The Birmingham age-herald., 1904-02-26
JUNE SELLING FOR SHORT ACCOUNTS Initial Cotton Cables Better
 Ihan Expected NEW ORLEANS FIRMS UP It Was March Notice Day and Leading Southern Bulls Were Reported
 Bidding for Large
 Blocks.

New York, February 25.-The cotton market opened steady at an advance of 4 0a1s points on the old, to a decline of 5 points on the new crop months, and ruled very irregular. The initial gains were due to covering on the cables. which were better than expected, and the small re- ceipts estimated for the day, but there was little support from bullish sources, and shortly after the opening prices sagged off 10 to 15 points on liquidation and some selling believed to be for short account.
 Liverpool continued firm, however, and New Orleans, which at first had shown relative weakness, frmed up, sending very bullish telegrams to the local mar ket It was March notice day there and yesterday some apprehensions were ex- pressed as to the attitude of the long in- terest. This morning, however. leading southern bulls were reported to oe bid ding for large blocks of March cotton.
 There, large Philadelphia spot interests were active buyers of May and July New Orleans too, sent buying orders after the first ten or fifteen minutes. while houses with Liverpool connections were also operating on long accounts. This ral- lied the market in spite of continued op- position from the former local bull lead- CT. who was reported to be selling openly, and prices advanced to net gain or zo to 30 points on the more active months with May reaching 14.B and July l4.23, while March ruled dull and neglected around 1885.
 Estimated receipts for tomorrow were very light, helping in the advance, but reports reaching here from the south ln- dicate rather less pressing demand TOT spot cotton at the recent advances, ana the continued resolution of leading inter ests here unsettled the room, who shortly before midday started selling movement that carried prices down to last night level.
 Again there was rally as offerings fell off somewhat but once more the mar lxet was depressed by the aggressive at tack of the local bull leader and In the middle of the afternoon prices were forced down to the lowest point of the session with March selling at 1340 May at 1375 and July at 1880, representing net decline of 11@27 points and a reaction from the best of about 52 points on the May position.
 Toward the close room covering and renewal of demand from spot interests brought about a slight rally and the market was finally steady at an advance of 9 points to a decline of 10 points.
 Sales were estimated at 100000 bales. Receipts for the day were light and the estimates for tomorrow also ran very small. indicating more bullish weekly statement than previously expected, the amount being now placed at about 135'OOO bales against 179,0OO last year.
 Receipts at the ports today were S32S bales against 7497 last week and 17455 last year. For the week 10000 against S6,306 last week and 143,9H last year. Todays receipts at New Orleans were 4616 against 3226 last year. and at Houston 1886 against 2896 last year.
 New York. February 25.-Cotton quiet, middling 14O5; net receipts, 227; gross, 3247, stock 7474.
 Total today, net receipts SIPS; exports to Great Britain, 2400 France. 297 conti- nent, 3661; stock, 671109.
 Consolidated net receipts, 52,790: exports Great Britain 21. 173; France, 347; conti- nent, 12.s62; Japan. 2S0
 Total since September 1, net receipts. 6,363,5 ,539; exports to Great Britain. 1,912.- 6S2; France, e34,611; continent. 2,1947S1; Ja- pan, 37,1SS; Mexico. 22,36S.
 New York Cotton Futures.