Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-03-09
PRICE, MCCORMICK & co.
To-Day Publish the Following:
New York. Marcel, Sti,. 19t

New York. Marcll SG. l9VV
The cotton market has again been char
acterlzed by extreme weakness. although
the carly cables from Liverpool showed
some tendency there to resist the decline
Tho power OF resistance seemed TO he
short lived. and before the opening of the
New York market declining tendency
was again evident. Normally the New
York market ought to have opened at Il
substantial advance. but the ovcrbouEht
character OF the market was apparent
even at the opening. and the advance was
fitful and OF short Duration Thereafter.
and until about the lunch hour. the mark
ct Was nervous. and many who believed
that the downward reaction had about
spent its force, again bought contracts
disappointed. and toward the close fresh
weakness developed. final figures. being
tho lowest of the day and about 2G points
under those OF last evening
The cotton market during; the PAST four
teen days has traversed an extreme limit
| upward and downward OF 1893 points. MAY
contracts having sold at 'S4S February
list. 9.6S on March 9th and sos to-day.
In other words. 1t has presented an on
portuiity OF profit OF nearly two cents
per pound TO the man who was smart
enough 10 buy at tho bottom and sell Mt
tho top. Such commissions generally mari,
the end of any sustained bull market.
lhcy do not encourage conservative trad
ing ana fail 10 attract u substantial clas,
oil investors whose purchases can be re-
He'd upon as permanent element of
strength. They characterize generally
tho operations of numerous and mercurinl
pubic, and. this public having seen cor
Ton Ut 2iac.. is now promo TO buy II upon
each reaction. Disappointed then in tho
nope or an advance. they again sell II at
Il loss ana 50 the process is repeated.
with tho result of adding constantly Il
weakening element TO tho market In
Liverpool the same situation obtains 10
II great degree. Omr cable advlces rcceiv-
cd at three o'clock. New York time.
which Is the equivalent of S p. IN In I.iv-
erpool, were numerous and inquiries rs,
10 how tho market here was closing
showed Erolt anxiety on the part of our
Liverpool correspondents who, in view
OF tho weak closing hero fear n vcr,.
decided decline in Liverpool tomorrow.
If this should be realized there Will hc
fresh supply of liquidation In New
York and probably lower prices. I'm our
opinion. The whole truth Is; that we nrc
IN process of liqulda,ing probably the
most stupcndous cotton speculation thai
has been known within the past decade
~ study of speculative prccodent.; leads
us to feel that this process VIII not be
completed until cotton has declined he
low Its normal value as determined by the
relation OF supply and demand. AZ pres
cnt those who are buying and selling cot
ton are doing so almost entirely with
reference to market tendencies ana iC-
norinE the underlying facts OF the situa-
tion- While n considerable long interest
was liquidated on the advance 1t Is our
opinion that larger ana Il weaker ono
has been created on tho decline. and I'M
I'll the article has touched Il price that
affords tho conservative ana real Invest
or an attractive opportunity to huv and
hold persistcntly with Il reasonable cor
tainty or profit. tho limit of the decline
Will not have been measured This price
has not yet been reached Meantime tho
urgent wants OF spnncrs. who, aside from
the bona idc investor. are the only per-
sons who buy cotton 10 keep. have been
supplied al least for tho next sixty or
ninety days.