The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-03-22
MUCH COTTON STILL
TO Be EVENED UP
SuIIy'S Confident Announce
ment Lessons Apprehension
WAS AN IRREGULAR DAY
Some Disposition Among Room Buyers
at First to Buy in Expecta-
ton of a Further Re-
Reaction.
WAS AN IRREGULAR DAY

New York. March 21.-The cotton mar
lxet opened firm at an advance of "a to
IS points on the old and of 20 points on
the new crop months in response to much
better cables than expected, small esti-
mates for the days receipts and a more
confident feeling regarding the effects of
the Suly failure which was reported not
to be so severe as at first reported, while
the announcement by Mr.. Sully that he
hoped to pay dollar for dollar and re-
sumo in the near future, tended TO lessen
apprehension that other houses would
be unable to pull through. There was,
however, lot of cotton still to be evened
up evidently
Many houses having long lines beyond
the power of their clients to protect with
additional margins were unable or unwil-
ling to take the heavy losses that would
have devolved upon them had they sold
on the low prices of Friday and at the
advances this morning much or the cotton
came out. May on the call sold up to
1440 while July soon after sold as high
as 14.5O and covering and some demand
said to be for the account OF spot inter-
ests and spinners both foreign and domes-
tic. But the liquidation soon brought
about a reaction from the high points
mentioned, and May broke through IA
cents to 1896, while July touched 1An.
Following this, there was a rally but in
a general way the market ruled very IT.
regular during the balance of the session
and showed little actual tendency either
way. The close was steady at net un-
changed prices to an advance Of &c points
with sales estimated at 100000 bales. The
trading seemed to be mainly of an even
ing UP character. Commission houses gen
orally are advising caution until the spec
ulative atmosphere becomes clearer, and
their operations today appeared to be
merely the closing out of existing com
mitments.
There was some disposition among the
room operators at first to buy In expecta-
ton of a further reactien, but later 1t
appeared as If these operators were TAX
ing in their long lines, owing possibly TO
rather fuller estimates for tomorow's re-
ceipts at leading ports, and fear that
any further advance would cause a re-
newal Of active liquidation. Receipts Tor
the day were moderate at both the ports
and interior points and the port receipts
were exceeded slightly by the exports
Reports from the south told of better
spot demand. and the indifference of sell
lers to present prices. The local spot
market was unchanged at l4'5O with sales
of 2T77 bales to spinners,
Estimated receipts at the ports today
1910 bales against $685. last week and 1884
last year. For the week 6oOOO hales
against 64,645 last week and $3.50 last
year Today's receipts at New Orleans
were 266O bales against 4546 last year, and
at Houston 276l bales against 1880 last
year.
New York, March 2i.-Cotton steady;
middling, 1850; net receipts, 1856; gross re-
ceipts, 1909; sales. 1917; stock, 9o1W
Total today: Net receipts, 1927; exports
to the continent 1888; to Japan, 80; STOCK