The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-05
COTTON PRICES
TAKE BIG SLUMP
Great Excitement Amid Active
Trading on Exchange.
SALES ONE MILLION BALES
Initial Decline Was Largely the Result
of Weaker Liverpool Cables Which
Were Due to Come About
Practically Unchanged.
SALES ONE MILLION BALES

New York, March, 4-There was great
excitement on the cotton exchange ana
prices at the close showed net loss OF
II to "a points from the final figures OF
yesterday. Prices broke with such ex-
IRENE violence and under such enormous
trading that at one time it looked as
though a panic might develop, but this
was averted by support from the bull
leaders.
The selling orders dumped on the mar
ket were said to have been the heaviest
since the collapse of the attempted corner
In the fall of 1896.
Total sales for the day were estimated
at a million bales
The opening was easy at decline OF
to points, and aside from brief show
of strength, following the CALL when
prices were forced up from to points
as a result of room covering and clique
support, ruled generally weak under ae-
tive and excited manipulation throughout
the session The initial decline was large
ly the result of weaker Liverpool cables,
which were due to come about unchanged
to 21h points lower, reporting decline OF
from 8 to 61a points before the time OF
the New York opening. Selling was also
encouraged by the outlook for receipts,
which were estimated at 10000, and which
turned out 20, 1O1 bales, against 1850 last
year The weather reported through the
south was again unfavorable to the move
ment and many of the room traders hav-
ing gone home short last night, were
tempted to cover at this mornings lower
level. The clique brokers also supported
the market openly, and this for time
impaired a steadier tone to the situation
in connection with reports from Fall
River of an advance in price of print
cloths. But estimates for tomorrow's re-
ceipts at leading points were heavy, show
Ing a continued expansion of the move
ment Notwithstanding the bad weather
and reports from southern spot markets
indicated a less pressing demand from ex-
porting interests Prominent Philadelphia
spot interests also sent in large selling or
ders here. AS the market worked down.
ward, stop orders were reported in con-
stantly increasing volume, and commits
sion houses were free sellers, contrib
uting to the decline. The insight for the
week was estimated at 100000 bales
against 1546S1 bales last year. and the ex-
ports today were light, reaching only 49,
1868 bales. The southern spot markets
were Lie to &c higher, and the New
York price was marked 20 points to 1925.
After the close July sold at $50, fur
Their break of 4 points from the official
close.
New York, March 4.-Cotton quiet mid
ding 1O. 25, net receipts 81 gross 1892, sales
3OO stock 1O9, $50, exports to the continent
1866, to France 81
Total today at all seaports: Net re-
ceipts 290lS, exports to Great Britain 6O13,
to France 2OS4, to the continent s271, stock
S09 49S.
Consolidated at all seaports: Net re-
ceipts 10s, 43S, exports to Great Britain ST.
SOP, to the continent IS. OBJ.
Total since September l at all seaports
Net receipts 6674,753, exports to Great
Britain 2,1S7.17s, to France 551, 800, to the
continent 2,3O4,26.