The Birmingham age-herald., 1903-04-07
COTTON RULED
 FIRM AND ACTIVE Was Excited Under Covering by May and July Shorts SOUTHERN NEWS BEARISH At Intervals Through the Day the Mar ket Was Supported By the Bull
 clique-closed Net to 4
 Points Higher.
SOUTHERN NEWS BEARISH

New York, April 6.-The cotton market opened firm at an advance of l to points and ruled active and excited. un- der further covering of May and July shorts. Immediately following the call here, May was forced rapidly upward to 10.S4, this being If points beyond the high est previous level of the season and July selling at a.e5 also surpassed previous records, so far as the present crop was concerned. The advance was almost en- tirely due to the covering of shorts though at intervals through the day the market was supported by the bull clique. South ern news as to new crop prospects con- tinued bearish and this exerted de- pressing effect on the new crop options which were neglected during most of the session. But while the port receipts for the day turning out about 1a.67b bales against 13114 bales last year. and the estimated receipts for leading points to- morrow were moderate, thus encouraging buying, when May had reached 10.35 there was momentary halt and values sagged back a little under realizing Then the list turned stronger again and May was rushed up to 10.3S with the general mar ket at that time showing an advance of from 6 to 26 points on the active options. After this the market while generally firm grew somewhat irregular. It was thought that the heaviest short interest had pretty thoroughly covered and this was regarded by some of the bolder room operators as a signal for fresh commit ments on the short side, while it also checked covering by those who had thus far stood by their short contracts. There was some further realizing by room longs who preferred taking profits to carrying their operations over night, and prices worked back few points. but were again rallied just before the close which was steady at a net advance of 5@25 points and with May selling at 1055 and July at 9.93 was within 243 points of best on these two options.
 Total sales estimated. 900 bales. The Liverpool market was not a factor in to- days trading At the time of the local opening it was just about as due on the New York close of Saturday, but later turned firmer in response to advances here and closed net 2@4ls points higher.
 May cotton touched 10,3S, the top price of the day in the early afternoon There was no special news to account for the further advance other than that the shorts were still fearful of the situation and continued to cover. The bull factions appear to be well satisfied with conditions and sold May moderately. The market be- came somewhat unsettled toward the close with prices generally below the top although the reputed leader of the long interest was reported to have purchased something like six thousand bales of May cotton at a price very near the high fig ure. The closing was steady with these bid and asked prices: May 1o.S5dlO.36. July 9.92d9.93. September s.s2@s.S9 and November S.42@S.4S.
 New York April 6.-Cotton quiet; mid ding 10. 45, net receipts 49, gross 5O20 sales 2O00, stock 6l,5l3, exports to Great Britain 1861.
 Total today at all seaports: Net receipts 2,663, exports to Great Britain 32S6, to the continent 12,211, stock 35l,27l.
 Consolidated at all seaports: Net re- ceipts 196S6. exports to Great Britain 23,- SOL to France 2100 to the continent 9, 083.
 Total since September 1 at all seaports: Net receipts 7O9S.62S. exports to Great Britain 2,529O64 to France 724,524, to the continent 2,62G, 703.