The Birmingham age-herald., 1904-03-17
BEARS AT FIRST
 LACK CONFIDENCE Very Little Bull Support on
 the Call. SOON WORKS DOWNWARD New Orleans Seemed to Be Selling, and Unsatisfactory Reports Were Received Regarding Stocks
 at All Points.
SOON WORKS DOWNWARD

New York, March 16.-The cotton mar ket opened weak at a decline of 16d22 points on the old and of 6@17 points on the new crop months under room selling and liquidation, following disappointing cables. the outlook for larger receipts and the prospect of rain in the south western belt. At first the bears seemed to lack confidence and there was little bull support on the call with the result that durnig the first ten minutes the mar ket ruled fairly steady. in some instances selling over the opening prices. But as it appeared that buying orders were llm- ited, offerings became more aggressive and soon the market was working rap idly downward.
 New Orleans seemed to be selling here; there were rumors that a powerful bear clique had been organized and reports continued to come in as to the unsatisfac- tory conditions of spot demand, while it was pointed out that stocks at both in terior and ports are gradually accumulat- ing, being now above last years figures in both cases. In addition to this, private wires were received stating that cotton was being offered with surprising free dom in the interior. The estimates for tomorrow's receipts at Houston and Gal weston were light, leading to brief inter vals of steadness, but generally speak ing, the market worked steadily down word, catching stop orders on the long side before midday, after which the liqul- dation through wire houses accelerated the decline
 Brokers believed to be representing the bull leader, bought the summer months shortly after midday, and with some room covering rallied the market about ten points, but little later these gains were lost in another wave of bear pres sure, and the low point of the day was reached in the middle of the afternoon, when March selling at 1534, May at 15eO and July at 156S, were from 67 to 72 points net lower, while the new crop was at decline of about 20 points. Follow ing this, there was considerable irregular ity with sentiment evidently very nerv- ous and unsettled, and there were slight recoverles
 The market was finally steady at net decline of 20457 points, with sales estimat- ed at 100000 bales. There was considerable selling by commission houses on the break, but aside from this trading was chiefly professional and 1t did not ap- pear that the local bull leader made any very serious effort to cheek the down ward course of the market Port re- reipts for the day were within about thousand bales of last year. and exports continue light though the freer move ment of cotton to the ports would indi- cate increased shipments in the near fu- ture.
 Receipts at the ports today were 13,345 bales, against 150S4 last week, and 24, 026 last year. For the week 55,000 against 51,- 2S3 last week, and S7,724 last year. To- days receipts at New Orleans were 5Se6 bales against 497a last year. and at Hous- ton 1457 against 4759 last year.
 New York. March 16.-Cotton weak, mid ding 16c, gross receipts 12s0. sales 10. stock 91,S23
 Total today, net receipts, 13,345; exports Great Britain 311; continent, 5130; Mexico, 1450; stock, G03,123
 Consolidated, net receipts, 43.26e ex- ports Gritain Britain 1se4; France 172; continent, 953S; Japan, 30; Mexico, 1500
 Total since September 1, net receipts, 65663fs; exports. Great Britain, .9S6779; France. 647, 102; continent, 2,263 213 Japan Ss,971; Mexico. 25.471.