The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-12-04
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UUIIUN MAhkEI
DECIDEDLY WEAK
Long Cotton Came Out Freely
and Selling Was Feature.
TRADERS ARE DISAPPOINTED
Advance Was Expected, But Reports
Of Leakage as to Government Fig
ures Caused pecllne-spot Mar.
ksts Were Not Responsible.

New York, December 8. - Tho cotton
market, after opening points higher TO
8 points lower, became universally unset
tied and decidedly weak. Long cotton
came out freely and selling for short ac-
counts was also an active feature. THIS
was in the face Of cables which, on the
opening advlces were expected 10 mako
an advance of points In GU. market.
But It was alleged that there had been
leakage as to the governments report OF
the cotton crop. This report caused
heavy selling and the days transactions
were exceptionally large. At the weakest
Interval the decline was matter Of Is TO
"a points This was after the announce
ment of the bureau crop estimate Of TO-
417,00O bales. 1t was argued from this
that the commercial crop in official show
ing could not be less than 100000 bales
The immediate effect of the report was a
break of to points within five minutes
after its announcement. Then the mar
ket rallied quite sharply.
It appeared from the incoming reports
from the spot markets of the country that
they were not responsible for the specula-
tive decline On the apprehension that
the market had been oversold there was
an active covering movement and COM
mission houses were also heavy buyers
The market rallied sharply and closed
steady, with the net loss reduced to Toll
points The total sales of futures were
$50, 900 bales.
New York, December 3.-Cotton quiet:
middling $780, net receipts 2718 gross re-
| alr1fc oo1a IL &c
to the continent 1174. to France 100.
Total today: Net receipts $3.50, exports
to Great Britain 11,333 to France 81, 100, to
the continent u,795, stock 1,04S,764.
Consolidated statement: Net receipts
22o,S34. exports to Great Britain $685. to
France 80, 431, to the continent 1854.
Total since September /: Net receipts
| 3.79S. 9SS, exports to Great Britain 1,065, 1863,
to France 308,124, to the continent LII 492.
New Orleans Market.
New Orleans, December 3.-The spot
market was very quiet today. After the
government bureau report had been is
sued prices in sympathy with the break
In contract values showed slight ten
dency to ease off but there was no we'll
established decline Sales $500 bales, In
Guiding 300 to arrive. Quotations un-
| changed.
The future market opened 8 to points
down. Then came a decline of to 6
points in Liverpool with reports of heavy
selling by spectators in that market
Nervous longs here dumped their loads
overheard, causing declines of to 8
points. Then followed a series of rapid
fluctuations covering range of to 0
points. When the bureau report was
read prices again broke, but the market
had been pretty we'll cleared for action in
advance of the report and everybody APP
parently wanted to get in on one side or
the other at the newly established level
and there was a perfect storm of trad
| ing. The bulls evidently were the more
| eager and under hurricane of bids
prices worked up rapidly until a good
part of the previous break had been
! made good, the market at the close
showing net losse of 6 to points.
| New Orleans December 3-Cotton flu
trues steady. December 7.920793; jan
uary S.029S.03; February S05@807: March
s129s.1S; April S14Gs1e; May S17@S. Is /;
June s.1s@s.2o; July s.21@s.28; August 500
bid
New Orleans, December s-Cotton quiet;
sales $500. Ordinary 6%; good ordinary
| 7s; low middling 77-16; middling 1919;
good middling S%; middling fair 9 1-16
receipts 29.247; stock 390,s79.