The Birmingham age-herald., 1924-11-01
COTTON LETTERS

COx OlV LEx EhC
 NEW ORLEANS, Oct. S1.-The cottor market maintains a comparativel, steady undertone in the face of large crop ideas and the uncertainty attend ing next Tuesdays presidential election for awhile the market was somewhat lower today, values are higher thar week ago due mainly to trade buying Returns to New York Commercial aver ages cotton 55.7, yield 12,495,000 and returns to a local prominent commission house averaged condition 55, crop 13, 100, 900. Spinner takings for the week were larger but the weeks insight was o1 record breaking proportions, causing { big increase for the week in the worlds visible supply of American cotton. The rapidity with which the crop is being marketed reflects how urgent the for. eigin demand is for American raw cot. ton, indicating that exports and spin ner takings will likely be large in the future since so much cotton is in transit to domestic and foreign spinners. Eu rope is in an optimistic mood as a re- suit of one conservative development following another abroad, the latest oi which is the recognition of Russia by France and the favorable results ot England election. If the weather re- mains favorable the market may be depressed further, but increased trade buying will likely be witnessed, espe. cially if values work lower. Of late Manchester has been less active, but 8 late cable from Liverpool today says in consequence of the holidays in In- dia ended, Manchester is more active While the crop appears to be good this year, prices are much lower than last about 2 cents cheaper than a year ago and it Is for this reason and for want of raw cotton that the trade is showing more disposition to buy, especially on depressions.-H. & B. Beer.
 I NEW YORK, Oct. 3t-Cables this morning were about as due, but our market showed an easier undertone During the morning a private estimate appeared in New Orleans giving the crop as 13,100,000 bales, which led tc a selling movement, the market declin- ing some half-cent a pound in moder- ate trading.
 The near approach of election tends to hold buyers in check so that the mar ket Is rather easily influenced by such selling. Weather conditions south are favorable and this also adds to the in fluence of large crop estimated. Under | such circumstances, but scant attention is paid to the matter of expanding or consumption, but the more especially since purely American trade is dull awaiting election results. We see nc change in the general situation and are inclined to expect much the same character of market for some days. The New Orleans market is closed tomorrow All Saints Day, which probably led tc some selling here from the southern market. The trade demand is moderate at these prices today, owing to the fact I haf IaU ct Cnfv Inr StAV. r,t resting orders at and below g cents were executed and that prices are still well above preceding low levels, Liver pool futures are due tomorrow: Decem- Der, 12.9Sd; January, 12.9Sd.-Hubbard Bros & Co.
 NEW YORK, Oct. 91.-Cotton is down 50 points today on larger offerings than the mill buying orders could absorb The only news apparently was that the spot basis in the south was easier There was considerable selling here by Texas against the actual and a lot o1 scattered liquidation by recent buyers Liverpool was soft and apparently sold here by balance. London was said to be selling out long cotton in the Liv- erpool market. If the pressure of spot cotton in the south becomes greater than the mills or speculation can ab- sorb, prices will work lower. But the talk has been, and orders seemed to bear out the assertions that consumers were willing to buy at recent levels and that the south would not be sellers on declines.-John F. Clark & Co.
 NEW YORK, Oct. 31.-With indif- ferent cables and expectation of bear ish weekend figures, outside support was again lacking and prices declined with the trade the principal buyers I H. -az-N.A innate by a New Orleans house caused further liquidation. The weather con- tinues good for picking and ginning and what support the market is receiving is coming from the trade and those few who consider cotton cheap enough at present prices. Think cotton should be bought on such declines as we have had today.-Fenner 6 Beane to Kahn & Vir- gin.
 NEW ORLEANS, Oct. 31.-Cotton was lower on first trading this morning, Liverpool was disappointed and rains | in the west expected overnight failed to materialize. Liverpool was a few | penny points worse than due. Spot sales were 5000 bales, of which $500 were American. A cable said, Market steady, scattered trading, calling little overnight buying by New Orleans" The weather map showed general fair weather with only few scattered showers in the central and southwestern sec tions. Temperatures were warm in the east and moderate in the west, but the forecasts are for colder in the west with probable frost in Oklahoma, east and west Texes. The forecast for the east Is for fair with little change in tempera- lures, threats of light frosts in the west expected to exert a sustaining influence on prices. Fall River sales at 45,0OO for the week were disappointing. A message from there said, situation looks brighter here than for some time. But the trade has expected a real turn for the better from the goods markets and with no definite showing so far, are getting pessimistic. A bullish in- fluence was an English cable that heavy losses recently in textile shares have been recovered in the recent sem satfonal advances in mill stocks. This news is taken as forecasting a very real revival In English mills. The Jour nal of Commerce crop estimate reported at 12, ,49O,OOO against 12,OSO,O 900 on septem- Der 30. Weekend figures considered bullish. Mill takings for week 39100o against 354.000 last year and into sight for week 717,000 against 1000 last year. Market looks lower.-Levy 6 Aronson to s. R. Stewart.