The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-03-18
ADVANCE IS MET
BY LIQUIDATION
Bears Soon Began Selling Ag-
greSSiveIy
PRICES ARE FORCED DOWN
Decline Evidently Furnished Some of
the Shorts With Attractive
Profits-sales Estimated
at 100000 Bales.
PRICES ARE FORCED DOWN

New York, March 1.-THE cotton mar
ket opened steady at an advance of ID
to % points on the old crop months while
the new crop positions were 10 points
higher to points lower. These gains were
in sympathy, though not full response
to firm set of Liverpool cables while
the relative weakness of the late posi-
tons was under liquidation following re-
ports of rains in the southwest. The ad-
vance, however. met with very heavy
liquidation. 1t seemed that overnight
calls for margin had brought orders to
close out long accounts, and the bears
seeing cotton so freely offered and en-
couraged also by the heavy estimates for
the days receipts, soon began selling ag-
gressively.
There were some indications of bull
support around 1870 for May and July
and stories of a concentrated long in
terest in May tending to show the pos
sibility of a corner in that position were
in circulation, but in spite of this, prices
were forced rapidly downward, with New
Orleans and Liverpool joining in the de-
cline.
The declines here soon uncovered adj
ditonal stop orders, and before mid
day, May had been depressed TO 1928 and
July to $3.50. This meant a decline from
the best point of the forenoon of about
three-quarters of cent, net loss of
about VI cent from the closing prices of
the previous day, and decline from the
high point of the recent advance of near
~ one and one-half cents a pound
The decline furnished some of the
shorts with attractive profits evidently,
and with estimated receipts for tomor-
row smaller, while exports were heavier,
there was rally of about 20 points. But
this was short lived 1t seemed that
many of the smaller longs had been
forced out, and the continued agrees
siveness of the bears gave rise to rumors
that they were cunning for still larger
game. During the afternoon the course
of prices was very irregular but on the
whole the market was held well down to
the bottom, and the close was weak at
decline of 26 to 50 points.
Sales were estimated at 100000 bales
Port receipts for the day exceeding last
years helped in the decline, while the
anterior movement showed an abrupt fall
ing off, and advices being received from
the south indicate very light supplies re-
naming to come forward. At the same
time the demand for spot cotton Is said
to continue light and while exports to-
day We're much heavier, they seemed to
go but little way toward restoring con-
fidence among smaller longs.
Receipts at the ports today 1889 bales
against 1864 last week, and 1924 last
year. For the week 10000 bales against
81 2SS last week and S7,73i last year. To-
days receipts at New Orleans were 44f6
bales against ALA last year and at Hous-
ton 623 bales against 347S last year.
New York. March 17.-Cotton dull and
easy; middling 1855: gross receipts, 56OS !;
sales, 40; stock, 9OS92; exports to Great
Britain 1865
Total today: Net receipts 1859: exports
to Great Britain, 11,6l9; to the continent,
S715; stock, 5S4, 401.
Consolidated: Net receipts, S. 1913; exports
to Great Britain, 19.443; to France. 172;
to the continent, 1928; to Japan, 90; to
Mexico, 1900,
Total since September 1: Net receipts
6,579207; exports to Great Britain, 20O4,-
39S; to France. CAT, 102; to the continent. o.
81, 29S; to Japan, 1891; to Mexico, 25,41.
Neuy Nark Cotfon E,,4Ura.