The Birmingham age-herald., 1924-12-04
COTTON LETTERS

NEW YORK, Dec. 3-Cotton was soft during the morning due to southern and local selling, January getting down to 2270c. The loss was all regained and more in the afternoon on buying, credited to large local or uptown in terests, supposed to be pre-bureau cov- ering. This totalled probably 3o,000 bales and was obtained from scattered sellers. The market for the day was mostly professional. The McFadden estimate of 13,3OO, 900 bales helped the early decline. If shorts generally cover between now and Monday and the market should rally considerably, but otherwise, it is likely to be only trad ing affair. Exports were 2,000 bales Jno. F. Clark & Co.
 NEW YORK, Dec. 3.-Cables this morning were better than due on &C., count of a large business done yester- day afternoon in Manchester which re- suited in buying in Liverpool this morning despite the advance in sterling exchange which went. to, the highest level this year. Our market opened somewhat lower and promptly sold off reflecting a crop estimate of 13,S00,000 bales by a prominent spot house. Later was regained no the usual trade de- in the day, a portion of the decline mand although at no time was busi- ness particularly active. The bearish feeling of local traders was increased by good rains in southwest Texas which were needed badly to put some winter moisture into the ground. The expan- sion of trade as witnessed by the busi- ness in Manchester yesterday. con- tinues. but in the excitement of crop estimates but scant attention Is paid to anything but the fact that this crop will be the largest since 1920. We do not expect any change in the sentiment of the market this week as we are approaching the final estimate from the department and we have still to receive a number of private estimates which appear just before the govern ment. Liverpool futures are due to- morrow. January, 12.S0c; March, 12.S4c. Hubbard Bros. & Co.
 NEW ORLEANS, Dec. 3.-The cotton market failed to carry on the bullish enterprise of late Tuesday at the open ing this morning. Trading was again dull and prices somewhat easier with little show of enthusiasm either way. Some of this action accounted for by the approach of the bureau report due at 10 a. m. Monday. Liverpool was about as due shortly before the opening with spot sales 5000 bales, of which 4,OOO were American. The government weekly weather and crop forecast was about as expected with the clear, dry weather in the north favorable to pick ing the remnants of the crop. The weather map indicated rains and colder generally in the west today, and tonight heavy rains will be welcome in the west, as it will help prepare the ground for blowing. Some trade news contin- ues optimistic. Charlotte reports cotton mills more active, fine yarn mills run ming full time, but Boston reported yarn market easy and business light. Cotton goods markets generally are reported rather quiet, with easier prices in some lines. A general sentiment in the mar ket Is expecting some trading, buying on the decline, which will make for greater resistance to depress cotton at this level. However, a depressing influ- ence early was the estimate of E. F. Hutton and company, of New York crop of 13,675, ,000 bales, it is difficult for the market to show strength in the face of such figures.-L. & A. to S. R. Stewart.
 NEW YORK, Dec. 8. The market withstood more large estimates today but the strength appears due to short covering rather than any enthusiastic buying of the staple. Short selling has been going on for the past two days in anticipation of private estimates exceed InR 1o,UUUrUUU DdleS anu Wucn tue LudIhCt failed to show any real weakness on the publication of two of these estimates shorts ran to cover. Until the trading public sees more>evidence of big i'm provement in the textile industry we believe we should only expect 8 broad trade-Fenner 6 Beane to Kahn & Virgin.
 NEW ORLEANS, Dec. 8-Today the market remained under the depressing influence of increasing crop estimates, and large estimate as to ginnings to December 1. Beneficial rains were re- ported from Texas, especially from southern portion, which will permit blowing in preparation for the next crop in that section. Rain is needed all over the belt, to soften the soil, for winter blowing.
 The weekly weather report was fa- vorable Several additional private crop