The Birmingham age-herald., 1904-03-25
IS NOW
 MORE CONFIDENT Cotton Market Works Rapidly Upward in Afternoon RUMORS REGARDING SULLY Business During the Morning Was
 
RUMORS REGARDING SULLY
Business During the Morning Was Very Quiet-Small Estimates for Today's Receipts Stlm-
 ulated the Buying.

New York, March 24.-The cotton mar ket opened steady at an advance of 6 to 14 points under covering and room-buy- irg, as a result of very firm cables, the outlook for light receipts for the day und a very much more confident feeling regarding the financial condition of local houses For the first ten minutes the ma ct continued firm, advancing still further on the active months, but the gains attracted further liquidation and a little later prices began to sag with May selling aek to 1886, or within ? points of last nights close. while July was quoted at 14o1. or points net lower
 It was evident. however, that shorts were attempting to cover and there was a partial recovery before midday when the announcement by Superintendent King that the suspended firm of J. II. Garrison {: Go. would pay all claims in full was received with applause and added to the conviction that no further troubles need b. expected. From this the market work ed upward quite rapidly and In the early afternoon rumors were circulating that the Sully concern would propose to their CT ed tors at tonight's meeting a settle- ment on the basis of 60 cents cash.
 This rumor received considerable cre- dence and still further helped the mar ket with an advance to 14.27 for May and l1.4G for July, net gains on these, the two most active positions of from II to 4S points, leading to belief that concen- trated short interest centered in Wall street heinz. far nd anxious to cover prior to the publication oi the report of the census bureau These gains, however, uncovered more selling O cers, and the market in the last hour Haf Je to l2 points higher by the offer lngs of a heavy exporting house, in con neetion with room longs taking profits. The close was steady at net advance of 70 to "A points on the active months while the new crop was net ? points lower to points higher.
 Sales were estimated at COOL GOO bales. Business during the forenoon was very dulet and there was evidently little go- Ing forward save the trifllng operations of the smaller scalpers evening up commit ments. But the small estimates for to- morow's receipts at leading points, the continued reports of spot market stabil- ity, accompanied by claims that the de- mand from spinners was steadily improv- ing and the belief that the Sullv settle ment would prove so much better than reared seemed to stimulate. the buying of parties who were looking for a bullish census bureau report at noon tomorrow as an aid in driving the short interest believed to be outstanding to cover.
 Receipts at the ports today were S145 bales against l2,907 last week and l2.O14 last year. For the week, 6G0OO against 64645 last week and Sg, 549 last year. To- days receipts at New Orleans were 1000 bales, against i5l5 last year, and at Hous ton 1898 against 957 last year.
 New York, March 24.-Cotton steady; middling, 1450; gross receipts, 2756 sales 800; export to the continent. s55
 Total today: Net receipts. S145; exports to Great Britain 676 to the continent, 1572 stock 555, ,4o7.
 Consolidated net receipts, 5S. 7o3; exports to Great Britain, 133O1 to the continent 41,67S; to Japan. 90.
 Total since September 1: Net receipts. G. 642 7S7; exports to Great Britain, 2.Os1 6o9