The Birmingham age-herald., 1908-12-19
HEAVY RECEIPTS
 WEAKEN COTTON Price Movement for the Week
 Shows Little Loss UNDERT NE IS STILL FIRM Interests That Control Cotton Prices In New York Believe That Cot
 ton Is Cheap In Spite of
 Large Receipts.
UNDERT NE IS STILL FIRM

New York December 1S.-Enornous re- ceipts of cotton have at times had depressing effect, yet it Is fact, sing ularly significant, that despite the ln- cubus of a recent crop movement tn- paralleled in the history of cotton cui- ture. prices actually show a small net advance for the week. Probing for the causes for such a prenomenon, for It IS practically that, they are to De Iouha, first in the enormous consumption, sec ond as a co-relative of this, the recent very heavy exports third the cheaphess of the price and fourth, an oVerdolhs of the short side. There have been too many bears in all sections of the coun- try, owing to the mammoth receipts. But the price is relatively low and this must be numbered with the most important CT the bullish factors, then, again the qualty is admitted to be superior Wall street has been buying undismayed by the hlgh receipts, weakening spot markets, the pressure of southern hedges and at tlfnes a pressure also of foreign selling. It mas ignored reports of slackening business, poor trade on the continent, of damaged Lancashire business, and an attempt in Asia to boycott British goods in retal1- tion for the sedition laws dealing with the unrest existing in that part or the British empire. It has ignored reports that the into-sight movement by January 1 is likely to be 600 900 bales more than during the previous high record season or 19e4-O5 when, according to the cotton ex- change figures the crop was lS,Oo4ooo bales. It has paid no attention to pri- vate crop estimates of 13,5oO,00o to A,- OoOOO0 or to the increase in the stock here, to liberal tenders on December contracts here, or to the talk to the effect that the increasing New York stock must inevitably have, sooner or later, depressing effect on near options, even though December of late has ranged at premium of from 37 to 42 points over January.
 Wall street has adhered tenac 'usly to the conviction that cotton is che o that 1909 Is to be a big year in Americ,n bus mess, in which the cotton industry Is bound to share that spinners takings will be wei lover 100000 bales, that the re- cent government estimate of 12,9Oo,OOd bales, however sharply attacked, was practically correct, that there is a short interest on foreign straddles here of any where from 5oo,OoO ao 1000, 1000 bales, that another big short interest exists on south ern hedges and other bear selling.
 Meantime reports are being received that the spot markets are beginning to resist any tendency toward lower prices.
 The current price Is down nearly 10 the cost of raising cotton. Exhaustion of sup plies Is reported in some parts Of the cotton country, the weak long interest has been largely weeded out here. Str1d- dlers have been buying January, March and other months here against sales across the water In securing profits on recent widening of the difference of something like s1 bale.
 Liverpool and Manchester have within a day or two shown a stronger tone. Lan-
 4@ N.1 t.,1w7 arNxrtV1 V1ry Bears are nervous about the bureau re- port on the ginning report, to be issued Monday, December 21. In other words, tbe boot Is on the other leg. Recently the market was overbought. Now 1t looks to many as though it were oversold-
 Many of the spinning interests in this country are bullsh at present prices, and, as estimated at the outset. the market shows a resisting power in the face of ex- traordinary receipts which occasions gen. eral remark.
 The indifference of the outside public is a drawback but one house alone bought 25,0OO bales of March and May today.
 The market was steadier today on covering and reports that southern spot offerings were smaller at the decline The close was steady at a net advance of to Il points. Sales were estimated at 125000 bales.
 After a showing a net advance of to 10 points prices eased off from the top under realizing by early buyers, but steadied again toward the close, which was within a point or two of the best on most positions.
 Receipts at the ports today 77,595 bales, against 7O,3S7 last week and S0,670 last year. For the week 3SO,00O bales, against 40 667 last week and 400,715 last year.
 Today's receipts at New Orleans 16614 bales, against 12, 453 last year, and at Houston 12,623, against 17,1O3 last year.