The Birmingham age-herald., 1908-12-05
COTTON PRICES
 HOLDING UP WELL Believers In a Big Crop Are
 Still Very BeariSh GREATER DEMAND EXISTS The Days Market Is Nervous and On- settled and After Much Liquidation on Reports of Cheaper Spots
 Market Closes Lower.
GREATER DEMAND EXISTS

New York, December 4.-ln US produ outlines the cotton market has under gone no marked change during the past week. Some decline has taken place ow- ing to liquidation by some of the Wal street bulls following and to certain oth- CT influences among them the DE re ceipts inevitable hedge selling by the south at this time of the year. saies here by Liverpool straddles against pul- chases in Liverpool at unusually mar row differences, some selling or Jan, uary and May by spot interests anu miscellaneous selling for both sides or the account. The enormous receipts, the high record movement of cotton into slBht week after week and the pressure or southern hedges against actual cotton an ordinary incident of the season al this time have undoubte" aighed more or less on the market. NIv. 2. the spec ulation is not what it used to be. The outside public is not in it to any ex- tent Of course, as is conceded, soulh- ern exchange had had no slight influence Furthermore, the spot markets here ana there at the south have shown some un- avoidable effects of the enormous pres sure of cotton upon them and surprise Ia expressed that influence of such mon umental receipts has not been greater It Is remarked too, that futures here have withstood forces seemingly max ing for lower prices surprisingly We'll This resisting power may be traced to number of factors. They are briefly' spinners' takings' which make veterans stare; exports of size hitherto un- known up to this time of the year; per sistent buying by Wall street even though iron, time to time some houses there take profit and the entrance into speculation of A new and powerful element, sup nosedlv with both Wall street and New Orleans connections. The supposltlon too is that certain outside men Of wealth and influence-whether in tobacco, grain, metals or other branches of trade Is merely conjectural-have taken hold or the bull side of cotton, buying principal ly May and July. One of these Inter ests Is supposed to have bought the other day some 250O0 bales. large local operator is said to have entered the mar lxet as a buyer The December premium over January has latterly shown note worthy increase.
 Chicago operators are supposed to be bullish on the situation. Most people, however lay the greatest stress on the revival of trade in this country and such
 suggestive things as the advance the other day in print cloths at Fall River. They think that even a crop of 13,5OO,0OO 
 do not believe, however, that 1t will be so large At the moment, however, very many people are holding aloof, awaiting
 the two government reports next week.
 one to appear on Tuesday at 10 a. m.,
 giving the ginning up to December l, and 1 the other at 1 p. m., December 9, giV- l ing the governments estimate of the size l of the crop. It Is part Of the irony
 of events that Wall street has stood forth as the principal champion Of the 1 bull side
 and unsettled today, closing easy at a
 net decline of 7D16 points Sales were
 estimated at 225,OO0 bales.
 l The market opened steady at an ad- vance of 1 point to a decline of points and during the first few minutes sold
 b66 points net lower under disappoint-
 ing cables Small English spot sales re- l ported cheaper southern offerings Liver
 pool selling, scattering and local bear 1 pressure.
 Southern spot markets officially re- ported were generally unchanged to l Mc lower, and one local spot dealer l claimed that purchases of spot cotton 1 could be made in Alabama, Mississippi and Texas today at the lowest price of the season, the reports of free offer ings from the interior as concessions were probably among the ch1ef de- pressing factors during the day, but 1t was noted that December contracts in creased their premium over January to 37 points, against 29 points at the close last night.
 Receipts at the ports today, 91,40O bales. against 70.160. last week and 5S,- | 511 last year.
 or the week. 425 900 bales. against 438,1 last week and 373.627 last year. Today's receipts at New Orleans, 10, 422 bales, against 1o,923 last year, and at Houston, 10,605, against 9601 last | year.