The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-01-29
JANUARY COTTON
RISES IN BOUNDS
1t Goes Up One Hundred and
Fifty-Fiye Points.
HOLDERS BEGIN TO SELL
A Tumble of rs Points Temporarily
Quiets the Scare.
JANUARY AT CLOSE is IS NET HIGHER
0lher Months One Pint Up 10 Three Down.
Sentiment Much Mixed at the Close Of
ths Market as to the Fu ure Of
the January Deal.
A Tumble of rs Points Temporarily
Quiets the Scare.
JANUARY AT CLOSE IS IS NET HIGHER
(By the Associated Press.)

New York. Jan. 2S.-The dry goods
market has not opened with any parti-
cular spirit this week but business is as
good as the daily average of last week
No damage can be noted in any line of
staple cottons, the excitement in the cot
ton market in January deliveries having
no effect. Print cloths are quiet and
unaltered. White goods are generally
steady. Silks continue dull at previous
prices.
COTTON.
New York. Jan. est was a great day
for holders of January cotton ON the local
cotton exchange. The fluctuations of that
option were fer more violent than ever
before known, reaching matter of 255
points. amid intense excitement, though
singularly small trading. Shorts were
crazed in the first hour by sensational re-
ports of fifteen cents being the price at
which oversold January operators were
TO be allowed to settle, and by claims
that the clique would positively refuse
10 settle at all until the last moment.
On the call the feeling was steady with
January 10 points higher and other
l.
Very disappointing Liverpool cables and
heavy receipts at the ports were Getri-
mental to local holders Of options other
than January and light selling. resulted.
But this soon gave way to h.lrried buying
when current months shorts began 10 bid
for cotton with which to make set tlemeft.
An absence of sellers created unprecess
dented alarm in. bear circles, which soon.
fn i.
leaps and bounds January shot up with
the operators in other months standing
aghast at the remarkable spectacle. Not
until sheer uplift of 25S points had oc-
CURED was there sufficient cotton en-
ticed out to appease the needs, of the
shorts. Then tumble of IS points under
proft-t taking temporarily quoted the
scare. Still later January fuctuated vio-
lcntly around the top notch of the first
hour As the session wore along sellers
became more plentiful the. enormous
Profits within reach proving too much of
a temptation for resistance. But at no
time was there a reaction to THE opening
basis. and al the close sensational reports
of still greater prospective bulges were
in circulation. Around the opening Feb
Iuary shorts became sympathetically
that option to $50, sheer rise of IL
ipoirts. Atrrch and May followed. but
failed 10 develop abnormal strength. The
English market steadied considerably in
keeping with our early display of pro-
nounced strength, but closed in a nom
committal sort of spirit with the European
trade generally looking to US for incen-
tive. The private reports from the South
declared that New York shorts had in
several instances ordered cotton shipped
at once by express. the belief being that
considerable amounts might yet be
brought in time for delivery contract At
the close the market was quiet and
steady with January net IS points higher
and other months l point higher to
points lower Sentiment was very much
mixed at the close and few cared TO ex-
rress an opinion concerning the future of
the January deal. Wall Street and other
commission houses were the leading buy
crs of January throughout the day. The
South purchased March and May as q
hedge against sales of spot cotton to cx-
:orters.
NEW YORK.
NEW YORK. Jan. %. Cotton futursa openeo
sta Nv al flafsiYpo