The Birmingham age-herald., 1903-11-18
PRICES FORGED UP IN COTTON MARKET Estimates of Today'S Receipts Increase Selling Orders OPERATORS ARE ALARMED  Near the Close Prices Ease Off Point or Two, But Are Finally Firm at
 a Net Gain of IA to 19
 Points.
OPERATORS ARE ALARMED

New York, November 1.-The cotton market opened weak at a decline of 5 to points. under further liquidation and selling for short account that was en- couraged by the lower cables and the prospects for record breaking receipts. After declining another point or two, however buying orders began to come in and soon after the call prices were back to about the prices of the previous night As the estimates for tomorrow's receipts at leading points began to come in, sell ing orders increased somewhat and the market in the middle of the forenoon was about 12 to IA points net lower, with the tone feverish and excited. The weather reports from the northwestern belt were very bad and as the session progressed reports of snow and sleet came drifting In with the forecast pointing toward still lower temperature. This rallied the mar ket in spite of the decline and the market became excited.
 Operators who had sold early became alarmed over the ease with which the market was rallied, and buying orders came pouring in from outside sources. It was reported that big New Orleans operators were buying heavily In that market and prices were rushed up here rapidly. From 10.S4, the low point of the session, December sold up to 10.16; Janu- ary from 10.S3 to 1117; March from 10.9S to 1122; May from 10.Ss to 11.23, and July from 10S9 to 1121
 In the last minute or two prices eased off point or two, but the market was finally firm at net gain of IA to 19 points Sales were estimated at 1000,000.
 The estimated receipts at leading points for tomorrow were exceedingly heavy as compared with last year and the early reports from southern spot markets showed generally lower prices, though New Orleans later was reported firm at an advance of one-sixteenln cents. The bulls claimed that the heavy movement is not bearing upon the spot markets of the country, but that the cotton has all ready been sold and merely represents the fact that there is a good demand and that every day of large figures means the nearing of the time when receipts will fall off. The bears on the other hand contend that the volume of receipts Is confirmation of their theory that the crop is 100000 bales or over, and that if the planter had so small a crop as
 
 likely to market it so rapidly when so strong bull speculation is promising still higher prices. Exports today were small and the New York spot market was quiet and unchanged.
 The movement also had much weight with Liverpool which showed wide de- clines in both spot and futures The To- cal decline attracted prominent bulls to the ringside and prices were gradually driven up until they were 20 to 29 points above yesterdays closing and 29 to 33 points above the opening level. The trading was active throughout the day and the market closed firm with net gains of 25 to 29 points.
 Receipts of cotton at the ports today were 113,679 bales against 101 s96 last week and 62,5S7 last year; for the week 40 GOO against 4S1, 097 last week and 323 453 last year. Today's receipts at New Orleans were SoO2l bales against 1923 last year, and at Houston 45,31 bales against 20 962 last year.
 New York November 17-Cotton quiet. middling, 11.30; net receipts, 244; gross re- ceipts, sS57 stock, S9,981; exports Great Britain, 742; continent, 103S; France, 547.
 Totai today at all seaports Net re- ceiptsi l13,679; exports Great Britain. 3s4e; France, 546; continent s562; Japan, 1869 stock, S35,SS5.
 Consolidated at all seaports: Net re- ceipts' 225,296; exports Great Britain. 56.- 99S; France, 52, 6S2; continent. 65 s59; Japan. 1569
 Total since September 1 at all seaports: Net receipts, 3,06S,019; exports Great Brit ain 903, 197; France 319,504; continent S15 = 495; Japan, 5749; Mexico 13.97s