The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-04-07
COTTON CLOSED
FEW POINTS OFF.
Opened at Decline Despite the
Better Cables.
SPOTS WERE FAIR BUYERS
Estimates for Tomorrow's Receipts at
Leading Points Were Very Light
and the Days Port Receipts
Proved Disappointing.
SPOTS WERE FAIR BUYERS

New York, April 6.-The cotton market
opened easy at decline of to 10 points
in spite of rather better cables than ex-
pected and the outlook for continued light
receipts. Immediately after the local
opening, Liverpool which had shown re-
lative frmness with private cables at
tributing the better tone to buying by
spinners, eased off in keeping with local
prices, while New Orleans also showed
weakness. This caused further bear pres
sure here. and the opening declines had
evidently uncovered stop orders, the mar
ket during the first ten minutes ruling
weak, showing a net decline OF IL 20
points. This level attracted support Of
very good character. Spot interests were
fair buyers, particularly one large Phila-
delphia interest, and the market devel-
oped a much firmer tone. 1t was estima-
ted by well-known authorities that the
curtailments in Fall river were not suf-
ficient to cut down the weekly require
ment of cotton by more than 600 bales and
with receipts running so small, the room
element were inclined to look for advance,
particularly in view of the recent severe
decline. At the same time, every bulge
attracted selling on the theory that con-
sumption was being curtailed too rapidly,
and fears were also expressed that the
weather report from the cotton-growing
country would tend to loosen the grip of
interior holders on the remnant OF their
supplies. In a general way the market
continued to advance however, reaching
the highest point just before the close,
when May sold at IA. II and July at l49S
with the active months about 10 to IL
points net higher. The close was steady
with the market a few points of from the
top In some Instances under realizing.
but a net advance of to II points.
Sales of futures were estimated at 100000
bales.
Trading was at no time more than
moderately active, and seemed to be
chiefly for the account of professional
or trade interests. Commission houses
had few selling orders at the opening
but did little afterwards beyond few
struggling buying orders on the advance
New Orleans also was a seller at the
opening, but afterwards seemed an active
purchaser on the theory, apparently, that
the Fall River curtaiments had been
over discounted in view of the strong
statistical position, and the remarkably
light movement. Estimates for tomor-
rows receipts at leading points were
very light and the days port receipts
proved much less than expected, amount
ing only to about one-half of the exports,
although the latter were light. The light
movement Is leading to reductions In the
estimates for the weeks into-sight which
is now being placed at about 1900 bales,
against 127,722 last year
Receipts at the ports today, 414O bales.
against S240 last week, and 12772 last
year For the week $1,000 bales, against
81, 342 last week, and 7244S last year.
Today's receipts at New Orleans were 1918
bales, against 546S last year, and at
Houston 100 bales, against 579 last year.
New York, April 6.-Cotton dull; mid
ding, 1490c; net receipts, 3O2; gross re-
ceipts, 1885, sales, 405; stock, 112S7. Elk
ports to the continent 1854.
Total today: Net receipts, 440; exports
to Great Britain 2106; exports to the con-
tinent, 391S stock, 522,904
Consolidated: Net receipts, 29,0S9; ex-
ports to Great Britain, 1864; exports to
the continent, GAG; exports to Japan, $50
Total since September /: Net receipts,
g. 737, 6S7; exports to Great Britain, 20S9,-
726; exports to France. 661, 704; exports to
the continent. 2,34S115; exports to Japan,
1921; exports to Mexico, 25,41.