The Birmingham age-herald., 1904-03-24
FAILURE AFFECTED STRONGEST HOUSES Cotton Market Steadied by the
 Announcement. ONE STRONG BEAR DRIVE  Immediately After This the Trade Be- came Still More Confident and
 There Was Active Buying
 By Shorts.

New York, March 23.-The cotton mar ket opened easy at decline of to II points under liquidation with May selling down from 1885 to 15.30 on the call in spite of better cables than were expected. There seems to be considerable selling thought to be for the account of a Wall street contgent, and at first fluctuations while irregular were indicative of lack of confidence and nervousness. The fact, however that the call had passed over without further difficulties helped the market and the statement given out by the president of the exchange to the effect that the losses resulting from the sully failure fell upon the strongest and most conservative houses in the trade warrant ing no further apprehension, also tended to increase confidence and it soon became evident that the market was receiving good support.
 May advanced to 1865 and July to 1875; net gains of about 20 points when rumors that the New Orleans bulls were in diff faculties caused a renewal of apprehen- sions, the room sold out, there was anoth- CT bear drive and prices broken down to about the low level. Then the light esti- mate for tomorrows receipts at Calves ton helped the market and there was half-hearted rally to about the closing prices of yesterday At this point business became less active and as the afternoon wore away apprehensions were felt as to the developments on the afternoon call.
 This point was safely passed, however, and immediately afterward it seemed that the trade became still more confident. There was an active buying movement by shorts and the highest prices of the day were reached In the last half hour. The close was at the top and firm with the net advance a matter of 22 to45 points. Sales were estimated at 300, GOO bales Port receipts for the day were full and the estimates for tomorrow at Houston and New Orleans were larger than expected
 Reports from the south, however, indi- cated that mills were active buyers at present prices whenever cotton of a de- sirable grade was offered. The apparent stability of the spot markets and the i'm pression with financial difficulties result Ing from the collapse of the recent bull leader had been brldged over success fully seemed to be exerting considerable influence on sentiments, and the active buying immediately preceding the call lead to the idea that the market had been oversold and that shorts were over anxious to cover before the issuance of the final report of the census bureau on Friday.
 Receipts at the ports today. 14574 bales against 13O4i last week and 15S43 last year. Todays receipts at New Orleans were $500 bales against 7545 last year and at Houston 1871 bales against 1230 last year.
 New York, March 2s-Cotton quiet; middling, 14 cents; net receipts. 150; gross. 397S sales, 211; stock, 3,55S. Exports to Great Britain, 1897.
 Total today: Net receipts, 1874; exports to Great Britain S5S0; to the continent, s351; stock 552055
 Consolidated net receipts, 45,55S exports to Great Britain 12,625; to the continent, 40. 106: to Japan, 30.
 Total since September 1: Net receipts, 6634 642 exports to Great Britain, 2030, 933; to France, 647114; to the continent, 2S1, 700; to Japan, 39,201; to Mexico, 25,41.