The age-herald., 1900-05-25
WILD SCENE IN q q
 COTTON MARKET The Sales Amounted to Near
 100000 Bales, MARKET OPENED STEADY Later an Avalanche of Long Gotten , Struck the Exchange, and the
 Failure of Price, Mccormick
 65 Go. Was Announced
MARKET OPENED STEADY

l New York, May 24.-The widest excite
 ment prevailed at the cotton exchange to- l day with phenomenal activity following unprecedented liquidation of long cotton
 supplemented by heavy sales for short ac-
 count the latter in good part orders
 from the south The market opened steady
 with July contracts one point higher, and
 the rest of the list from unchanged to nine | points lower
 The selling movement was not so marked | on the opening cal and some of the local
 traders prepared little upward move-
 ment; burt they saw their mistake
 wlfen an avalanche of long cotton came | on the market and carried the smaller off
 their feet. It was evident that some house | or houses had reached the distress point; but 1t was not until 12:34 p. m. that the | prime factor of weakness was definitely
 known, although pretty generally suspect | ed. At that hour the failure of Prince, l Mccormick & Co., was announced. l This suspension was not wholly unex- pected; nevertheless it threw the market l into a panic and for a time pandemonum l prevailed on the exchange. August con- | tracts, which this concern originally un- | dertook to advance to 10 cents, and did ad- vance to 9.60, sold off to S35 this being a | decrease of 125 points from the top of the | bull movement and a decrease of 19 points | from the closing price of yesterday. May contracts, in which this concern also had | a heavy interest, broke IS points or more than %c for the day. RumorS of other failures were rife, but later it was nounced that no more failures were looked | for. . d | It was thought on the exchange that while the failurp n pripa MoCn iols | Co. had crippled some New York parties, 1 the public who had indulged on the score of margins there had no fear of further apprehension. The greatest decrease of the day was 10 to IS points. The market closed irregular at a net decrease of Il to IS points, having failed to recover from the extreme depression of the day. In addi- ton 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 activity of the local market enormous selling orders to protect accounts having been sent over from Liverpool and elsewhere in Great Britain Continental selling orders were also a factor.~ While there is no official record of the sales of cotton futures today, 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, if not actually exceeding that enormous total
 New York, May 24.-Cotton nominal at 5-16c; net receipts, BIO; gross, 1888; sales, 800; stock 77,05S; continent, 200
 Total today: Net, 2,4S5; exports to Great
 Britain, HOO; to France, 2756; to the con-
 tinent, S,0S0 stock, PSI, ,213
 Consolidated: Net receipts, 25 273; Great
 Britain, 27,963; France, 2,756; continent, 2S,- 7S9
 Total since September 1: Net receipts G. 295,o60; Great Britain, 2,10S, 110; France, 6S6,- 5U6; continent, 2,529 374.
 New York Cotton Futures