The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-02-03
MARKET BECAME
PERFECT BEDLAM
Everybody Was Eager to Sell
Cotton
BULL LEADER TAKES REST
Says His Withdrawal Does Not Imply
That He Is No Longer Interested
or Has Altered 6uIlish
Conditions.
BULL LEADER TAKES REST

New York, February 2.-The cotton
market opened easy at a decline of to
16 points on the old and an advance Of
10 to u points on the new crop positions
The latter were Influenced by covering
and buying here against sales in the En-
gsh market. an operation said to be
profitable owing to the premiums exist
Ing while the more active positions came
in for heavy liquidation, encouraged by
disappointing cables and rather heavier
receipts for the day in connection with
unfavorable news from the far east.
There was continued buying for New
Orleans account, however, and after a
decline OF about half a cent on the ac-
tive months, the market was rallied to
practically the opening figures, after
which It continued active and irregular
until shortly after midday. Then re-
port was circulated that the local bull
leader had sold out his holdings and was
about to retire from the market for an
indefinite period.
This rumor was confirmed to some ex-
tent by the bull leader himself, who
stated that he considered himself entitled
to holiday, but added that his tempo
rary withdrawal from the market did
not imply that he was no longer interest
ed, or that he had altered his bullish
convictions.
The moment the news was circulated,
however, the market became perfect
bedlam of excited, gesticulating brokers,
who seemed to have but one desire on
earth--and that desire was to sell cotton,
From 1891 the high point of the morning,
March sold down to 1890, May from 1882
to 1906 and July from 17.42 TO 1915. net
decline of III to 1856 points on the posi-
lions named. The New Orleans bulls
were active buyers at the, decline, how
ever. and soon the market appeared to
have been sold out, From this point 1T
was again rallied
1t was pointed out that the census re-
port due in day or so, was expected to
prove very bullsh and with private adj
vices from the south indicating contin-
ned irmness. there was a rally almost
as sensational as the break with prices
in the first twenty minutes after the
slump commenced showing a recovery of
from 70 to 70 points. At this the market
took a sight breathing spell, the situation
grew slightly less intense and strading
proceeded more quietly. Part of the re-
eovery was lost before the close, but the
market was finally steady with the three
active months 20 to 50 points up from the
bottom, but at a net decline of So to 81
points on the old, and of to 27 points
on the new crop months.
Sales were estimated at 100000 bales
The early decline was helped by reports
of a private settlement said to have been
made last night in which it was estimate
ed something like .100, 900 bales were con-
cerned Receipts at the ports today, 49,
bS7 bales compared with 31,636 last week
and 31,s54 last year For the week, 136, 900
bales against 1885, 29s last week and 19f,161
last year. Today's receipts at New Or
leans were 9471 bales. against 1886 last
year, and at Houston 1896 bales, against
1874 last year.
New York, February 2.-Cotton weak;
middling, 1915; net receipts, 263; gross,
4sS; sales, none; stock, 74203; exports to
Great Britain, 1856; to the continent, 664.
Total today at all seaports: Net receipts,
1857; exports to Great Britain 5639; to the
continent, So. 746; stock. 746,349
Consolidated at all seaports Net re-
ceipts, SS.517; exports to Great Britain,
1868 to the continent, 7216.
Total since September l at all seaports:
Net receipts, 6O27.022; exports to Great
Britain, 1,79fS75; to France, 5S6,S43; to the
continent, 20S2, 756; to Japan, sS,4o9; to
Mexico. 20,246.