The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-12-22
MAD SCAMPER OF
BULLS IN COTTON
First Heavy Selling Set
Prices to Sagging.
OUT POPS THE COTTON
Stop Loss Orders are Reached and
Things Go Tumbling. The Wind
ing Up is at Net Losses of
Sixteen to Twenty-six
Points.
(By the Associaterd Press.)

marked character is evident as the week
opens in the dry goods market and the
buyer is determined TO take no moe than
is absolutely necessary for their inl1nc-
date requirements. Buying is at asking
prices and in quiet way considerable her
chandise is being moved. Jobbers are en-
periencing only moderate business and
are busy making preparations foc an
nual clearance sales.
NEW YORK COTTON.
New York, Dec. 21.--The cotton mar
ket opened steady at decline OF i POINTS
to an advance of 5 points, the irregular
ity being due to the opposing influences
OF lower cables, and bullish advices FROM
Southern spot markets together with Sat
urdays heavy exports and expectations
of decrease in the interior movement
There was heavy liquidation right frcri
the opening but at first there was also
a good demand for covering and consid
cradle bull support so that for a time
the market ruled comparatively firm did
was soon 6 to s points net higher on the
active positions. Following this the mar
ket began to sag under commission house
selling presumably for profits and as
prices dropped down step loss orders were
a rout and inside of three quarters of
an hour prices were net 10 to 20 points
lower On the active months.
At the lowest level however, there
seemed to be good demand; the local bull
leader bought openly and aggressivcly
and New Orleans sent bullish messages
while news was circulating freely from
interior Southern points as to railing off
h. hn lt
planters to hold for still higher prices.
After recovering part of early loss
the market ruled very irregular for a
time but broke again in the afternoon
under rumors that the bulls were unload-
ing and while finally steady was net Il
to % points lower.
Sales were estimated at 1,2O00D0 bales
trade having been active in spite Of the
approaching holidays. Port receipts fer
the day were large. the weather fine, and
estimates for tomorrow heavy.
On the other hand exports were o'g.
the interior movement small ard SJuth-
ern spot markets firm to a little higher.
though generally quiet. In the Early
break the report OF a more serlo,s ,drn
in the Far Eastern situation was Tfc
tor but the opinion in dividend a.; to the
ultimate effect on prices OF m actual
war between Russia and japan, it Being
argued that the probable decrease IL. .e-
mand from China, which country IS be-
leved most likely to be the scene OF
possible war-like operations, would ne
partially offset by the demand 70" fit
ting out troops. etc.
Receipts at the ports: Today h6,''5
bales. against 53,015 last wee and 1,2a9
last year For the week 100000 talos,
against SC6,e23 last week and 2S5.2Sl lis.
year. Today's receipts at New Orleans
were 1915 bales, against 1920 last year
and at Houston 1o,7S1 bales, against T.
467 last year.
NEW YORK, Dec. n Cotton spot closed
quiet ~ points lower, middlsng upland, 1880
gulf I3 q: sales $500 bales.
Fr.ures steady steady and closed