The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-06-26
UP LIKE A ROCKET,
DOWN LIKE A STICK
Cotton Bulges 80 Points and
Drops Over 20.
THE MARKET CLOSES EASY
/ Point Higher to IL Points Lower,
the Final Figures.
WHEAT BROKE NEARLY FIVE POINTS
There Was Considerable Activity in The Stock
Market and The Fluctuations in Prices
Were Wide and Frequent. Net
Changes Small.
(By the Associated Press.)

New York, June 25.--The market con-
tinues inactive in all lines of staple cot
tons, but the downward tendency or
prices is checked by the strength of the
market for raw cotton. Buyers taking
small quantities for quick delivery and
doing very little in forward contracts.
Prints in moderate demand for staples,
fances quiet. No change in woolens Or
worsted goods.
COTTON.
New York, June 25-Not since the
failure of Price, Mccormick and Company
and Seymour, Johnston and Company, has
the cotton market shown equal excitement
and violent variations as recorded today.
In some respects it was anybodys market
after an early bulge of some 80 points
on the active options. From opening to
close the excitement was kept at fever
heat by conflicting sensational reports OF
crop conditions, with a sentiment except
ionally muddled after the first wave OF
bull enthusiasm had receded. The open
ing was strong and enormously active,
with prices up 13 to 30 points. Every
body had an abundant supply of buying
orders, though Southern and foreign
shorts were conspicuous as leaders in this
connection. The market derived mucn
of it's early bull impetus from surprising
strong Liverpool cables, numerous crop
disaster reports and predictions that the
statistical situation would shortly become
the leading influences. Prices of the
first hour were subsequently proved to
be the highest of the day with the low
point reached shortly after the noon call
when the failure of Dennis, Perkins and
Company caused a temporary panic amid
less reliant holders. Selling on the down.
turn was terrific with some of the lead
ing supporters of the market openly de-
claring for the bear side under the belief
that the bull movement had been excess
sive and not altogether warranted; that
the short interest had been wiped out,
and a unwieldly long interest established
The extent of this drop was considerably
over 20 points which the market failed
to recover during the balance of the
session. The change of sentiment in the
part of a portion of the bull following
prompted bears to take a less pessimistic
view of the market with the result that
covering fell away sharply with some of
the more courageous bears later manifest
ing a disposition to prepare for slump.
Mixed late crop advices kept the crowd
in turmoil throughout the last hour
and the market experienced alternative
periods of strength and weakness as buy
ers and sellers gained control though
finally succumbing to enormous liquida-
ton.
Allowances were made for an unfavor-
able weekly crop and weather review
from Washington tomorrow and a drop
in the crop condition was reckoned in
the Government report. The closest at
tention was given to weather changes
and predictions South though these were
to some extent confusing.
The market closed easy, one point
higher to twelve points lower.
NEW YORK.
NEW YORK, June 25.-Cotton futures opened
strong