The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-03-09
PRICE MCCORMICK & CO.'S LETTER
Thinks Spinners Wants Supplied for
Next 60 or 80 Days

New. York March Especial. Price. Ne
Corlnicb & Co.. today publishes the following;
The cotton market has again been csnEaCIe'iIed
by extreme weaknQess Although the early cables
from Liverpool showed some tendency there TO re-
sst the decline, the power OF resi- "a seemed
10 be short-lived, and before the opening OF the
New York market declining tendency was
again evident. Normally the N2w lcrk mar
kct ought to have opened ut sH'''ant'"l aa-
vance, but the overb0H91t character Ct We
u.aIlpt was apparent even 1t op'at;g, II: Tie
;.Gyal,c. was ftful and ot Gh):t fu"ation. There
after and until about the lunch hout, the market
was nervous. and many who believed that the
downward reaction had abodt spent ITS force
again bought contracts in tHe nope OF rally.
IL lhjs they were Disappointed and .CWa:d me
close fresh weakness developed iMal figures be-
ing the lJwest of the day and about ~ points
under hose Ct last even ng. The cotton market
during the past fourteen days has uayersed an
extreme limit upward and downward Of l9@
points May contracts having sold at SIS, FeD.
Dist .6S, ON March 9th and $50 today. In other
words II has presented an opportunity OF pront
~ nearly , cents per pound to the man who was
smart enough to buy at bottom and sell at the
top. Such commissions generally mark the END
OF any sustained bull market. They do not
encourage conservative trading and fail TO at
tract substantial class of investors whose pur-
clases can be relied upon permanent ete-
nlent of strength They characterize generally
the operations of numerous and mercurlal pup
lie and this public having seen cotton at 912
is prone TO buy 1t upon each reaction ms.
appointed then in the hope OF an advance they
again sell il at loss and 50 the process is re-
peated with - result OF adding constantly
weakening element TO the market. In Liverpool
the same situation obtains to a great degree. our
cable advices received at o'clock New York
time. which is the equivalent OF ?. M IN
Iiyeguool. were numerous and inquiries as TO
how the market here was closing showed great
anxiety on the part OF our Liverpool cofrespon-
dents who in view OF weak closing here, lear
n very decided decline i'll. Liverpool tomorrow.
II this should be realized there will be freSi
supply of liquidation i'll New York, probably
lower prices in our opinion. The whole trulh
is that are in process OF Gquidating prooaoi!
the most stupendouS cotton speculation thal
has been known within the past decade. \
stud; of speculative presidents leads us TO ieei
that this process will not be completed until
cotton has declined below its normal value as
determined by the relation of supply and de-
raand At present those who are buying and
selling cotton are doing so almost entirely with
references to market tendencies and ignoring the
underlying facts Of the situation. While
considerable long interest was hquidated on the
advance il is our opinion that II larger and
weaker one has been created the decline and
until the article has touched price that afford
the conservative and real investors an attractive