The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-09-30
This Achieved by September
Cotton in Two Days.
ALL RECORDS SMASHED
Shrinkage and Heavy Liquidation in the Stock
Market Give Place TO Buying Large
Volume Presumably for Sup
porting Purposes.
porting Purposes.
(By the Associated Press.)

New York, Sept 29.--Violent as were
the advances in September cotton yester-
day they were surprised this morning
when that option in the local market was
forced up by the urgency of elevent
hour shorts, and the aggressive attitut
of the New Orleans bull leader. Openin
at lilo, last nights closing. it sold at
cents on the call. After that it advance
10 and Is points at time until 10 cent
was reached Pausing for a moment
again moved up touching 1903, compare
with Hip, the closing price of last Sa
urday. This represents an advance of is
points for the two days or about $9S
a bale. The extent of the short lnteres
that has brought about the record-breah
ing movement can only be guessed at, but
it is not thought to have been very ex-
tensive. Rumors have been circulated,
both today and yesterday Of private set
Elements at the high prices and most in
the trade believe the furry pretty well
over The advance in September had matt
urally alarmed the shorts in the other
positions, but the advancing tendency has
been checked by the high movement and
easier Southern spot markets and this
morning months later than September,
ruled more or less irregular, but on the
average a little under last nights closing.
The excitement attending the efforts of
the September shorts to even up their
commitments before noon tomorrow when
trading in that option ceases. did rot
measurably abate as the session pro-
crossed, though the fluctuations after
midday were naturally less violent. At
the highest September sold at 1850 and
| closed at that figure or at a net advance
of $50 points. The speculative nature of
,, the developments in September was evi
dent by the balance of the list which, in
spite of rather less favorable crop weather
and bullish crop report at midday con-
tinued to fuctuate below last nights
finals The closing was barely steady at
net decline of to 16 points. Sales
estimated at 100000 bales
| The local market for spot cotton was
marked up It's pounds to Is cents in SYM
pathy with the advance in September
New York, Sept. ga very decided
1 change came over todays stock market
In place of the recent heavy liquidations
and further shrinkage of values there was
buying in large volumes apparently by the
| leading financial interests, though it was
duOI6 IMAM likely lIldt q BOOuIy part VI
the days purchases was really in the ma
ture of supporting orders. It is also
probable that some of the high grade
stocks were absorbed for investment
The bears were not slow to observe the
changed conditions and covered very ex-
tensivey, in fact their attitude helped IN
no small degree to sustain the list which
was at top prices at the close.
a -
couraging. The cables reported situa-
ton bordering on decentralization in Lon
don, where consols had fallen to another
low record with heavy declines in the
leading Americans, notably the steel
stocks. Initial transactions in this mark
ct reflected the tone of that in London,
but after the first few minutes the mark
ct reversed its course under the lead of
Pennsylvania, which was the pivotal issue
of the day. That stock was openly bought
by interests that represent the road finan
clally and on sales of more than 10000
shares made a net gain of 334 points. The
strength of this stock was the more note
worthy in view of the previous days
fierce drive against it.
other active and strong stocks. included
Union Pacific Atchison, st. Paul, Erie,
Reading and United States Steel, preer-
red, all Of which gained two points or
more. Some of the specialties made great
er advance, but the bulk of the days
operations was limited to the issues
named
story went the rounds during the day
that the leading financial interests had
agreed to protect the market by united
action. The story was denied in authori-
tative circles.