The Birmingham age-herald., 1924-11-27
COTTON LETTERS

NEW ORLEANS, Nov. 26.-There was some further liquidation this morning, causing values to rule easier, but the market was supported on the dip owing to probability that spinners' takings week next Friday being bullish.
 This week mill takings will run against only 350.000 bales, whereas last week 538 000. Southern spot advices are encouraging, offerings light with fair demand for short cotton and good de- mand for lower grades and staples. Advices from northern goods mar kets say situ ation Is quieter with values holding steady. Exports from United States continues free thus far this week, 137, ,0O0 against 63,000; since August l, 2,893, ,000 against 2,236,0 to even date last season. Showing an increase over last year of 657,000 bales, with pros poets of the movement to foreign shores continuing liberal.
 The metal markets, which are the barometer of general trade, are more ac- tive with values tending higher as re- suit of larger orders being booked. espe- cially for rail equipment
 Returns denote American railroads continue their record breaking business, 1,016,O74 cars loaded with revenue freight during week ending November I15; tenth week this year in which freight loading totalled in excess of million cars:
 Aside from the possibility of large spinner takings week next Friday large exports are likely from the United States, as a result of end of November clearances. On the other hand the movement to market continues heavy, | receipts at all United States ports thus far this week amounting to 253, 1000 bales against 1S7,000, and arrivals at 13 interior towns for the half week total r207O00 bales against 140,000. Meanwhile specu- llation is likely to be restricted in the near future by the uncertainty attend | ing the governments final crop estimate due December and as the general idea is that a yield in excess of 13,000,000 bales will likely be forecastedy more liquidation is not unlikely, especially on bulges.-H. & B. Beer to J. r. Willing ham 6 Co.
 NEW YORK, Nov. 26.-Cables this morning were somewhat better than due owing to continued good business in Manchester, where working hours re- gently have been increased. Our mar ket was quiet but somewhat higher than yesterday in the early afternoon on cov- ering by local sellers before the holi- days.
 There Is no change in the general sit uation which remains as heretofore, the speculative element are more or less bearish on the absence of any general outside buying and the feeling that bull speculation cannot be attracted to the market in face of the crop. On the other hand, business has been improv- ing generally so that the trade are steady buyers and so far the weight of the crop has not alone been suffi- cient to bring about a decline.
 In former years, when the govern ment made one estimate in bales, usual ly in the first 10 days of December, 1t was during the first fortnight of the month that the lowest prices on large crop were reported. Thereafter atten- ton was directed to the consumption and to the season in the ground for the next crop rather than the ginning flg- ures or to the movement of the current crop. Now consumption is increasing and 1t remains to be seen whether or not under present conditions, attention will rot again be. diverted to the gen eral situation the improvement in trade and the increase in working spindles throughout the world rather than 10 the current yield of American cotton. Tomorrow, Thanksgiving Day, the New York and New Orleans markets will De closed. i '. >--