The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-02-05
COTTON PRICES co
: TUMBL|NG DOWN
Cables Reported Net Decline of
Over 20 Points
LONGS TERROR STRICKEN
Cotton Was Poured Out From All
sides-JuIy Loses 1oe Points In
New Orleans In a Very
Short Time.
LONGS TERROR STRICKEN

New York. February 4.-The cotton
market opened weak at decline of Al
ass points on the old and f5a20 points on
the new crop months under continued Ii
quotation at selling for short account. ac-
companied by the widest excitement and
confusion. The fact that heavy buying
orders had been received here from New
Orleans just before the close last night
and the firm showing Of the New Orleans
market in the late trading had led to ex-
pectations that the English market this
morning would prove higher than ex-
pected.
Cables, however, reported net decline
of 2o02e points at the hour of the local
opening and with no show of bull support
the news from the far east threatening.
and bear confidence strengthened the
market after some little irregularity turn
ed very weak particularly when it was
seen that March in New Orleans had
broke 106 points and July 80 points
This show of weakness in the very
stronghold of bull speculation, struck ter
ror in the smaller longs in the local mar
ket and in moment prices were tumb-
ling downward at rate that threatened
to surpass the break of last Tuesday.
After March had been forced down to
1880, May to 1853 and July to 1574 d net
loss on these positions of about 81 to &C
points, the entrance into the ring of the
local bull leader who bid for May and
July restored confidence to some extent.
The New Orleans crowd began buying
in volume and the market steadied up I'M
til within 10 ors12 points of yesterday $
close
Following this, the market in the late
trading experienced the most sensational
fluctuations of the day or season, or for
that matter in the history of the ex-
change. Shortly before closing time a
rumor was circulated that war had ac-
tually been declared between Russia and
Japan, and this precipitated the market
into the widest confusion.
Long cotton was fairly poured out from
all sides. July here broke about 70 points
in 20 minutes, while in New Orleans it
lost nearly LOG points in the same time.
From 1888 the high point for March,
locally, that option was depressed to All;
May sold down from 1912 to 1900 and
July from 1922 to 1923, these prices rep
resenting net declines of ia, and ZIG
points The market closed at nearly the
lowest or at a net loss of 104 to 1872 points
on the old and of 80 to so points on the
new crop months
Sales were estimated at 100000 bales.
Cotton receipts at the ports today, 2l,19S
bales, against 1454S last week and 27,167
last year For the week $4,000 bales
against 1929 last week, and 194,l61 last
year. & ..xsi
Todays receipts at New Orleans were
1922 bales, against 1928 last year and at
Houston 7705 bales against 500 last year.
New York, February 4.--Cotton quiet;
middling, 1925; net receipts. Ill; gross
1905; sales, 500; stock II 200; exports conti-
nent, $50; France, 49,
Total today at all seaports, net receipts,
81 ,193 exports to Great Britain, 14166;
France, $500; continent, 10.25o; stock, 7i4,
517.
Consolidated at all seaports. net receipts
1906; exports to Great Britain, 81, 21S;
France. $780, continent. S2,96S; Japan, $50;
Mexico, 1927.
Total since September / at all seaports,
net receipts, 6704,2i7 exports to Great
Britain, 1,11S4 2o; France. 592.7 1903; conti-
nent, 2,093,00S; Japan, 34,759; Mexico, 22,O75.