The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-09-08
SUDDEN CHECK IN
RISE OF COT TON
Smaller Liverpool Holders
Turn For Profits.
A BAD BREAK FOLLOWS
Caused by Larger Bulls Being Forced
to Liquidate.
TALK OF SHUT DOWN IN MANCHESTER
This and Reports That English Spnners Had
Decided to Buy No More Cotton This
Month Brought on the Sell
lirg Movement.
(By the Associated Press.)

(By the Associated Press)
New York, Sept. More inquiry today
after brown cottons and some Improve
ment in bids for forward deliveries, but
actual business continues moderate and
spot prices without material change.
Bleached cottons still quiet at unchanged
prices. Wide sheetings are advancing.
Several lines raised 7b to 10 per cent.
Coarse colored cottons Steadier; moderate
demand. Prints unchanged. Staple ging-
hams reduced half cent and good orders
secured. Dress style gnghams un.
changed Linens are quiet at previous
prices. Burlaps in better demand and
tending against buyers.
COTTON.
New York, Sept. 7.-Sentiment on the
Cotton Exchange today swung completely
around from Ia radically bullish point of
view to. bearish standpoint, and the
decentralization which prevailed through
out the forepart of the week in bear cir
cles was followed by panic among the
bulls this morning. AT the close last
night there was no indication of a storm
for the longs brewing, and the rank and
file OF the bull faction went home firmly
convinced that today would record anoth-
er sweeping advance. The market opened
weak and irregular, however, with prices
down twenty-five to thirty points under
one of the heaviest selling movements
which has ever been witnessed in the cot
ton pit. Orders to unload came from Eu-
rope, the South, the West, Wall Street and
the speculative public in general, and
g a
quarter of cent that buyers could be
induced to take hold. Throughout the
first hour the market was intensely ex-
cited with fluctuations often violent in
both directions The main reason for tho
complete change of front upon the cotton
trade in general was a sudden and entire
dy unlocked for break of eleven to four
teen points in Liverpool from the open
ing figures. said by private cables to
have been precipitated by turn of small
er holders for profits, forcing the larger
bulls to liquidate. Talk of shut down
in Manchester and claims that English
spinners had decided to- buy no more cot
ton this month were at the bottom of
the Liverpool selling movement. The
late advices from abroad were decidedly
better, and led to a reconsideration of
sellers OF the first hour once more took
the bull side, while selling fer further
reaction completely ceased. Later in the
day, the market worked steadily upward,
displaying considerable of a bull flourish
on reports of active demand for spot cot
ton South and marked advanced at near
ly all points. Complaints of excessive
rains in Southern Texas and parts of the
Atlantic States helped to stimulate buy
ing. The fact that futures were consid-
erably below the price of spot cotton
checked selling for short account and en-
couraged investment buying.
Trading was very active except Cor a
brief period around midday. The market
once more shifted i'm the last few minutes
and broke badly under heavy general sell
ing. The close was weak with prices net
nineteen to twenty seven points lower.
COTTON SPECIAL.
New York, Sept. To-day marked the
turning point in the great bull movement
in cotton on the New York, New Orleans
and Liverpool Cotton Exchanges. With
a crash amid tremendous excitement
prices fell twenty five to thirtytwo
points on the opening while the closing
twenty five points. Between the opening
and the final phases the market scored
some violent pendulations, at one time
advancing within point or so of yester-
days closing. The loss on the first call
here wiped out fully one-third of the
rise accumulated during the fore part
of the week, and resulted from bull
panic in Liverpool. The public was not
a loser on the collapse of the English
and American markets, having sold out
pretty thoroughly during the great rise
of yesterday. Manchester spfnners voted
at a meeting today to close down their
mills, being unable to profitably manu-
facture cotton goods at the present alb
normal prices demanded for American
cotton. Moreover, there was not suffi-
cient staple in all England to keep them
going for ten days consecutively. Some
traders are talking ten cents for jan
uary delivery, but conservative parties
believe the turning point has been
reached. Today's business on the local
cotton exchange was estimated at one
million bales.
NEW YORK.
NEW YORK, Sept. 7.-Cotton futures opened
weyk and irregular.
flatu PpaC closed weak