The Birmingham age-herald., 1903-11-20
THE AGE-HERALD, FRIDAY, NOV ENfBER 20, 1903.

the cotton market continued today, and at times the pit was in q greater furor than during the previous days of this week Very little change in the wild na- ture of fluctuations took place and prices moved about in way to disturb the most phlegmatic trader on the floor. No one appeared to have any settled idea as to the nature of the market. whether prices had reached a level from which a decline was in progress or whether the break was simply a reaction on bull market. As was the case yesterday and on Tues day, the tone changed from weak to firm with incredible swiftness and almost be- fore operators had a chance to act the prices had changed sufficiently to cause reconsideration, resulting in activity. large business was done by brokers with southern connections and commits sion houses poured out cotton steadily on the decline. Never in the history of cotton speculation has there been any thing like the changes of the week The prices have luetuated in a way to en- rich the professional traders who were on the right side of the market.
 The receipts were on a large scale and the insight figures promise to change the statistical position considerably
 With more cotton coming into the south- ern markets and exports on a diminished SCdlts illbIt future Stlll1R mas taken place in New York and New Orleans during the last few days. Coming after the sensa- tional advance in price, this has added weight which the general public could not shoulder.
 With the liberal movement of new cot ton and weather such as to indicate larg- CT receipts as compared with last year for some time to come, many holders have sold their cotton. Fluctuations have proved sensational, owing to the persist ency of the buying power with the large profits from previous transactions. bear element of some importance has worked for break, but the efforts of this element have been lessened in power by the heavy selling on breaks and cov- ering on advances. When the market begins to show evidences of weakness and possible break, large blocks of cotton are hurled into the pit
 Instead of covering on the break shorts hoped for demoralized market and failed to cover until an advance forced them in. In the advance yesterday morn ing to 1120 for May the heaviest buyers were those who sold at II cents the day before. Very much the same operation was repeated today when May advanced to 11.15. The early sellers were buying because the price failed to break as scheduled From 11.15 selling soon brought a break 10 HOS and the market continued feverish, nervous and uncer- tain. Trouble was reported with the wire service in the south and this increased the irregularity of the market The ap- preaching government report on Deeem- Der is beginning to exert an influence on sentiment. Traders are not inclined to sell as progressively as might be the case under different conditions. Uneer- tainty over the Washington estimates prevents many from looking for decline on the big movement of cotton. This re- port usually exerts a strengthening in- fuence on prices, and many times in the past the market has been held by the un- certainty, only to decline after the report has been received