The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-12-31
ANOTHER Bic DIVE
After a Wild and Erratic
Course Cotton Closes
Away Down.
(By the Associated Press }

New York, Dec. 30-Speculaton in cot
ten was resumed on an exceedingly ac-
tive scale today and trade sentiment
seemed no less nervous and unsettled than
or yesterday. From the very clang of
the gong fluctuations were wildly giraffe.
Gables were perhaps shade better than
locked for just before the local opening
but afterwards weakened and the out
look was for heavy receipts.
First prices here were seven points
higher to eight points lower and follow
ing the call ruled very cratic, May, .or
instance, opened at 1875. net loss of 5
points, sold up to 1880 on the call, tten
broke to 1850, recovered slightly but
within the first ha II hour sold back to
1856, net loss of "a points, while the
other months showed equally wide
changes with the general tendency down
ward as result OF heavy liquidation and
rumors that the bulls were unloadina.
At the lowest level of the morning
March sold at 1920, May at 13.40 and
July at 1874, this being a net loss of 35
to 40 points and a decline of about S485
bale I rom the best prices of yesterday.
Just about midday the bulls quickly re-
newed their tactics and began bidding ag-
gressively while the room crowd that hcd
been helping to sell the market down
turned to cover and perfect torrent of
buying came in with prices ral!ying to
about the best point of the morning or
just about even with last nights close.
This was succeeded by another downturn
OF several points and early afternoon
showed losses OF 8 to IL points on the
active months
During the late trading fluctuations
were less violent but the market showed
distinct downward tendency under lQui-
dation that accompanied unsettIing TIL
Hors regarding the Far Eastern situation
The market closed weak at a net decline
OF 33 to 49 points. Sales We're estimated
at 100000 bales.
Liverpool, Dec. 30.-Cotto opened easy
and apparently nervous giving way to
points. After that, amid some excitement,
it advanced to Z points, on the receipt
OF the New York opening quotations. The
market finally gave way, January and
February touching 693 and closed weak
New Orleans, Dec 30.-The ring at the
Cotton Exchange was surrounded by a
mass OF struggling brokers all day long.
The opening was wild but the confusion
grew even greater as the day advanced
The bulls fought desperately bat the
heaviest support they could give tae
market could not keep prices 10 against
the irresistible tide of liquidation by weak
longs.
The leading bulls bought heavily dur
ing the middle of the day but purchase
of 5000 bales at time did not hof1
market up. Soon after nocn a way
NOR spread among the traders at the r
and the confusion became ndesciibal
The stout oaken ring about which tr
ing in contracts is carried on fairly tt
bled as brokers hurled themselves aga
it or were forced against it by the II
of brokers that crowded around it
deep. The fierce eagerness to sell at
price caused values to tumble five po
at time. Outside the exchange
curious crowd of people thronged Ora
Street and Varieties Alley and the
tic yells of the traders could be hi
for blocks.