The Birmingham age-herald., 1903-05-22
LIVERPOOL NEWS
 WAS DEMORALIzING
Cotton Opened at a Decline of
 il to 29 Points
BULLS LESS AGGRESSIVE
Closed Easy at a Net Loss of 27 to 55 Points-southern Spot Markets Were Quiet and Gener-
 ally Unchanged.


 New York. May 21-The cotton market opened easy at decline of Il to 2s points under very weak Liverpool cables, heavy estimates for the days receipts and con tlnued favorable weather. Following the call there was a brief period of uneer- tainty Then came a rally and bull sup port, which, however was confined almost entirely to the new crop options. Closing Liverpool cables reflected a demoraiized condition in that market with the near months net 1912 to p points lower and the late months at a decline of to points. This brought about one of the most excited and heaviest realizing move ments the market had yet witnessed In the course of ten minutes or so July had sold down to 10.8o, August 1062 and Sep tember to 9.75. All classes of traders seem ed to be selling. and the cotton apparently was absorbed by certain bear interests who found substantial profits In the de- cline of $2 a bale from Wednesdays close Then speculation quieted. For time the market was comparatively inactlVe. Prices fiuctuated narrowly with the bull leader showing increasing disposition 10 support as he found offerings subslding. A rally ensued. which carried prices up- ward from to Il points, but the estimates for tomorrow's receipts were heavy; the interior movement was bearish, and from all points a decreasing demand for spot cotton was reported. It was also stated that owing to the highly speculative att mosphere surrounding the market, spot dealers were finding difficulty in obtaining suitable cash advances and this encour- aged the bears who again began ham, mering values. The bulls became less az gressfve and values gradually developed a declining tendency, prices being forced downward slowly at first, but with gather ing rapidity toward the end of the ses- sion, and at the close they had reached a new low level for the day. The market was finally irregular, closing easy at net loss of 27 to 55 points, July closing at 10.10, showing a loss of over $2.50 a bale since last night. August closed at f0.47, Septem- Der at 967 October at 9.27, and May at 11.60. Total sales, futures estimated, 1000, 600. Port receipts were 5752 bales against 2931 last year. The southern spot markets were quiet and generally unchang- ed, while the New York market was ten points lower at 12.50 and spot cotton In Liverpool was 12 points lower with sales there of 5000 bales.
 Liverpool, May 2.-Cotton opened steady today, but during the morning a slump set in and continued until 12:SO. Prices showed a decline of from 21k@14A points from the previous closing prices. On receipt of the New York opening there was some excitement, and on fur ther cables arriving there was another decline until the market closed demoral- ized, with prices 1S1hd21h points decline for near months and to Il points decline for distant months.
 New York. May 21-Cotton quiet; mid ding 12.05, net receipts 4s5, gross 7502, sales 73O0 stock S91, exports to the con- tinent 301.
 Total today: Net receipts 557O, exports to Great Britain 762 to the continent 63S. stock S05.0l9.
 Consolidated: Net receipts 1,665, exports to Great Britain BPS, to France 1911, to the continent S2e7, to Japan 4s1.
 Total since September 1: Net receipts 7,534 s41, exports to Great Britain 2,6S7,- 3S6, to France 750.S62 to the continent D. 697,5s2 to Japan 1a4,6O6.
 New Orl.ans Cotton Market.
 New Orleans, May 21-In the spot market there was very little doing. Off, ferings were limited ara factors refused to make concessions, whfeh were demand ed Dy the pufcndSlnB eleIleil. odleS loV bales. Quotations unchanged.
 The future market in response to a de- cline of to 16 points fin Liverpool and heavy drop In New York opened with loss of 30 points on May, July B. August 32 September A October 22 and Novem- Der and December 20 each. After the opening the downward movement con- tinued, July selling down 30 points. Au- gust 49. September 51. October 30 and December 2S below last evenings closing prices. At the close today the list showed net losses of 24 to 49 points
 New Orleans, May N.-Cotton futures quiet; May II 64 bid June Il .80d11 .S3, July Il 99, August Il %, September 9S4q9. .S5, October 9.19d9 20. November 9.o1Q9.0S, De- cember g. 01d9.02.
 New Orleans. May A.-Cotton dull and irregular sales 150; ordinary 9-16c, good ordinary 10 1-16c low middling 10 13-16c, middling Il 9-16c, good middling PC, mid- ding fair 12 11-16c; receipts 3O97, stock S1, TAI