The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-05-25
BOTTOM DROPS
OUT Of cotton
Immediate Cause Of Collapse
a Great Failure.
PRICE, NJ C0RMlCK & CO.'S
The Cotton Exchange Hears Of it
Soon After Noon.
MARKET WAS A VORTEX OF EXCITEMENT
May Broke 70 Points, August t25 From Bes
Prices Current When the Firm That
Failed Yesterday Appeared to
he in Control of Market.
nv the Associated Press.)

New York, May 24-There has beensa
e,ipbt Improvement in the volume or
business doing in some quarters in cotton
goods but general buying continues light
on home trade account. Sales for ex-
mort TODAY have been moderate at pre-
v;cus prices. Print cloths continue ldle
in regulars and unchanged in odd goOds.
print cloths steady for staple lines. NO
change in ginghams. Cotton Innings IN
quiet request and irregular.
COTTON.
New York, May 24.-The widest ex-
element prevailed at the cotton exchange
today with phenomenal activity Ioilo"-
ing unprecedented liquidation OF long
cotton. supplemented by heavy sales TOT
short account, the latter in good par.
on orders from the South. me marhet
opened steady with July contracts oho
point higher and the rest OF the list from
unchanged to nine points lower.
selling movement was not so marheu oi,
the opening call and some OF the iooai
traders prepared little upWaru niose
ment but they soon saw their ihis'aAo
when an avalanche OF long cotton came on
Tho market and carried the smaller trad
i
some house or houses had reached the
distress point; but it was not until i@.of
n M. that the prime factor of weakness
was definitely known, although pretty
generally suspected. At that hour the
failure of Price. Mccormick and Company
was announced. This suspension was not
wholly unexpected; nevertheless it threw
the market into panic and for time
1n1 mi e.
August contracts, which this concern
originally undertook to advance to ten
cents and did advance to $50, sold on to
S35, this being decline OF 10 points
from the top of the bull movement and
n decline of 10 points from the closing
price of Yesterday May contracts in
which this concern also had heavy In
terest broke IS points. or more than Ac
for the day. Rumors of other failures
were rife, but later it was announced that
no more failures were looked for. 1t was
thought on change that while the failure
of Price. Mccormick and Company had
crippled some overconfdent houses who
had been indulgent on the score of mar
gins. there was no cause for further ap-
rrehension. The greatest decline OF the
day was 10 to IS points. The market
closed irregular at net decline of 11@7s
points. having failed to recover from the
extreme depression of the day. In ad-
dition to the heavy loss in May, July
went off 46 points. The fact that the
English market was closed on account OF
the Queens birthday. added to the ac-
tiyity of the local market. enormous SELL
ing orders to protect accounts having
been sent over from Liverpool and else
where in Great Britain. Continental
selling orders were also factor. While
there is no official record of the sales
of cotton futures today and therefore, nc
means of knowing the exact extent OF
the transactions, it is known that the
volume of business reached something
like 1000, 900 bales, if ne actually eX-
ceeding that enormous al
NEW YORh.
f,,N,