The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-09-11
A DAY TO SKATER
TRADERS NERVES
Nothing Like 1t Known on
Cotton Exchange.
EFFECTS OF THE STORM
Estimates Point to Loss of Perhaps
Million Bales.
EFFECTS OF THE STORM
SPOT COTTON IN ENORMOUS DEMAND
So Declared Reports From the South Estimated
Total Sales Yesterday S250,0OO.
Bales, Close 46 to 90 Points
Higher.
(By the Associated Press. }

New York, September 1O.-Print
cloths and other gray goods in active
demand and prices good. More likely
after heavy brown cottons and market
distinctly firmer. Coarse colored cot
tons also stronger. Bleached muslins.
unchanged. Actual increase in business
moderate. Prints are showing up bet
ter in staples and tone firmer No
change in ginghams. White goods
steady. Fair business. Jobbers open
the week with good sales.
COTTON.
New York, September 10.-The in
tensity of excitement and activity of
speculation on the cotton exchange
today were without parallel. Fluc-
tuations far exceed anything record
ed, the extreme being 100 points with
relapses frequent and violent. The
market opened irregular and excited
with prices 40 to 81 points higher on
an irresistible rush of buying in
which every branch of the trade took
part. Sellers were few and far be-
tween and without exceptions parties
having heavy profits within reach.
Many of these Immediately took the
bull side again and were still long at
the close tonight. Following the cal;
the market sea-sawed at a breath talk
ing rate, with the movement i'll the
main gradually swinging toward high
er prices. As the morning progressed
speculation broadened until the mar
ket was beyond the control of even the
bulls. Sensational setbacks followed
nerve-trying bulges which kept opera
tors of no matter what belief on the
jump to keep pace. The English mar
ket showed corresponding gyrations
and private cables denoted complete
chaos in Liverpool with the bulls be-
ing carried along by the advance. On
the local exchanges September sold up
TO 1880 as against $50 Saturday
night. The best level of the later
months was so to II points above the
Saturday final figures. The foun6a-
ton of bull ideas and the chief cause
of the terrific bull speculation was
the news that the best section of the
crop country had been swept by a
tropical storm, the equal of which
was not known. Reports from Cen
trial Texas We're vague and totally UNI
satisfactory, which fact tended to in
crease the fears of the shorts and
the big crop theories in general. Liv-
erpool was similarly Influenced, as
well as the New Orleans market. Es
Inmates pointing to a loss of 100000
to 100000 bales, and the announce
ment that spot cotton was in enor-
nous demand South at u to Mc high
er prices, intensified the convictions of
the bulls. The Government report for
September, usually the most import
ant of the season. cut comparatively
little figure as an influence. The gen
eral condition was given at $50 as
against rs last month. At 1874 p. m.
the failures of l.. G. Schiller and Gay
L. Schiller were announced, these
brokers being caught short by the OPP
their suspension did not seriously dis
turb the market as they were known
to have unimportant obligations out
standing.
The bull fever reached its height in
the last hour, and under a slight fur
ry of profit taking near the close
prices settled back few points. The
close was irregular and excited with
prices net 46 to 80 points higher. Es
Inmates placed the total transactions
at 1,250,000 bales or 100000 bales
more than ever before recorded.
SPECIAL LIVERPOOL REPORT.
Liverpool, September 1O.-The eX-
element i'm the cotton market APP
preached fever heat and there is great
anxiety regarding the settlement of
Thursday.
New YORK, Sept. 1O.--Cotton futures opened