The Birmingham age-herald., 1904-02-25
MARKET BEGINS ID WORK LOWER
Trouble of Foreign Financial
 Houses Has Effect.
BULL LEADER IS SELLER
Outside Buyers Are Exceedingly Tlmid Over Warlike Rumors From Abroad. The Port Receipts Show
 asIight Increase.

New York. February 24.-The market for cotton futures opened firm at de- cline of six points on April. but generally unchanged to seven points higher and following the call ruled firm for the first half hour or so on active covering and New Orleans bull support. March sold up to 13.52; May to 14.s9. and July to 1480, these being net gains of 27 to s2 points. but the local bull leader appeared to be selling literally presumably for profits and soon the market began to work lower.
 Just before midday stop orders were re- ported, and there was a rapid break of something over half cent. At the de- cline. room covering and buying on the reaction theory caused partial reaction of 20 to 25 points, but this attracted heavy selling by New Orleans bull houses and the market later turned very weak again with March selling down to 13.55; May to 1888, and July to 1880. a break of full cent pound on the active months, and a net decline of 6S to 72 points.
 The market was very active and excited on the downturn and it appeared that the reports or trouble among financial houses abroad had some influence as well as re- ports that teh advances had restricted demand for spot cotton in the south, par ticuarly for export. There was an idea that the big bulls were willing to make a better buying level, at the same time shaking out trailers and systematizing export demand through return to a lower level of spot prices, still further strengthening the spot position during the end season.
 Just before the close the decline to around 1880 for July and f3.55 for March attracted good demand from important Philadelphia spot interests, and while the local bull leader continued to sell prices recovered about 10 to 20 points of the loss and the market was finally firm at net decline of 40 to 60 points on months up to and including September. while the latter positions were net to b points lower. Sales were estimtaed at s0O,00o bales
 Port receipts while a little larger than yesterday were small as compared with last year. while the estimates for tomorrow movement were light and exports which have recently been running light, were hrmer. Outside buyers, however, are rem dered exceedingly timid, by tho war-nke rumors from abroad, and the evidences or financial difficulties in Europe was re- fected by failures in Berlin, Paris ana Vienna, and prices are readily influenced by the operations of large professlonais who many believe are engaged in scalp ing the market, rather tnah III any "eii defined campaign.
 Receipts at the ports today, 1S'5s9 bales. against il, ,610 last week, and 19d2S last wear. For the week 70.000 against S6,30o last week and 14S,947 last year. Today's receipts at New Orleans were SPA bales'' against 1856 last year. and at Houston 2472, against 5026 last year.
 New York. February 24.-Cotton quiet; middling IA. 30; net receipts. 245; gross, 2o9; sales, 55; stock 75,s97; exports to Great Britain, 50; to the continent, 15o.
 Total today at all seaports: Net re- ceipts, 1s,599; exports to Great Britain s4s5; to France, 50; to the continent 2SSs' to Japan, 2SO stock, 67S,273.
 Consolidated at all seaports; Net re- ceipts 44,4e2; exports to Great Britain IS 773; to France. 50; to the continent 925l to Japan, 8o.
 Total since September 1 at all seaports: Net receipts, 6,355,211; exports to Great Britain. i,s1o 2S2; to France, 6S4,314; to the continent, 2,191,12o; to Japan, o7,lSS;t to Mexico, 22,36S. 3
 nf.,., XorL Hoffou Futures,