The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-02-06
fAORE WILD. SCENES
IN COTTON RING
Decline of l21 Points in the
First Hour
SULLY GOES TO BUYING
Following the Rally Fluctuations Were
Comparatively Narrow and lrree-
ular-Estimated Sales,
100000 Bales.

New York, February 5.--The cotton mar
ket opened steady at a decline of 10 points
To an advance of points with the mar
ket developing greater firmness as the
call progressed. The opening declines
were due to continued liquidation and
bear pressure, while the steadier tone
arose across from less unfavorable war
news than expected, and the rally in the
Liverpool market where prices after
opening go to 70 points lower, had rallied
to about the anticipated figure.
1t also developed that there was a good
deal of bull support. Mr.. Sully was buy
ing, brokers representing New Orleans
were buying, and for the first twenty
five minutes the market ruled very Arm,
selling up to net gain of from 81 to "a
points on the active months. But out
side longs. 1t seemed, were still panicy,
and toward the end of the first hour
well directed bear drive broke prices a
few points, outside liquidation growing
overwhelmingly active, and the market
in an instant was plunged into scenes
of even wilder excitement than those
which marked yesterdays market.
Inside the first hour, prices had been
driven down until March was selling at
1875. May at 1899 and July at 14.1O, net
decline of 10 to 121 points on these posi-
tions. July on last Monday sold at II. So.
The low point of this morning therefore
indicated a loss of about $17OO on every
one hundred bales of cotton. But this
last wild rush of selling seemed to ex-
haust the supply of outside long con-
tracts.
Offerings diminished, the local bull lead
err began buying aggressively, New Or
leans continuing to support the market,
shorts turned to cover, and the active
months were rallied so to rs points. Fol-
lowing this, fluctuations were compare
lively narrow and very irregular. The
weekend figures showed the into sight
slightly under early estimates, but this
fact seemed to attract no special atten-
iion and heavy exports also failed of any
special effect.
just before the close, however, the To-
cal bull leader became heavy buyer.
bidding July up to 14.92, but this, demand
filled. the market closed barely steady
with July at 1884 The net decline was
a matter of 35 to SO points on the old crop
months, while the new were from points
higher to 10 points lower. Sales estimated
at 900 bales.
Receipts at ports today, 22,394 bales,
against is, 2oo last week, and 24,S37 last
year. For the week. 100000 against 1885,.
293 last week, and 1874, 161 last year. To-
days receipts at New Orleans were 9043
bales, against 7S40 last year, and at Hous-
ton $3.50, against 1907 last year.
New York, February 5-Cotton nomi-
nal; middling, 1880; net receipts, 1873:
gross, 4276; sales, 1885, stock, 1921; ex-
ports continent, 251.
Total today, net receipts, 22,394; exports
Great Britain, 10. 745: France 10,095; conti-
nent, 27.S73 Japan, $50; Mexico, 1927;
stock, 69S,S47.
Consolidated, net receipts, 157449; ex-
ports Great Britain, 45.s6s; France, 1880;
continent. 110,S16
Total since September /, net receipts,
$685. $780, exports Great Britain, 1.S22. 1855;
France, 6O2, 1923; continent, 2,120,s56; Japan,
84,759 Mexico, 22,073