The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-12-22
SLUMP IN COTTON AND STOCKS.
Bears Have Full Swing I'm the Ex-
changes.
Especial to The Messenger.)

tSpccldl 10 Inc messenger
New York, December 1S.-Fully 1,e0o.-
900 bales Of cotton were sold here today
and prices at one time were 80 points
Hover, closing steady at a decline of a
tpoitts for the day. The severe decline
was u to a semi-panic i n Wall street,
with two failures in that quarter;
heavy Wall street selling. and enforced
general liquidation. partly on stop or
Iders. OF course the bears seized the
opportunity to raid the market. To-
shorts and supporting orders from
Wall street caused a rally.
Liverpool dropped 4 TO AZ points.
closing quiet. Spot prices there were
1-32d lower, with sales of 5000 bales.
Manchester was reported quiet.
Spot cotton declined 3-1ed at New
York. &c at Augusta, hc at New
tOrleans and St. Louis and Lice at
Savannah, Norfolk and Baltimore, and
the sales were everywhere light. Here
There were only 15s bales soil and in
New Orleans LOCO.
Port receipts were $500 bales.
against 42.6T2 a week ago, 72,SSS last
year, $685. in 1897, and S,275 IN 1896.
The New Orleans estimate for tomor-
row was only $500 to 800 bales,
against 11,497 a week g and 81. 227 last
year. The Houston estimate "a 1880
Ito is, 500, against 30, 4S3 a week ago and
81, 209 last year. Exports were pretty
liberal.
Reports from some parts of Texas are
THAT 95 per cent. Of the cotton is sold.
Receipts at most of the interior towns
today Were light. Memphis got only
1900 bales, against $500 a week ago
and 1000 last year; Selma 1877, against
7S5 a week age and 613 las year; CO.
Ilumbus, Ga, i45, against 800 last week
and S57 last year; Atlanta 4S9, against
749 last week and LIPS last year; Vicks-
burg, however, received 554 against PAL
Hast week and 564 last year.
Opelika, Ala, reports: Farmers in
1.-THE country hold less cotton than usual
and that present holders of cotton are
we'll backed and the banks have plenty
lof honey and are very eager and will
ling to hold cotton. The December plan
tation movement is moderate. The
last pickings are marketed"
The government Texas report for No
Ivember, just issued, says: the crop
is light, except in a few places, and,
as a whole, is considerably below an
average" This will explain why dis
patches are received every now and
llIISh lIOIl III pats VI - lOp'Lb
ing that receipts are larger han llst
Years. Texas, as a whole, is far be-
hind last year, if we accept the vas
majority of the reports, private n Of
Ificiai.
The liquidation today has undoubted-
lly been very severe, but in the end
will be beneficial for the marker. II
eliminates a great deal of weak long
cotton end tonight this cotton is IG
stronger hands. There may be turtle,
liquidation and with it a further de-
lcline, but, ultimately, unless all the in
Idications are deceptive the upward
movement will be resumed. 1t would
lbe unreasonable, however, to expect
anything of thisk ind at once.
Coffee advanced 5 points and would
have gone higher, but for the fnan.
lcial furry in Wall street, as receipts
lat Rrio were only 1000 and at Santo:
l16,O 900, while Rio rose 325 reis, Santo:
hoo, Havre Il to IL franc and Hamburg
lK pfennig. The warehouse deliverIe:
lwere 1888 bags. The visible supply i!
Gradually decreasing and is now onl!
II, 170,S5 or bpt 10000 more than
lyear ago. The undertone was unmis'
ltakably firm, though any very decided
Improvement may be checked for tn,
thine being by the depression az ths
stock exchange.
A violent break in prices in stock.
was due to the serious situation il
South Africa, depression in London
1.-THE failure of the Produce Exchange
Trust Company and Henry Allen & Co.
land vague rumors of other embarrass
lments impending, which proved to b.
without foundation. OF course thu
whole situation was rendered more try
ling by the continued stringency il
money, which, as a matter af fact, i:
the underlying cause of the failure:
land the liquidation. AIT one time tn
rate ran up to 1876 per cent. per annum
british consols fell 1%, dropping below
lpar for the first time in many years
Furthermore, there is a general i'm
lpression that further gold exports viii
Ibe made, though sterling exchange wa:
lkc lower OF sight bills today.
The clearing house banks, however
1agreed to let their customers have
money at 6 per cent, and this had {
more or less bracing effect. Londor
lsold about 5000 shares. Keen broker:
lsold early, but in the later bushes:
thought and in two days they are un'
lderstood to have purchased over 100, 00
lshares of various stocks. There wa:
lother good buying at the decline. The
total sales for the day were nearl,
II, SOC, 900 shares. It is believed thai
lSecretary Gage will do something Il
relieve the money market.
Yours truly,
G MTTNN SON q co