The Birmingham age-herald., 1924-09-06
COTTON LETTER

estimates were the feature of today's dull session but they were without much effect. While there was some disposition to modify ideas as to the probable government report, the ma Jority believe we have a crop in the neighborhood of 13,000,000 bales and that with so much cotton coming on the market, prices would give way tenn porartly at least even if an indicated crop of 12,6 were indicated. Opinions mean nothing in face of the govern ment, but continue to believe the chances favor a good crop and lower prices, under weight of the actual Fenner & Beane to Kahn & Virgin.
 NEW ORLEANS, Sept. 5.-There were no developments of importance today, the market in consequence ruling comparatively steady as the average of private returns indicate no material change in the indicated crop compared with two weeks ago, when a yield of 12,956,O00 bales were predicted. Pri- vate estimates on ginnings to September range from 4S0,000 bales to 857, 7,000 against 1,143,00 last year, but Hinners at this early period of the season are ginnings are likely to be running ahead average of private reports, as to con dition is 61; highest GA; lowest 5S, and the average of private crop estimates based on the governments formula is 12,S20OOO exclusive of linters; highest, 1S,327,020; lowest, 11,951, ,000. Members Of New York Cotton exchange to the number of "A, average the condition of crop, 6O.6. The government report will time, Monday, September 8, it will re- port on ginnings to September 1, on the condition of crop and indicated yield as of September l.
 Judging from the steadiness of the market, a government forecast of a yield of about F, 2,800,000 bales appears to be about discounted, making it likely for the market to advance if bureau prediction of 12,700.0OO or less, probably decline If 12,900,000 or larger. Private ltnters-H. & B. Beer to J. F. Willing ham G Co.
 NEW YORK, Sept. 5.-(Special.)-s Pending the government report, which is to be issued on Monday at 12 O'clock. daylight saving time, there was very little activity in the market this morn ing. Liverpool was slightly better than que on trade calling of cotton in mod eration, consequently our market opened steady to around the same figures as last nights close. There was some hedge selling in the market, but this cotton was very well taken. Sentiment generally Is bearish. however. it could be said safely that in some quarters there is noticeable change.
 Reports from this dry goods district indicate that there is a large potential buying power piling up and that the trade Is somewhat uneasy in view of the last two private estimates that were is- sued today, placing tho crop under thir- teen millions. as you recall several pri- vate reports came out earlier in the week estimating crop around 1S,300,- 900 bales. It is our belief that the gov. ernment will show to some extent de- terioration that has taken place from August 15 to September l, and if so, the report will undoubtedly be slightly bullish. The beginning of next week should find the trade with a rather good idea of just what the crop should ulti- mately be. We feel that the majority still anticipate sufficient cotton to delay them from entering the market at these prices. They are undoubtedly awaiting a reaction before buying.-Hubbard Bros. & Co.
 NEW YORK, Sept. 5.-Cotton ruled dull with a moderate range, most of the trading apparently evening up for Mon- days bureau report. There was a little trade buying. The weather was clear and there was no particular news or incentive. Several private condition re- peFts were issued and the average guess oi the members here was 60.6. indicating yield of a little over 1a,000,G00 bales. Much interest Is taken fla what Wash ington will say Monday as 1t is one of the most important reports of the sea- son.-JOhn F. Clark 6 Go.
 NEW ORLEANS, Sept. 5-Cotton prices were steady to firm Friday morn ing but stili narrow and trading con- scrvative bullish but with much un- certainty in the Monday bureau report still dominating the market. Liverpool wa s 'jbua.
 was about as due wi.h spoi sales 5000 of which E,200 were American. The map was dry and for no decided change In the westhLIl Additional private crop estimates shed no listt on the crop prospects. The estimates ranged frSFa