The Birmingham age-herald., 1924-11-23
COTTON LETTERS

NEW ORLEANS, Nov. 22.-Follow- Ing yesterdays bearish influence in cotton in cotton market, traders today had to contend with the uncertainty att tending possible developments next Monday, which will be the first De- cember notice day in New Orleans and New York. The certificates here yes terday 37,4O6 bales and was 1s4,794 bales in New York on 20th inst. Heavy tend CTS are predicted in both markets, and, while 1t is rumored that the notices will likely be stopped here, the disposition to be made of the notices in New York is uncertain. Because of the contin- uance of favorable weather in the southwest, there is a disposition to in- crease crop estimates. In this connec- tion, yesterdays government crop fore cast by states, which showed a larger crop for Texas by 100000 bales com pared with two weeks ago, and larger estimate by 90,000 bales for Oklahoma and 25,000 larger for Arkansas and 15,- 900 larger for Louisiana than two weeks ago, Is significant and attributed to inn provement of the top crop, the result of the continuance of unusually favor able weather for harvesting and matur- ing of late cotton. Meanwhile, the more favorable general trade reports and the continuance of large exports of raw cot ton from the United States may serve as a sustaining feature, especially if the spot demand improves. Today's ad- vices from the interior were to the eff feet that the inland spot situation was firmer. with the basis somewhat higher, with a good demand in evidence. To close of yesterdays exports from the United States were 2,756,000 bales Vs. 2,180,000 last year.-H. & B. Beer to J. F. Willingham & Co.
 NEW YORK, Nov. 22.-while the trade is digesting the 13,000000 govern ment estimate, it shows no alarm over figures. On the contrary, mills con- tinued to buy on the small further de- cline of IS points, all of which was afterwards recovered. When the present short selling halts, the market will promptly feel the scarcity of contracts, since these are lodged mainly in spinners' hands Spot offerings are re- ported scarce, and farmers generally re- fused to sell on decline. With southern banks overflowing with idle money, which they are anxious to lend, the talk of pressure of cotton later on falls flat. The advance in stocks has been brskly resumed, and reaction in cotton is likely to be quickly recovered. There are rumors that a large part of our local stock has been sold to New Eng land spinners. If true, December mo- tices on Monday may disappoint the bears, who have been expecting heavy tenders. December closed down, while other months are to 10 above last nights. We believe in taking advan- tage of such dips as today to pick cheap cotton.-John F. Clark 6. Co.
 NEW YORK, Nov. 22.-Overnight re- flection of the government figure seems to convince the trade that the crop is likely to prove in excess of the estimate put out yesterday. The mills have been good buyers recently, and still have buying orders on way down, but for the moment the spectre of a 13,000,0 ,000- bale or more crop is squarely before the eyes of the average trader, and it may require a period of digestion be- fore speculation can be induced to come in on a broad scale. Monday being first notice day on December in this market, rather large tenders are eX- pected. Long liquidation is likely. We suggest confining purchases to periods of weakness until more of the crop has been marketed.-Fenner & Beane to Kahn & Virgin.
 NEW YORK, Nov. 22.-Liverpool was steady this morning, but our market was somewhat easier on the opening owing to the very large ginners' figures. of yesterday, which have led our traders to expect larger crop than the government estimate. The trade, however, once again bought the cotton which was offered so that the market recovered slightly above last night 8 closing figures. The mercantile reports are to the effect that a better business is done in textiles, and reports from Manchester continue encouraging. Spec ulative sentiment is dominated by the size of the crop, which appears large in comparison with the disasters of the past three years. On the other hand, there seems little doubt that d large amount of cotton will be needed this season, and the movement to date would indicate that spinners are will ing to secure supplies for current needs at this level. Monday, November 24, is the first notice day for delivery on December contracts in the New York market. Liverpool futures are due on Monday-December, 1916; January, 13.24.-Hubbard Bros, & Co.,