The Birmingham age-herald., 1924-11-21
COTTON LETTERS

COTTON LETTERS
 NEW ORLEANS, Nov. 20.-Prebu- reau liquidation was still in evidence today depressing values somewhat. AS means of endeavoring to prevent con- fusion and irregular differences be- tween months, as has been the case on previous bureau days the New Orleans and New York cotton exchanges will suspend trading 20 minutes tomorrow, or from 9:55 a. m. to 10:15 a. m., New Orleans time. The government report vember IA and as to indicated crop will be released at 10 a. m., New Orleans time. If government returns indicate a yield of 13,100,0O0 bales or larger, mar ket will likely decline, especially if gin nings are larger than expected, probably advance if production of 12,900, 900 bales or less is the forecast, particu- larly if ginnings are smaller than look ed for. Trading will be resumed after the bureau report Is issued, or 30:15 a. m., New Orleans time, on a call, same as is had on opening of the market each day, commencing with December and continuing through the list. In the past general trading followed immediately after the government report was issued, all months having been traded in at the same time, which created confusion and irregularity as to differences between months. It is hoped that the new change will permit of more satisfac- tory trading on the government report. Additional private crop reports were is- sued today, one estimating the probable yield at 13,300, ,000. while the Memphis Commercial Appeal estimated the crop at 12,955, ,000 bales and Clement Curtis
 
 of 12,S54, ,000 bales and ginnings to No vember IA at 10,920, ,000 bales. The aver age guess of S4 members of the New York cotton exchange Is for a crop of 13, 100000. The average of all private reports issued so far, 10,966, 900 bales ginned to November IA and as to the crop 13,050,OOO HI. & B. Beer to J. F. Willingham & Co.
 NEW YORK, Nov. 20.-Cables this morning were somewhat easier and our market opened lower with considerable liquidation in evidence in December on which the first notice day is Monday, November 24. The Commercial Appeal raised it's crop estimate to 12,995, ,000 bales and some private estimates appeared at large figures. The result was to con vince the local trade that the next gov ernment report due tomorrow at Il o'clock, New York time, would be bear ish. In fact, the average estimate on the exchange was 13,000,000. On the de- cline, the trade were again buyers, giv- ing strong undertone to the market and bringing about a substantial recovery in the early afternoon. It may be the government report will be as large as anticipated but more and more we are coming under the influence of the ex- banding trade, which will require a oR xxvflI I.a suspended on the New York and New Orleans cotton exchanges tomorrow at 1855, New York time, just before the publication of the report, and trading will be resumed at 1:15, New York time, with a call of all the months in the same manner in which the market is opened each day. Liverpool futures January, 13.34d.-Hubbard Bros. 6 Co.
 NEW YORK, Nov. 20.-Continuance of a pre-bureau liquidation brought the market at one time about $1.50 under last nights close and on the breaks contracts again went into strong hands. There was one estimate of the crop of 13,300,000 and another of prac- tically 13,000,000 bales, but neither of them had much effect. It seems safe to say that the outlook for an increase in consumption in the past month will easily offset any addition to the crop and we hear from Worth street that a good business Is pending awaiting to- morrow's figures. Unless the figures are materially in excess of 13000,O00 we do not look for any sustained decline.- Fenner & Beane to Kahn 6 Virgin.
 NEW ORLEANS, Nov. 20.-Cotton prices were uneven on the opening Thursday. New Orleans opened steady to higher and New York lower than the previous close on first calls. It is said the large stocks of certificated at New York are now resting heavy on somebody's shoulders. Liverpool was 8 penny points worse than due with spot sales 4,OO0 bales, of which 200 bales were American. An early cable said: Heavy hedge selling and much more favorable weather, trading calling small, London content and Italy buying" The wealth CT map showed considerable rains in Texas and some points in north Louis jana, which was expected to retard picking but this Is not considered i'm portant as there is little picking to be done; temperatures were warmer than Wednesday. Dry Goods news was about unchanged with trading practically little uuieter. Yarns are reported lag ging. It was announced this morning that the New orleans ana NeW ork exchanges will close five minutes before the bureau and not reopen until fifteen minutes after the bureau, this was done, it is said, to avoid confusion on the report, which is due here at 10 a. m., Friday.-Levy & Aronson to s. K. Stew art.
 NEW YORK, Nov. 2O.-Cotton aver aged easier in a mixed market, large percentage of the trade being switches. The lowest for the day was made early on liquidation ahead of bureau and notice day, but prices rallied on trade buying and local covering. The ex- pectation is that the government will give a crop indication of 13,00O,000, or pretty close to it. Many argue, however, that this total has been discounted and that prices will be governed entirely by the demand.-John F. Clark & Co.
 VEGETABLES
 CHICAGO, Nov. 2O.-Beans: Louis jana hampers, green $4.oO94.5o; wax. $3.50@4O0; Florida hampers, fancy green $5OO05.50; wax $4.5OQ5.oO.
 Cucumbers: Louisiana crates $4.O0@