The Birmingham age-herald., 1924-11-22
COTTON LETTERS

NEW YORK, Nov. 21.-The feature of the market today was the publication by the government of a crop estimate as of November 15 at 12992,00O bales and a ginners report as of November 10 at il, ,524 bales.
 The first figures were entirely in line with expectations but the ginners were regarded as very heavy. It IS under stood, however that the crop estimat- ing boards used the ginners report in the compilation of their estimate ana that attention was given to the prop able percentage ginned to date. It mas been a matter of general comment lhat owing to the good weather this Iall this crop has been picked and ginned with remarkable rapidity. It is natural, however, that speculative sentiment should be a good deal influenced by these ginning figures as confirming the fact that the south has large crop 10 market this fall The market declined moderately after the reports were pup lished but met the same trade demand which has been in evidence on declines for some time past. In considering to- days figures, it Is well to bear in mind the heavy movement of the crop to date which is measures the demand or the trade for cotton. Liverpool futures are due tomorrow December 131Sd: Janu- ary, 13.24d.-Hubbard Bros. & Co.
 NEW ORLEANS, Nov. 21.-The last of official periodical crop forecasts in advance of final crop estimate due De- cember was issued by the government today, and while returns were about as expected as to the indicated yield, 12,- ,000 bales, ginnings to November IA were larger than expected. 11,147,524 bales, and as weekend statistics were bearish, market declined.
 Because of the weeks insight con tinuing much in excess of weekly spin ners' takings, the worlds visible supply American cotton continues to increase at rapid rate with the end not yet in sight.
 Comparatives weeks in sight, 6s3,000, against 56S ,O00; weeks takings, 43s,000, against 2,000; weeks increase in worlds visible of American, 245,00O, worlds visible other kinds today, 809,000, against 1,052,000; of all kinds today, 4844, 1000, against 4,005,00O.
 Compared with last season, the south has marketed to date 7,074,000 bales, against 5,926,000, and exports from the United States thus far this season total 2, ,756, ,OOO bales, against 2,1SO,000 to even date last season.
 While exports from United States this week were very large, 356,000, against 68,O0O, spinners' takings for the week were disappointing; smaller than year ago, and since August l are only B. 966,0 ,00O, against 3,S11,O0O.
 Another depressing feature in the late session was that the first December mo- tice day in New Orleans and New York will be next Monday, November 24, and while it is likely that the notices will be stopped in this market, there is no certainty of their being stopped in New York, where tenders are expected to be very heavy since the certificated stock there on November 14 was 182,000 bales. In view of the large available for the present as indicated by the heavy ginnings which on the basis of today's forecast indicates S5.S per cent of crop ginned, against 82.3 per cent last year and 67.2 per cent in previous big crop years of 1920 and the large avail able supply of American, no advance of consequence is likely to be maintained until the worlds visible shows signs of decreasing-H. & B. Beer to J. F. l Willingham & Co.