The Birmingham age-herald., 1903-11-10
COTTON MARKET
 SCORES DECLINE Advance at the Opening Was
 Short Lived RECEIPTS WERE HEAVY Reports That Bull Leader Had Unload ed the Best of His Holdings In
 Expectation of Reaction
 Caused Big Slump.

New York November 9.-The cotton market opened strong at an advance of Sa17 points, or at a new, high level and showed some few points additional gain on the call, chiefly as a result of the strength and activity in Liverpool, and reports that New England spinners, hav- ing become alarmed over the outlook for supplies, were becoming active buy CTS. The advancing tendency was short-lived, however, as the district in- fiuenced by very heavy liquidation, and reports that the bull leader had ur- loaded the best of his holdings in expect ation of a reaction to follow the tremend- ously heavy receipts, turned easier, and while it continued to meet with heavy buying orders from shorts and outside sources was depressed to level of about 13d19 points net lower on the more active positions |. Following this, the market steadied in spite of heavy estimates for tomorrow's receipts, and during the balance of the session ruled very excited and very ir- regular, though prices, generally speak, ing. worked upward until near the close, they were again depressed by bear drive, and the market was finally steady at a net decline of 7Q1S points. Sales were estimated at 100000 bales.
 The heavy port receipts are ascribed by the bulls to a demand from spot dealers and spinners, while the bears contend that, while this may be so, 1t would apparently mean that spinners' immediate requirements must be pretty well filled for the time being, and that 1t also shows the willingness of plant CTS to accept the present spot prices. Sentiment all through the session was very nervous and unsettled, as evidenced by the fluctuations, and while there was considerable selling on the reaction theory, many operators are expressing themselves as favoring great caution Tn so feversh a market It was considered that the recognized bull leader, who was apparently selling on the initial bulge was a buyer on the decline, and room operators who sold in the morning cov- cred on the afternoon recovery. Exports for the day were very heavy.
 New York, November 9.-Cotton quiet, middlng Ills, gross receipts 6Ss6 sales 9O2 stock 8, 2,075, exports, continent, 5l1.
 Total today at all seaports, net receipts, 72.O25; exports Great Britain 27,191, France 21,O10, continent 511, stock 66,9S1.
 Consolidated at all seaports, net re- cepts. 137,502; exports Great Britain bs, e66, France 2l,O10, continent P, 469, Mexico 14O0.
 Total since September 1 at all seaports, net receipts, 2,512,376; exports Great Bri- tain 754,10S, France 261 063, continent 673,- eS8, Japan 5000 Mexico BPS.
 The New Orleans Cotton Market.
 New Orleans November 9.-The spot cotton market was quiet with light offer ings. Buyers claimed that cotton could be bought at an eighth under board figures Sales 2400 bales, including 14oO to arrive Quotations unchanged. Futures opened unchanged to five points lower. Notwithstanding the advance in Liver pool the local market continued to decline until prices were 1T to 21 points below Saturdays figures. The decline was at tributed to heavy ports receipts and a flood of selling orders from the country. There was also active short selling. The general sentiment was that prices had gone high enough and that reaction was due. From the highest figures of the day there was a decline from 10 to IA points, making the net gains from 15 to l7 points.
 New Orleans November 9.-Cotton fu- lures steady. November, 1o.56d10.5S; De- cember, 10. 65d1O.66; January, 10.7O@107; February. 1o.77Q1O79; March, 10.s7a10sS; April, 109311095; May 11.Of@11.0 .05; June, l109@11.11 July, 1L1S@1119.
 New Orleans, November 9-Cotton easy, sales 2400. Ordinary 15-16; good ordinary, sA; low middling, 10A middling 104s; good middling. 10 13-16; middling fair, Il 3-16. Receipts 24,3OO; stock 1723s2.
 Daily Statement.
 Galveston-Strong; middling, 10 11-16; sales, 1435; receipts, 26,542; stock, 177,995.
 Mobile-Quiet; middling. 101a; sales, 800: receipts. 1860; stock. 31, 362.
 Savannah-Easy; mddling, 10A sales, 100; receipts, 9079; stock. 125,375.
 Charleston-Firm; middling, 10 9-16; re- ceipts. 1936 stock. 9337.
 Wlmington-Steady; middling, 1050; re- ceipts 4057; stock, 35.3lS.
 Norfok-Firm; middling, 10B; sales, 1927; receipts. 460S; stock, 1471.
 Baltimore-Nominal; middling, Il; re- ceipts 275; stock. 3911.
 Boston-Steady; middling, 1115; gross re- ceiptst 330S.
 elphia-Steady; middling, IL 40; re- ceipts. 494: stock, 251S.
 St. Louis-Firm; middling. 1Oa4 receipts, 2977; stock, 5567.
 Memphis-Steady middling, 10%; re- ceipts 9353; shipments, 7463; sales. 2sO0;