The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-08-24
COTTON MARKET
HAS EXCITING DAY
Demand Absorbed All offerings
and Still Advanced
AUGUST TOUCHES II CENTS.
Close Was Barely Steady Net IN
changed on August and 10 to %
Points Higher on Later
Positions.
AUGUST TOUCHES II CENTS

New York, August 2S.-The cotton mar
ket opened one of the most exciting days
since the bull campaign of last winter,
strong in tone, with first prices from 1s
to 30 points higher.
The advance which was In response to-
much better cables than looked for, un-
covered a lot of stop loss orders and
trading was exceedingly active Piles OF
long cotton came out on the advance, but
shorts were panic stricken, apparently,
and demand was equal to absorbing all
offerings and still advance prices. Liv-
erpool steadily advanced following the
local opening, and New Orleans showed
firmness in keeping with the local mar
ket. Prices consequently continued to inn
prove, particularly when Houston esti-
mates for tomorrow's receipts was posted
indicating on 1900 to 1900 bales
Towards the end of the first hour Liv-
erpool eased off a few points and local
prices hesitated. But as they worked
back or points there was renewal
of bull support and buying on the theory
that the weekly bureau report would
prove bullish. During the balance of the
morning prices worked rapidly up, un-
covering more stop orders as they went,
and reaching net gain of SO points on
August and of from sc to 60 points on
the later months. August touched lie.
September, 1916; October 1854, and De-
cember and January, 1851. At this level
the weekly report was read and proved
much less bullish than had been expect
ed. It showed in fact that cotton had i'm
proved during the week. 1t was followed
by heavy liquidation by early buyers and
inside Of some twenty minutes after 1t
was made public the market had lost 20
to 50 points Of It's advance.
But there was further advance at a
renewal of bull support the market re-
covered part of its loss. During the ball
ance of the session 1t ruled very nervous
and more or less irregular, being first
up and then down as orders alternated.
AS closing time drew near bull support
was less in evidence and while longs
appeared to be about the only sellers, the
market worked off somewhat. 1t closed
barely steady net unchanged on August
and only 10 to % higher on later posi-
tions. Sales were estimated at 100000
bales.
The week according to today's report
was very favorable and private crop adj
vices were no less favorable than re-
Gently. The firmness of the early market
seemed to be due to the firmness In Liv-
erpool where the situation Is feeling the
effects of light old crop supplies and a
better trade demand In conjunction with
the active support of bull leaders here
who seemed to have forced prices until
margins had become exhausted.
Receipts at the ports today 1853 bales
against 1882 last week and $50 last year.
For the week $1,000 against 14032 last week
and 1888 last year. Todays receipts at
New Orleans COL against IL last year and
at Houston 5965 against s last year.
New York, August 23.--Cotton quiet;
middling. IL 20; gross receipts, 1867; stock,
81 ,632; exports to Great Britain. 1909.
Total today: Net receipts 5927.
Consolidated net receipts, 1899; exports
to Great Britain, 1894; to the continent.
200; to Japan, 502.
Total since September 1: Net receipts,
7,164S10; exports to Great Britain, $780,
636; to France, sos, 1913; to the continent,
2.595, 766; to japan, 46,697; to Mexico, 27,942
New York Cotton Futures.