The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-11-08
SLIGHT DECLINE
IN COTTON MARKET
Opening Is Steady With
Figures Somewhat Lower
GENERAL SELLING OCCURS
Trading Is Active With Demand APP
parentIy as Strong as the Supply
But nealizine Reduces the
Price a Little.
GENERAL SELLING OCCURS

New York, November THE cotton
market opened steady at decline of
points to an advance of points, De
cember being disappointing on lower
cables while later months were l to 3
points higher on Wall street bull sup
port and overnight buying orders in the
hands of commission houses. Demand
was promoted by bullsh advices re-
garding the domestic cotton goods sit
uation, but weekend figures were bear
ish. There was realizing for over the
weekend, local bear pressure and south
ern hedge selling, and offerings We're
large enough to supply buyers. F1uctua-
lions were rather narrow and irregular
around the closing prices of last night,
during the middle of the morning.
In the face of the fact that the trade
has brought a greater number of actual
bales thus far this season than in any
previous similar period, practically all
the elements essential to market profit
able to the producer are lacking. And yet
conditions of marketing as they exist to-
day approach nearer the plan, advocated
by many of self-appointed leaders, for the
elimination Of the Spectator and the mid
dleman than has ever before been tho
case.
The truth is that the middlemen in the
main, have had comparatively few out
standing contracts on their books calling
for the forward delivery of cotton, con-
sequently whenever they have bought 1t
was shipment for the filing of engage
ments entered into only a little while
before, possibly only the night or day
before. In this way no arbitrary actual
cotton short interest accumulates, and
the interior finds itself without custom
ers whenever prices exhibit tendency
to climb above a basis favorable to the
buyer. Under such conditions the interior
must sell approximately on the terms
dictated by the buyer or not sell at all.
and the fact that such terms are being
met constantly is evidenced by the monu-
mental exports and the record-breaking
spinners' takngs as contrasted with the
stupidity dull future markets, which
should be discounting a crop no greater
than needed, an improving dry goods
trade and an absorption of raw cotton
on the biggest scale on record. In place
of dscounting such favorable conditions
and tendencies, the future and hedge
markets now suffer from stagnation, and
the partial destruction of their usefulness
robs them of power to aid the actual cot
ton market during the heavy movement
season, the season when the spot marker
is most in need of aid.
Another factor the Spectator, were he
in the market might be taking into con-
sideration in his price calculations, Is the
destruction of credit by the advance OF
the boil weevil, entailing curtailed cult
walton of cotton lands in boil weevn af'
fected country. The spot market can moi
boast values on conditions to arise hence
the boil weevil menace does not now
figure as a price influence.
The market closed barely steady with
prices l to 6 points lower.
Receipts at the ports today, 60,695 bales
| against SS,S62 last week and 53,237 last
year. For the week. 100000 bales, against
| 4S2. 4S3 last week and 357. 243 last year
Today's receipts at New Orleans, 1896
bales, against 1882 last year, and al
Houston, 1851 bales. against 7e43 last
year.
| E..4