The Birmingham age-herald., 1924-12-05
COTTON LETTERS

| COTTON LETTERS NEW YORK. Dec. 4.-Trading in cot ton was light with a moderate trade
 demand being supplied by southern sell ing. There was a moderate volume of evening up for report. Several private crop reports were issued with Wat
 kins approximating the Jay estimate. Fourteen reports average 1922, ,00O
 bales, which figure is probably dis counted for time being. Exports were
 31,00O. No important change is looked for tomorrow or Saturday.-Jno. F. Clark & Go.
 NEW ORLEANS, Dec. 4.-Liquidation having about run it's course for the pres ent market ruled comparatively stead fer today. Four additional private es- inmates were read ranging from 13,170,- 900 bales to 13, 000 exclusive of lint CTS. Weekend statistics tomorrow like ly to be bearish as whole unless spin ner takings this week are much larger than last year, 440,00O bales as the weeks insight promises to be over 6OO,- 900 against 4s0,0O0, making 1t likely that worlds visible American cotton show another large increase this week against increase last year of only 10000 bales. ' of American cotton was 4,190,000 against 3,0S7,000. In keeping with expectations for the world to consume about 13,00O,- 900 American cotton this season in cluding linters compared with 11,241,- 900, exports from the United States con- tinue large; this week, 330,OO0 against 23S, ,000; since August 1, 3,377,000 against 2,555, ,000, S02,000 bales larger than to even date year ago.
 Ryit tn aefi m Q aS that is the average of the reports, there Is a promise for a yield of about 14,000,- 900 bales including linters, or about 1,- COG, ,000 bales in excess of probable world consumptive requirements while early advices indicate an increase in produc- tion of about 100000 bales as com pared with last year. Under the cir cumstances, while it is possible for market to experience periodical reac- tions in event shorts being forced to run to cover 1t will probably prove diff ficult task to bring about much of . bull movement in the market.
 If cotton is to be bought for an in vestment we suggest the buying of new crop deliveries, October, for instance, because If trade continues to expand, 1t is likely to be reflected more in the dis tant position.
 Next years crop will be very expen- sive to raise owing to high cost of food stuffs. The south will have to plant for large grain crops, which may result in reduction of next years cotton acer- age.-H. & B. Beer to J. F. Willingham & Co.
 NEW ORLEANS, Dec. 4-Trading in cotton was of moderate proportions to- day and prices moved but little. It cf OT1nad n estimates well over 13,000,000 bales and estimates from the private bureaus ranging from 13,170,000 to 13, ,428, ,000 were without visible effect. The trade as whole appears to be convinced that the governments estimate will come 100000 to 100000 over 13,000,000 and most of those who were afraid of such figures appear to have liquidated. The rapidity with which cotton Is moving abroad and probability that domestic consumption for November will exceed that of last year are creating a belief that the world will need every bale which the highest of the private estimates predict, if not more. The average of the esti- mates so far issued is t, 3,210 ,000. Steadi- ness of the market and it's resistance to pressure Is its most notable feature and is encouraging hope that it remains steady for the next few days.-Fenner x Beane to Kahn & Virgin.
 NEW YORK, Dec. 4.-Liverpool was firm this morning despite the sharp advance in sterling exchange to the highest prices reached this year. In a way, the improvement in sterling Is another reflection of the steady progress of the world towards normal trade, a progress which means a rapid eXpan- sion in business as compared to the vol ume passing in the past four years, several large crop estimates made their appearance and more estimates are due prior to the government on Monday. To- days estimated yield appeared to have little influence on prices, which for most of the day ruled at about last nights level. The large crop ideas have, however, checked outside business so that the volume or trading is small and Is not likely to expand until next week. The trade continues to take cotton freely and it is this buying which pre- vents decline on speculative sentiment which has remained very bearish. Liv- erpool futures are due tomorrow; Janu- ary, 12.74d; March, 12.s3d.-Hubbard Bros., & Co.
 NEW ORLEANS, Dec. 4.-Cotton was firm during the early trading Thurs day with trading only moderately and a greater disposition to restrict busi- ness awaiting the bureau report Mon day becoming evident.
 Liverpool was about as due shortly before the opening but exchanges were again strong with sterling $467 and a spot sales at 4,000 bales, includ- ing 3,100 American.
 The weather map showed some rains in the west but the east continued rela- lively dry and 1t is pointed out that rains in the western belt have not yet been sufficient to soften the ground for winter condition. Several additional private crop estimates were issued early including that of the Giles bureau for 13,665,000 bales, the Memphis Commer- cial Appeal for 13, ,29S ,OOO bales and the Ginners for 13,1O0,00O bales and estimated ginnings for the season to date at 12,230, 900 bales.
 Trade news continues optimistic with the Presidents message of Wednesday calling for tax reduction and predict ing prosperity as a bullish factor in the cotton market.-Levy & Aronson to S. R. Stewart.
 FLOUR MARKET
 MINNEAPOLIS, Minn., Dec. A. Flour unchanged to 15c higher; family