The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-12-30
, Selling Orders TrickIed,
Then Came in Flood.
MADNESS IN THE PIT
Then Back Swung the Pendulum,
Leaving Heavy Losses, But Hav-
ing Regained Much That
Seemed to Have Slipped
Beyond Recall.
(By the Associated Press.)

New York, Dec. 29.-The cotton market
was again sensationally active and ex-
cited today. Meeting with heavy diquida-
ton at first it opened weak at an advance
of one point to a decline of II points and
with Liverpool showing weakness as a
result, it was reported, of heavy American
selling. declined still further during the
first few minutes, with January selling
down to 1855, March to 1898, May to II
and July to 14.O3. But there was excep-
tionally heavy buying on the decline that
seemed to come from nearly all sources,
including room shorts, New Orleans and
wire houses with Southern and Western
connections so that the market was soon
rallied to about last nights prices, after
which it ruled very irregular and unset
tied
During the rest of the forenoon the gen.
eral tendency was downward and around
midday prices showed a net loss of %
to 81 points with the market ruling ap-
parently about steady at that level when
very suddenly there was an avalanche of
selling orders such as has rarely been
witnessed, and March broke to 1888, May
to 1913 and July to 1880, the latter going
from 1886 to 1880 on two sales. There
were net losses of rs to II points. Almost
as quickly there was another abrupt
change of front and in less time than it
takes to tell it there had been a recovery
of 40 points on very heavy buying, and
the room was so confused that brokers
seemed to be trying to buy and sell at
the same moment.
MAY and July cotton were selling at
a fEo ~ ~ a5 call
ing from some quarter, causing the market
to ease off and by points it went down to
near fourteen.
Then came the rapid decline. 1t is
estimated that there were at least mil
lion bales of cotton of different options
held subject to stop loss orders and they
al seemed to co-ne cn the market at
once Every broker who held cotton for
customers on the twenty point stop order
tried to sell before something worse hap
pened The market went down ten and
twenty points at drop.
Brokers rushed to the pit and fought
for place in thc inner ring. every broker
shouting at the top of his voice. and fight
ing for chance to unload the cotton he
he'd been fighting to buy only a few min
utes before.
Within very few minutes the active
options dropped about Is points, repre-
senting almost four dollars a bale. Then
the bulls came to the rescue and there
was a rally.
Tine market swung back almost as rapid
" as it had dropped. The market was
hardly less wild, and there was as much
noise around the pit as when the market
dropped. recovery of 40 points was
made on the sudden rise Then the mark
ct began TO fall again. After the partial
recovery in the early afternoon the mark
ct ruled very irregular with sentiment
very unsettled. and trading feverishly ac-
tive The closing was steady net II to 53
points lower with sales estimated at
1,500, ,000
New Orleans. Dec ga slight reaction
was seen in cotton this morning, brought
about by somewhat disappointing Liver
pool cables The bears had looked for the
reaction for long time, but it was hardly
wide enough to repay them for waiting
so long The shorts tried to stampede
the market by throwing large quantities
of contracts under ruling prices into the
ring, but all offerings were quickly abb
sorbed. Prices showed a rapid see-saw
up and down.
Liquidation continued throughout the
morning. AT the opening the tone of the
market was Steauy WIFI PRICES lioiH D
II POINTS lower than the close of yes
day The recovery, which followed
after the opening brought price
again to the level of yesterdays
In the trading of the morr
lost Is points at 14.24, and tt
TO 1439. Similar fuctuat'
throughout the morning.
During the noon hour :.
broke almost So ba' m
utes there was d., ixty
points For the be hour
the market was ir ousands
of longs threw til the ring.
Brown gave til w support.
He bid for lots .es in March
and May. At of the break
there was heav- .om many quart
ers and shar was the result,
March going nd Mao to 1920.