The Birmingham age-herald., 1904-08-31
COTTON ADVANCE
 IS SENSATIONAL
Over Half a Cent is Gained Dur
 ing the Day
OLD BULL AGAIN AT WORK
Conservative Observers Are Inclined to Credit the Advance to a Gen uine crop scare-Many
 Rumors Afioat.

New York, August 3a.-It was one of the most active and sensational sessions that cotton had experienced since the bull campaign of last winter. The mar ket opened weak at a decline Of 10 to 12 points, and after some irregularity in- creased the decline to a matter of about 16 to 20 points, under active selling by local professionals, encouraged by lower cables, favorable weather and large re- ceipts, as well as by anticipations of a bearish bureau report at midday.
 But when the report was Issued, 1t proved more bullish than any one had been looking for. Following this report. was the utmost excitement and confu- sion. Local sellers of the forenoon start ed immediately to cover, and later buy ing orders poured in from all directions Prices went up and points between sales and around Il cents big batch of stop-loss orders were uncovered. This added to the excitement, and before the upward tendency was checked September had sold at 1125 October at 11.16. De- cember at 1115 and January at 1116.
 This was a net advance of 30 to 37 points and a gain from the low point of the morning of little over half a cent a pound or about $50 a trading contract. Just before the close there was heavy realizing. and the market worked off a point in an irregular way. but was finally firm at net gain of 20 to 27 points
 Sales were estimated at no less than a million bales. All sorts of sensational rumors were circulated as to a powerful interest behind the advance, and in some quarters 1t was stated that the local bull of last winter, whose sensational failure was partly responsible for the downward movement which had carried the market to around 9.25 not long ago. was again actively engaged in marking up prices with part of the buying on the decline this morning credited to him.
 As matter of fact however, the ad- vance appeared to most close observers to be nothing more or less than a genu- ine crop scare. coming at a time when many paid prices considered much too high, and had committed themselves ae- cordingly. The weekly report was thought In many quarters to foreshadow a very bullish report by the government next Friday, and 1t was predicted on every hand that the condition would fall below the figures of a year ago.
 After the regular close. transactions were made on the curb fully 3 to points l dDONe the OtllSldl HBuTeS on the SOppO- sition that the overnight calls for mar gins would bring In heavy buying orders tomorrow morning, while it was also feared that the weekly report would ex- ert a very decided effect in Liverpool, where the trading recently has shown much nervousness over the immediate available supplies It was felt. however, that the advance of today must have gone far towards eliminating the out standing short interest and thus reduced the buying power, while present prices seem very high for time when receipts are beginning to assume large proportions.
 Receipts of cotton at the ports today, 15,623 bales against 7774 last week and 405 last year. For the week, 10000 bales against 32 539 last week and 5513 last year. Today,s receipts at New Orleans 644 bales against none last year, and at Houston 12,316 against 4S9 last year.
 New York August 30.-Cotton quiet; mddlinE, II 65; gross receipts 1921 sales. 2225 stock. 26, 4S1; exports to Great Brit ain, 101; to the continent, 50; to France, 150
 Total today: Net receipts. 15. 623; exports to Great Britain, 101; to France, 150 to the continent 30; stock, 99, 233.
 Consolidated: Net receipts, 36.567; exports to Great Britain 8711; to France, 15O to the continent. 1966
 Total since September 1: Net receipts 7218, ,709; exports to Great Britain. 2,521,- 939; to France, 699,2S3 to the continent 2,599, 191; to Japan. 46,697; to Mexico, 27,- 942