The Birmingham age-herald., 1904-09-07
COTTON MARKET
 SHOWS FIRMNESS Trade Was Expecting BuIIiSh
 Report at Midday CLOSED AT A SLIGHT GAIN  Reactionary Tendency in the English Market Was Attributed to More
 Active Spot Demand at
 the Decline.
CLOSED AT A SLIGHT GAIN

New York, September 6.-The cotton market reopened after the holidays firm tone. with September points lower and other positions unchanged to points higher. This was about as due on the cables, which having shown a decline as a result of the bureau report of last Fri day of about IS to 22 points, rallied this morning, and by the hour of the local opening were about as expected on the New York close of last Friday In addi- ton to this steadlness the trade was evi- dently looking for a bullish weekly re- port at midday and there were also re- ports Of rains in Texas that were said to be damaging the crop and delaying the movement.
 At any rate the first tendency here was to cover shorts, and the market during the morning ruled firm and higher, reach ing net advance of about 24 to 29 points. There seemed very little cotton for sale, as prices worked upwards. People with bearish views evidently thought they might get better selling level as a re- suit of the bureau weekly report. This proved about as bullish as looked for, in dicating quite a general deterioration in the crop condition. But 1t proved the sig nal for more general selling, and 1t soon became apparent that the advance of the morning had fully discounted the bull ishness of the report from which, of course 1t was impossible to say whether the crop had lost more than would be considered normal at this season of the year. Prices in the afternoon ruled gen. orally weak Lower Wall street was cred lted with selling very heavily, and there was no sign of anything resembling bull support The market In the late trading lost all its early advance, and while just before the close there was slight rally on covering by noon shorts, the market left off at a net gain of only to 6 points.
 The closing was steady. Sales were es- timated at 600,000 bales. The reactionary tendency in the English market was at tributed to a more active spot demand at the decline. The mornings weather map, on the whole, was fairly satisfac- tory, and receipts for the day were heavy but the increased movement Is regarded as no more than natural at this time, and the fact remains that available supplies are still very low. Receipts of cotton at the ports today were 27 933 bales, against 15,615 last week and 6141 last year. For the week 100000 against 77,SSS last week. and 36,7 last year. Today's receipts at New Orleans 1900, against 76 last year, and at Houston 1S921 against S4O last year.
 New York, September 6-Cotton quiet; middling, II .10c; gross receipts, 425; sales, 751; stock, SO,709; exports to Great Britain. 30S3
 Total today: Net receipts, 27,9S3; ex- ports to Great Britain, 30s4; exports to the continent, 200 stock, 123,57S.
 Consolidated: Net receipts, 60,S3S; ex- ports to Great Britain 1s,13s; exports to the continent, 13, 1928.
 Total since September 1: Net receipts, S3, TOO; exports to Great Britain, S2,076; exports to France, 8716 exports to the continent, 14321.