The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-25
COTTON MARKETS.

Exchange to-day, with phenomenal ac-
tlvity, following unprecedented liquida-s
ton of long cotton, supplemented by
heavy sales of short account, the latter in
good part on orders from the South. The
market opened steady, with July con-
tracts l point higher and the rest of the
INST from unchanged to 8 points lower.
The selling movement was not SO marked
on the opening call, and some of the local
traders prepared a little upward move
ment, but they soon saw their mistake
when an avalanche of long cotton came
on the market and carried the smaller
traders off their feet. 1t was evident that
some house or houses had reached the
distress point; but it was not until l2:3i
was definitely known, although pretty
generally suspected At that hour the
failure of Price, Mccormick & Co was
announced. This suspension was not
wholly unexpected; nevertheless, IL threw
the market into panic, and for time
pandemonium prevailed on the exchange.
august contracts. August contracts,
which this firm originally undertook to
advance to 10c., and did advance to 9.6O,
sold off to S.35, this being decline of l23
points from the top OF the bull movement
and decline of u points from the closing
price of yesterday. Many contracts in
interest broke 10 points, or more than 81
for the day. Rumors of other failures
were rife, but later it was announced that
more failures We're looked for. 1t was
thought on Change that while the failure
of Price, Mccormick & Co had crippled
some overconfident houses, who had been
induIGent on the score OF margins, there
was no cause for further apprehension.
The greatest decline of the day was 10 to
rs points. The market closed irregular
at a net decline OF ii to IS points, having
failed to recover from the extreme de-
preston OF the day. In addition to the
heavy loss in May, July went off 46
points. The fact that the English mar
ket was closed on account Of the Queens
birthday added to the activity of the
local market, enormous selling orders to
protect accounts having been sent over
from Liverpool and elsewhere in Great
Britain Continual selling orders were
also factor. While there is no official
record of the sales of cotton futures to-
day, and therefore no means OF knowing
the exact extent of the transactions. it
is known that the volume of business
reached something like 100000 bales, II
not actually exceeding that enormous
total
COTTON-Futures opened steady at the
decline; May $50; June, SIS; July, SIS;
August. SIS: September, 500; October,
7S3; November, 10; December, 40;
January, I'll; February, 7.72; March.
7.7G
June s.45: July s.4s; August, $50; Sep
tember 1.S2; October, I'll; November,
7.60: December, 7.59; January, 7.61; Feb
ruary, 7.G3; March. 7.65.
Spot COLIOn closed NO11ll!1l dI uecuilc,
nliddling uplands, 8 SIG; middling gulf,
8 9-16c.; sales, 500 bales.
CoTTON-steady; middlng, . 5-16; net
receipts. $40 bales; gross, 1.SGS bales;
sales 800 bales; stock, I7,053 bales.
Total to-day-Net receipts, 2,4S5 bales;
exports to Great Britain, LOO bales; to
France 2,756 bales: to the Continent, $3.50
bales; stock. 2S1. 2l3 bales.
Consolidatcd-Nets receipts, %, 1918 bales;
exports to Great Britain. 27 ,063 bales; to
France. ,756 bales; to the Continent, U.s.
7S9 bales.
Total since September 1st-Net receipts.
6,293, go bales; exports to Great Britain,
2,10S, 40 bales; to France, 6S650S bales; to
the Continent, 2.529, 374 bales.
NEW ORLEANS, May ELECTION
Futures steady; May nominal; June. $40
bid; July, $40 asked; August, SG9@S.10;
September. 7.G9D7.70; October, 744@7.45:
November, 7.333@l7.a4; December, 733@7.34;
January, 7.34I7.35; February, 7.35@7.37:
March, 7.37@lT.4O.
LIVERPOOL, May 24.-CoTTON-Th
Cotton. Grain and Provision exchanges
are closed to-day on account of the
Queens birthday.
NEW Work. PEC,TJI7C'EI MARKET