The Birmingham age-herald., 1924-11-20
COTTON LETTERS

COTTON LETTERS NEW YORK, Nov 19.-Cables this morning were somewhat better than due and a good demand is reported again from Manchester. Here the market opened higher but sold off on liquida- tion in the December position, the first notice day, which is Monday, November A. There is also a feeling among the local trade that the government reports on Friday may be bearish and lead to some temporary decline in prices. The undertone was strong, although the market eased slowly some 20 or 30 points from last nights close.
 A cold wave has passed over the south, bringing killing frost generally, although temperatures were not sensa- tionally low. The strength of the se- curities market, the better reports from uptown and the more cheerful feeling in regard to future business have all combined to modify a good deal the ex- treme pessimism which prevailed in speculative circles somewhat earlier in the season. The feeling that this crop is large one and that it will be diff cult to market persists. This feeling will be altered slowly as the cotton passes out of sight.
 Meantime 1t is sufficient to prevent the development of any active specu- lation for the advance, which is permit ted spinners to secure supplies without checking the better feeling in the goods market, as would be the case with a rapid advance in cotton. Liverpool fu- lures are due tomorrow, December, 13.Ssd; January, 13.42d-Hubbard Bros. & Co.
 | bureau liquidation influenced values to a lower level today after having ruled somewhat higher on better cables than due. Except for picking having been interrupted in southern Illinois, Arkan- sas and Oklahoma by rains of past week, Washington weekly weather was favorable. The average of private re- ports issued so far indicate 10,947,OOO bales ginned to November IA and an indicated crop of 13,050, ,000 to Novem- Der 1, 9,695,000 bales were ginned, re- turns to the government of that date, pointed to a yield of. 12,S16,000 bales. If the government report next Friday indicates a production of 13, 100 ,0OO bales or more, market will likely decline, espe- cially if ginnings are 11,000, 900 or larger, but if yield of 12,900,000 or less is forecasted values are apt to advance, particularly if ginnings are 10,900,OOO or less. Meanwhile exports from the United States continue free thus far this week, 307,000 bales, against 35,O0O; since August l, 2,7o6,ooo. against 2172,oOo. The strength of the stock market and foreign exchange reflects the improve ment in domestic and foreign financial and trade conditions and indicates con fidence in the future as to the prob ability of further expansion in world trade. For the time being however, the market is under the influence of the un- | OaVfo{ {yntxF afF ernment reports as to ginnings to Mo- vember IA and especially as to the off ctal yield forecast.-H. & B. Beer to J. F. Willingham 6 Co.
 NEW ORLEANS, Nov. Is.-Cotton was steady to firm on opening wednes- day. Liverpool was a few points bet at only 4.00O bales. of which 2,9OO were American. A cable said: Market steady, Egyptian markets and fore casts of frost in United States helping" The map showed much colder weather with heavy and killing frost down to the center of the belt. The forecasts are for continued cold weather and some unsettled conditions in the east The weekly weather and crop report was favorable. summary of the re- port said: "The governments weekly cotton crop was rather warm and there
 
 cept in extreme northern and north western portions of the belt. The pick ing of cotton made good progress quite generally except for delay in southern Illinois and Arkansas by rainfall and the work made only fairly good prog ress in Oklahoma; where there was also Interruption by wet weather. Tech nical position of market improved and large crop figures seem to be dis counted. We. continue to prefer pur- l oI,o a- to s. R. Stewart.
 NEW YORK, Nov, Is.-The stock market has been called upon to serve a new army of buyers. The facilities of the exchange are being taxed The mechanical devices fo: handling lota- etions are not equal to the task. The demand for stocks today was so huge in volume that very violent fluctuations would have resulted were 1t not for the liberal quantities of stocks that holders were willing to supply. Individual op- erations, regardless of size, attract no attention. The merit or demerit of any particular issue Is not considered. The mere suggestion of a dividend or an increase of a dividend Is sufficient to create a whirlwind in any particular stock or group. We feel that optimism Is justified but this optimism should be modified by conservatism, which means a readiness to sell part or your nOlu- ings during excited markets.-John F. Clark & Go.
 NEW YORK, Nov. 19.-Cotton ruled extremely dull and slightly easier on liquidation of December to get out of the way of expected notices, Monday and of later months, evening up for Fri days government report. Selling in creased in the last hour on a reaction in the stock market. There was no par ticular cotton news and most of the day room traders paid more attention to the stock ticker than to the cotton mar ket. Exports were 26,000 bales.
 Only a trading market is probable previous to the bureau, but should the figures Friday bring about a downward reaction 1t is likely that sold out bulls will take hold again passing their po' sition on demand rather than the sup. ply.-John F. Clark & Co.
 NEW YORK, Nov 1s.-Outsld' liquidation in preparation for the gov, ernment report brought a lower range of values, reaction in the securities mar ket also served to deter buying, Our ginnings figures were considered bull ish but the trade is waiting for the of ficial report on Friday. Worth street continues in an optimistic mood, while