The age-herald., 1901-06-28
SHARP REACTION
 AT TIE OPENING Low Prices, However, Were Posted Later in the Day TIRED LONG AND BEAR RAID Cables Were Better Than Expected, But Rains In Texas Were Not as
 Important as Reported the
 Night Before.
TIRED LONG AND BEAR RAID

New York. June 27.-Forenoon develop ments in the cotton market were bullish and the indications quite strongly fa- vored sharp reaction from yesterday s break. But later in the day new low prices for the present decline were posted, the result of final selling out by tired longs and bear raiding. The mar ket opened firm, unchanged to 6 points higher and continued to improve after the call on profit taking by yesterday s sellers and buying on the reactionary theory. The cables were better than ex- pected, the rains In Texas proved to be less important than reported last night, while reports from spot markets showed well sustained prices throughout the South. The first wave of buying carried August to 7S9; October to 749 and Jan uary to 752. The reports of light but fairly general rains in Texas reduced the advance by midday to a matter of to points. A forecast for occasional show CTS in Texas, general rains in the South Atlantic States tonight, and tomorrow with the suspension of the Seventh Na- tional Bank brought about heavy sell ing movement which swept everything beforesit. August fell to 7.78, October to 7.3 and January to TBS, after which the market stiffened on room support, com- piete cessation of the liquidation and moderate Southern buying for turn. The trade here was apprehensive or startling developments in August in the New Orleans market at any time.
 The market finally was steady with prices net point lower to points higher.
 New York, June N.-Cotton, quiet; mid ding, SM; net receipts, 33; gross receipts, S27S; sales, 255 stock, 15S,0S6; exports to Great Britain, 1921; exports to the con- tinent, 125.
 Consolidated: Net receipts, 61,119; ex- ports to Great Britain, 13,432; France, 100; continent, 13,762.
 Total since September l: Net receipts, 7,256s74 exports to Great Britain, 2sO2, 7s2; France, 7O6,S79; continent, 2,419,9@.
 New Orleans Cotton Market.
 New Orleans, June 27.--The market for spot cotton was very quiet today. As usual buyers were moving about among the sample rooms and busted themselves with the inspection of uncovered lists but they were not bidding up to the mark set by factors, and as the latter seemed disinclined to make concessions below the board level trading was virtually at . standstill. Sales 1,o50 bales, including 7Ot to arrive. Quotations reduced B on all grades.
 There was far less steam in the market for contracts today than was noted yes terday. Liverpool continued her down ward course to the extent of an additiona 2-2d on spots and net 1-64d to 2-64d on de- liveries, but today's losses in the English market were largely reflective of yester- days big break on the American side, and as that fact was in a measure disappoint- ing to the bearish element, there was a distinct rally of the longs on first calls and this market showed opening gains or the first call of to 2 points, following UT the advantage by forcing the figures UT 5 to points additional immediately after the opening. But at that level change insentiment developed and free selling be- came the order of the day. Yesterdays beneficient rainfalls in Texas were taken into account and accorded due weight ir the calculations of the talent to the end that several positions were sold down steadily until the morning Improvements had been swept almost out of sight. The market closed points higher on July and point on the balance of the list com pared with yesterdays closing figures.
 New Orleans, June 27.-Cotton quiet sales 1050. Ordinary. 1916; good ordin. ary, 61k; middling, 75-16; middling, S-16 good middling, 11-16; middling fair 15-16; receipts, 636; stock, 154S0.
 Consolidated statement: Net receipts 61, ,119; exports to Great Britain, 13, ,432 France, 100; Continent, 13, ,762; stock, AS, 369
 New Orleans, July 27.-Cotton futures quiet. June, nominal; July, 8.10lS Il August. 7.s6g7S7; September, 7.37Q7: :SS october, 71e@7.15; November, 7.15Q7 1e December, 7.16@716; January, TIT.
 Daily Statement
 Galveston-Quiet; middling, s7-16; stock 91,096.
 Mobile-Nominal; middling. SIS: receipts s; stock, 6,7S2.
 Savannah-Firm; middling, SIS; sales, 63: receipts, S79; stock, -31, ,23S. Charleston-Quiet and steady; middling SA: receipts, %; stock, 4,112.
 Wilmington--Firn: rntddling, 7A; re. ceipts 52; stock, 5,S07.
 Norfolk-Firm; middling. S7-16; sales 1os; receipts, 1,77s; stock, 17,575.
 Baltimore-Nominal; middling, 11-1e receipts, 1ss; stock, 5.762.
 Boston-Dull; middling. s%; net receipts s47
 Philadelphia-Quiet; middling, S11-16 stock, 3,452.
 St. Louis-Quiet and steady; middling 8A; sales 260; receipts, 754; stock, 65, ,239
 Memphis-Quiet; middling, 8a4; receipts 266; shipments. 1,1S3: sales, $50; stock, 49,- 107,
 Liverpool Cotton Market.
 Liverpool, June 27.-(4 p. m.)-Spot cot