The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-03-19
SULLY'S FAILURE
CAUSES A PANIC
Enormous Offers of Cotton
Came Pouring Out
A FEARFUL DROP RESULTS
About O'Clock, When Margin Prices
Are Made Up, the Decline
stood at 1925 a
Bale.


New York. March 1S.-The cotton mar
ket opened weak at an advance of
poinH on April, but generally unchanged
to II points lower on further bear pres
sure and liquidation in spite of better
cables than expected and smaller esti-
mates for the days receipts. The con-
tinued pressure against the market in the
face of rather more bullish developments
suggested a determined effort to under
mine the concentrated bull interest be-
lieved to exist in May contracts, and
the idea became more general that
powerful bear interest was in the mar
ket. Commission houses who had been
advising purchases on the decline, be-
came more cautious and while during the
forenoon there were freqeunt sharp rail-
lies prices gradually went down and
down.
Towards 2 O'clock when margin prices
are made up May was selling around 1880.
This represented a decline since the high
point of only few days ago of about
1856 points, or nearly 49,. a bales This
evidently was more than the bull inter
est could finance, and just before 2
O'Clock the suspension of d. ]. Sullv &
Co. was announced Immediately, the
market was plunged into the widest
scene of Generalization. Brokers were
panic stricken and cotton came pouring
out with and without orders.
The market went down as though there
was no bottom No one seemed to care
about BUYING every one wanted to sell.
Inc big bears who Immediately scented
dangerous ground protected themselves by
every means possible. 1t was a loss as
compared with last nights closing prices
OF from $50 to26O points, or about S12 so
bale. The decline from the high point
reached on the close of last week was
about cents a pound, or about 500 a
hale.
just before the close covering helped
prices somewhat, and the market was
finally steady at a net decline of 60 to
1876 points, with May closing at 49, 81 and
July at 1856. Sales were estimated at
l,500OO bales. The usual factors were
entirely lost sight of during the entire
session Receipts were light and the news
generally was more favorable to prices
than OF late, but the only considerations
were those concerned with the speculative
situation.
In spite of the recent severe declines
and reports concerning the large line
held by the Sully interests, 1t may be said
that the suspension came as more or less
of surprise to the general trade. The
Sully holdings are estimated by various
people, but none can be accurately ac-
cepted. Receipts at the ports today were
S235 bales against 1923 last week and IL, 252
last year. For the week. $4,000 against
81, 2SS. last week and s7,724 last year. To-
days receipts at New Orleans were S45
against 2156 last year and at Houston
1892 against 41s1 last year.
New York, March 1S-Cotton weak; mid
ding, 15c; net receipts, 8; gross. 2O74; sales.
1853: stock, 91.052; exports, continent, 1856;
France, r.
Total today, net receipts, 1885; exports,
Great Britain, 1870; France y; conti-
nent, 1888; stock 565, 1899.
Consolidated, net receipts, 64304 exports,
Great Britain, 1888, France 1874; CONT
nent, 23,1s6; Japan, 30; Mexico, 1900.
Total since September |, net receipts.
6,5S9,0S4; exports, Great Britain, 2,1S9,2O1 /;
France. 647114; continent. 2,761.s95 Japan,
IS. 81; Mexico, 25,471.