were furnished first by scattered sellers and later by south when March approached 23.50c, offerings being sufficient to cause a 15-point setback. The feature of early trading was the buying by McFadden | brokers, thought to be for Liverpool. The tone of market was firmer and the advance would have gone further, but for the inclination of some traders to await the final government estimate next Monday. Exports were 46,O00. Some think that speculation may come into cotton again after the last report Is out of the way, particularly should the stock market quiet down 8 little.- John F. Clark & Co.
 NEW YORK, Dec. 2.-It has been an- other dull day with buying enthusiasm entirely lacking. The trade was the | principal buyers while what outside busiess there was, was mostly liqdida- tion. Reports from New England mill centers received here were called glow ing" and consumption for November is being estimated at 600,000 bales. Should the government estimate the crop at practically 13,000,000 we believe the mills would construe this as bullish but should 1t prove 13,225,000 or more prices are likely to sag further.-Fenner & Beane to Kahn 6 Virgin.
 NEW ORLEANS, Dec. 2.-The tone in cotton continued mildly reactionary this morning following the 5O-point de- cline yesterday. There seemed little dis position to attempt to sell the market vigorously after the recent declines and many traders were looking for a good reaction on any further material re- cession. The near positions opened off 5 to 10 points at around 24c; March was | the first sale. Liverpool was about as due with spot sales, 5000 bales, of which $500 were American. The weather map showed rains in Texas, which were con- sidered favorable as they will allow blowing to proceed, but the belt was dry elsewhere. Freezing temperatures were recorded in some of the northern districts. Cotton yarn markets were reported quiet and easier. Cotton goods are rather quieter because of easier prices for the 'daw material. These re- ports did not help the market any. The market is still dominated by fear of a large crop estimate by the government on December 8, some are expecting around 13,3OO,OOo bales.-Levy & Aron- son to S. R. Stewart.
 | NEW YORK, Dec. 2.-Cables this morning were better than due and pri- vate dispatches reported trade calling and considerable volume of business | from the continent. It is stated that the commercial treaty between Germany and Great Britain Is likely to be ar ranged, which probably accounted for the better continental business. Our market opened slightly lower but meet i ing some more trade demand steadied up and remained quiet through most of the day. Press dispatches call atten- ton to the reopening of various mills in New England and while the local traders are still bearish on the supply question, they were somewhat Inn pressed by this news. We seen little likelihood of change in the situation un- til after the government estimate on December 8, when it is expected esti- mates of this crop will be pretty well finished for the season. Meantime, the trade demand is still a factor in the market, although overshadowed for the time being by the expectation of large crop estimates. Liverpool futures are due tomorrow: January 12.S4d; March, | I12.S9d,-Hubbard Bros. & Co.