The Birmingham age-herald., 1924-11-06
COTTON LETTERS

NEW YORK, Nov. o.tElection re- suits were about as expected, although the sweep of what may be termed eco nomio sanity as compared to some of the propositions in the campaign was greater than had been expected. How ever. 1t had been generally anticipated that the election would turn out as 1t did and would not go into the House of Representatives.
 Our market sold off on speculative feeling that the good news was out and would therefore be of little effect. It was also thought that coming gov ernment reports on Saturday would probably be bearish as confirming large crop views. On the other hand, Europe and the trade were again buyers on the the decline so that in the early after noon the market had recovered most of the loss.
 The strength in the security market would seem to indicate that business had not yet responded to the feeling of confidence caused by the election re- suits both in Great Britain and In this country. Indeed 1t is probable that we shall see further expansion in industrial activity as, particularly in this country, there has not been much forward move ment in the past three months. We continue of the view that the trade de- mand for cotton in consequence of inn proving world conditions is likely to be more than an offset for the larger crop. Sterling exchange advanced again to- day, which has an efefct upon New York-Liverpool difference so that the English market continues relatively the stronger.
 NEW ORLEANS, Nov. 5.-Large gin ming estimates of 9,600,000 to 9,750,000 bales to November l, with some people talking 100000, against 7,556, ,000 to cor responding date last year, influenced the market to a lower level today. Sev- eral other private crop estimates were released today, ranging from 12,110,000 to 13,000, ,000. Results of the presidential election were satisfactory to trade con- ditions, domestic and international, but were reflected in grain and stocks only so far The weather has continued un- usually favorable for picking in prac- tically all cotton states since the first of October, by reason of favorable weather will make some improvement in yields by giving opportunity for close picking, in addition to bringing portion of the belt. At last there are some prospects for a change to less fa- vorable weather in the cotton region probably unsettled, perhaps rain, fol- lowed by colder. This feature of the situation would probably have had some influence on the market today were it not for the uneasiness entertained as re- gards next Saturdays government re- ports, which are expected to show large ginnings, and a somewhat larger crop than the previous official forecast of '12- 675, ,000 bales. The governments reports will be released at 10 a. am., November S.-H. & B. Beer.
 NEW YORK, Nov. 6.-Selling on the good weekly weather report after the opening made the low prices for the day. Contracts were taken by foreign and domestic trade interests and prices rallied 50 points, the high being made on covering by earlier sellers. The market was pretty much of a profes- sional affair after the first hour with the local traders inclined to the bear side. The south was said to have sold freely early. The weekly report indi- cated clearly that this crop is being picked and ginned faster than any in recent years because of the fine wealth CT. The McFadden estimate was 12,- 787, ,00O; National ginners, 12,5s0,O00, and Watkins bureau, 12,792,000. The latter adding that 77.6 per cent is picked and 72 per cent ginned. Exports were only {, ,0OO bales. Looks like a trading mar ket awaiting the bureau report Satur- day.-Jno. F. Clark 6 Co.
 NEW YORK, Nov. 5.-Cables about met our recovery of Monday, but the fact that they were no better today aft CT the sweeping victory, led to some along with the locals short selling. Buoyant stock and grain mar kets had a deterring effect on sellers after the early break on which the trade again appeared as buyers. The feature of the market today may be said to be the manner in which it has ignored two or three large crop estimates. Were it not for the forthcoming government re- port Saturday, prices could easily work up considerably, but under the circum- stances a traders position is suggested. Fenner 6 Beane to Kahn & Virgin.
 BAR SILVER
 NEW YORK, Nov. 5.-Bar silver, 69%c; Mexican dollars, 53%c.