The age-herald., 1900-01-05
FURRY IN LOCAL
 COTTON MARKET Holders Rushing to Sell on
 Strength of Telegram. REACTION AT THE CLOSE
Price, Mccormick SC Co., Long Message of Bearish Nature Had a Consid- erable Effect on the Birming-
 ham Spectators

formed cotton men, this condition seems to De due to fight between New York and Liverpool, the former trying to "bull7 the market and the latter trying to bear it.
 From information at hand, it appears that the American spinners have secured practically all of the cotton they will need uht1l the new crop comes in next Septem- per- While the English spinners have not yet laid in their supply It is argued that Tor this reason Liverpool is trying to pear the market in order that the spin ners on that side can get their supply of cotton. at the lowest possible price; while. on the contrary, New York. being the seller is interested in pushing the price upward.
 Price, Mccormick & Co.
 yesterday morning the following tele- gram from Price, Mccormick S. co. was oelVered to a large number of Birming- ham business men:
 New York, January g. cotton closed weak. Our opinion con frmed that present prices for spot cotton should be accepted. Movement promises relative increase during January and with England involved in war and tight money. american conditions are not propitious for hlsher prices at present. Our efforts have been for the best interests of the south winch will not be best served if they over stay market
 PRICE, MCCORMICK te CO"
 Caused Furry
 The receipt of the above telegram caused quite little furry among the local holders or cotton, and when the exchanges opened for business there was a rush of customers who were eager to ascertain the condition of the market Price. Mecarr,ick S, co nave been on the "bull' side of the marker all season, and the fact that they advised selling caused panicky feeling. which however, did not last long after the first quotations had been posted During the hours that stock exchanges were open there was more or less a feeling of unrest. but along towards the close of the day this had gwen way to more hopeful tone. Cotton closed firm, spots remaining unchanged in New York at 7si, and futures showing a net gain of points.
 Cotton Quotations
 The changes that took place in cotton during the day are shown in the following letter issued by T. G. Hewlett & Co. at the N'O@S N+ SS'i'iS7S SSSeSiudy dltSiuoOH.
 New York January 1.
 Liverpool declined again today 1-16d on spots and 3-64 on futures, which was con- sidered discouraging by bulls and led to our market opening to 5 points below last night. But at these figures. which rep resented a drop of 25 points since Tuesday, considerable amount of new local buying followed, and prices quickly recovered seven points, but thereafter the market ruled rather sluggish. There is not much outside business being done, the bulk of transac- tions being mainly between Liverpool and New York
 "There is nothing definite yet about the receipts, which are being closely watched. The afternoon opened somewhat improved on some figures of Hester's that came over the wires, and which were interpreted as in- dcating a small crop. While Liverpool has been buying here today against straddles the Continent has been a seller" Stocks in Interior Small 'I am surprised at the stand taken by certain New York houses,' said MT. w.. D. Nesbett, of the firm of Johnson, Nes- bett x Co.,, "professedly leaders of efforts for better prices in cotton, in sending out information broadcast to newspapers and individuals which produces the impression that they have been deceived in their esti- mates of cotton held by planters and at small interior towns. The change of front by these firms seems a little suspicious since on December 20 no such information seems to have reached them, and they were strong believers in better prices. We be- lieve that their information is very largely a,xl fl,at aofc hot fhn cotton in the hands of the planters and at the small uncounted towns, railway sta- tions, gins and river landings is much less than last season. There is undoubtedly an excess of cotton held at counted towns and the larger cotton centers in the interior over that held at this date last year, but the movement for export and to spinners from this time on we believe will be largely at the expense of these stocks and we will see the interior stocks steadily decreased. "A considerable part of the cotton held at the concentration centers this season is al- ready sold to Carolina and eastern mills for shipment during the winter months and will not appear later as increased receipts at ports, or counted towns. In this section the figures show that stocks are actually very much smaller than at this date last year.
 Birmingham Receipts Fall Of 'Taking Birmingham and Decatur as ex- amples, both of them being uncounted towns, the illustration will show that New York parties are very wrong in their esti- mates. Birmingham receipts to January 1 last year were S4. 900 bales, while this sea- son they are only 61 900, making a difference of 23,000 bales. Stocks on the 1st of Janu- ary last season were 12,OOO bales, while this season they are only 5000 At Decatur re- ceipts to January 1 last year were 3S 900 bales, while this season they are 29,0OO, showing shortage of 5000 bales Stocks on hand January 1, last season, were 4,S00 bales, this season they are 1000 bales, showing a shortage of 2,SO0 bales.
 Ut is our information that with one or two exceptions, all the small towns con-