The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-28
ENGINEERS.
THE COTTON MARKET.
Early Decline Followed by an Advance
Bulls Give Support,

Whatever the merits or dement's OF the
situation, there is no doubt about one thing
and that il that bulls got the upper hand
In the afternoon and advanced prices ac-
cord in ely, notably on May. which reached
a premium OF 5 points over July. a change
in favor OF May within a comparatively
short time OF some % points.
II was remarked, however. that leading
bulls who helped to put UP May were large
sellers Of July in the afternoon. This shook
the faith Of some. But others maintained
that the situation is sufficiently bullIsh and
the May short interest in certain directions
sufficiently large to warrant a further ad-
vance.
Wire houses and others bou ght in the after
noon and New Orleans, which, sold early.
bought to some extent before the close. As
an Offset to n decline In Liverpool, rather
liberal receipts at the ports. and early, selling
by Wall Street and the South the bulls We're
favored by small estimated receipts for to-
day at Houston, Galveston and New Orleans.
heavy rains in parts Of the Memphis district.
Sin e. all II ht Tnlo spot POI maTeess an on a the a snort sbort
It is true that early in the day there
%e DECLINE iG'e' in "f Iiverpoo! which may or may
not nave been caused by. selling by New
York b sns s rSIhsr lit Iieer SaH TeGoe IRssns at the the
however, The bulls took the aggressive;
s snd Snd espesid}iy IN msr { Ssr 1p Ma Sef thous n
apparently they did not succeed in dislodgin g
a short interest in that month supposed to
exist in a certain quarter.
il is largely a manipulated and profess
sional market. though there are not wanting
many who believe that the consumption is
so large that an ultimate advance OF conse-
quence is reasonably certain.
T. A. Mcintyre 4 Co. said: The demand for
Cation Wtx nn on 1.-The the b b1sisn Of 5n u s Ss1 1oh for FOR b Sttob tse
was so great this all offerin &c were readily
absorbed. and after the selling pressure had
taxi Ms G in hand s2T and P Bought int and PeT'f Bid up
to an advance Of 4 points over last nights
closing qHotf bnDIn before or.dIe ii 2 20 o'G tk o I;ssS TitS b
bull operator and his following. shorts be;
came nervous at this show Of strength. and
their covering during the late afternoon
vance, Notwithstanding the adverse senti-
mental effect Of the news from the soft coal
m plaIeIs iS HGGh q a Great at tn striRel andi w whhich
must sooner or later have a very unsettlin q
effect on general business. Pending further
outlook We would prefer TO advise. maintain
ing merely a scalper's position on the general
market and s. only advise purchases MsaI sso for 1.-THE the
the present level, and then only for moderate
Weld 4 Co. bought. May early. but are sup
Lee RSiccE, Baily setter sR% SPRINGS Mere
buyers, N1eSSTs. .NOTueH, Mll!tT q w., bl'h
MCINTYRE and Hentz were sellers
Dick Brothers 4 GO. said Conditions
at ell general. and for this reason il is all the
more likely to be realized. Professional
traders see little in the market. but the steadi-
ness Of spots in. the South. the excellent trade
conditions and weather .%uncerta lnties are
likely to be more influential AS market factors
than the probable increase in acreage, which
at present forms the keynote OF bearish Ut
rush to, AL end Of the month engagements
and It 10, lSo Goo as 5.i T. the 3er int ito sight Msst would or som run
what above last week; but nevert heless
last wear The heavy rains, amounting to
as much as Eve inches in Alabama. recently
have dissipated the fertilizers which. ha We
been placed on the ground and made the
land too wet for ploughing.. Reliable reports
from Texas state that practically all the early
cotton was killed and replantinR will be neces-
eary."
Cotton on the spot was unchanged. Mid
ding, II .7oc., against S.0jc. last year: New
Orleans and Gulf. # Csc, against $500. The
Southern spot markets were generally I'M
changed The receipts were az follows: