The Birmingham age-herald., 1904-03-16
EARLY TRADING
 SHOWED DECLINE. Market Rallies Upon Receiving
 Houston Estimate CON TlNUES TO ADVANCE Bull Leader Takes No Active Part and New Orleans Sells Both Ways.
 No special Features
 shown.

New York, March 15.--The cotton mar ket opened weak at a decline of 15q21 points on the old and of 4alO points on the new crop months under liauidations and room selling. attracted by the disap- pointing cables and expectations of rather larger movement. while there was still more or less talk of an unsatisfactory spot demand. Before the declining ten- dency was checked, May had sold down to 16.OS and July to 16.10 with the active months genrally from 12 to 27 points lower; the new crop positions showing rel ative firmness in. the absence of aggres- sive liquidation.
 The early selling, however, appeared to exhaust the liquidation of the weak long interest, and when the light Hous- ton estimate was received, prices ral- lied few points. After this the market while more or less irregular, showed an advancing tendency. It looked as If the room had oversold on the early break and when shorts attempted to cover but little cotton was offering. Estimates for tomor- rvs receipts at Galveston and New Or leans were heavy, and the interior move ment overran both expectations and last years figures.
 In spite of these facts, however, and the reactionary tendency at New Orleans, the market continued to advance and in the middle of the afternoon had sold up to 16. fl for May and 16.4 for July, with March which attracted very little busi- ness, f1uctuating around 16.10. This repre- scented a net advance of from } to 2 points on the active months. but just be- fore the close realizing eased the market off few. points from the best, and the final tone was barely steady, with the old crop positions 2a5 points lower, while the new crop was 1 to points higher Sales were estimated at 5000O0 bales.
 The local bull leader, while reported to be a buyer on the early break, seemed to be taking no vry active part in the trading, and New Orleans was apparently operating both ways. As whole the mar ket showed little feature Trading beyond a brief interval at the opening, when wire houses were sellers seemed to be mostly local, and for professional account Public operations seem to be curtailed by the already high level of prices in con nection with continued reports of a poor short demand and continued light ex- ports, although in respect to spot demand reports reaching the market are very con- filcting The official spot market as re- ported from the south were quiet and unchanged to 1sc lower
 Receipts of cotton at the ports today Il, ,264 against 11.440 last week and 19,sl7 last year. For the week. 55,000 bales against 51,2S3 last week and S7.724 last year. Today's receipts at New Orleans were 3560 bales against 5026 last year, and at Houston, 2S06 bales against 1884 last year.
 New York, March 15.--Cotton dull; mid ding, 15 64c: gross receipts 5S59; stock, 90,S76; exports to the continent, 1894.
 Total today at all seaports; Net re- ceipts 11.264; exports to the continent, 1994 exports to Japan, 50; stock, 595,527.
 Consolidated: Net receipts, 29,924; ex- ports to Great Britain, 1513; exports to France, 172 exports to the continent, 440S; exports to Japan, 50; exports to Mexico, 50. 4
 Total since September 1: Net receipts, 6553 ,003; exports to Great Britain, 1.9S6, AS; exports to France 647, 102; exports to the continent, 2,25s,OS3; exports to Japan, 4S,971; exports to Mexico. 24o2l.