The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-05-22
A AEART-H[AV|NG
PLUNGE BY COTTON
Net Loss of Twenty-Seven to
Fifty-fve Points.
SPOT DEMAND DECREASES
Estimates for Today's Receipts Heavy, Interior
Movements Bearlsh---After Fevefish Fluci-
uati0ns in the First Hour Stocks
Close Firm and Active.
CBy the Associated Press.)

Thy the Associated Press.
New York, May 21-Conditions in dry
goods are improving from the point of de-
mand and prices in number of directions
have been advanced. Buyers are not
speculatively inclined, but feel more con.
fidenee in the stability of prices and are
placing orders with more freedom. Job
bers are doing slightly improved busl-
ness.
NEW YORK COTTON.
New York, May 21-The cotton market
opened easy at decline of 11629 points
under very weak Liverpool cables, heavy
estimates for the days receipts and con-
tlnued favorable weather. Following the
call there was a brief period of UNI
certainty, then came a rally under bull
support which, however, was confined al
most entirely to the new crop options.
After this the receipts of the closing
Liverpool cables rejecting a demoralized
condition in that market with the near
months net 19B@22 points lower and the
late at a decline of 7G9 points. This
brought about one of the most excited ana
heaviest realizing movements the market
had yet witnessed. In the course OF ten
minutes or so July had sold down to 1896,
August 1862 and September to 9.75. All
classes of traders seemed to be selling and
the cotton apparently was absorbed by
certain bear interests who found substan-
tial profits in the decline of over $500 a
bale from Wednesdays close. Then spec
ulation quoted. For a time the market
was comparatively Inactive. Prices iuc-
tuated narrowly with the bull leader
showing increasing disposition to support
as he found offerings subsiding. A rally
ensued which carried prices upward from
8 to IL points, but the estimates for to-
morrow's receipts were heavy, the interior
movement was bearish and from all points
a decreasing demand for spot cotton was
reported. It was also stated that owing
to the highly speculative atmosphere sur
rounding the market spot dealers were
finding difficulty in obtaining suitable
cash advances. and this encouraged the
bears who again began Eammering values.
The bulls became less aggressive and
values gradually developed a declining
tendency, prices being forced downward
slowly at first. but with gathering rapid
ity toward the end of the session and
at the close they had reached low level
for the day. The market was finally IT.
regular. closing easy az a net loss Of
27G55 points. July closing at 1910, showed
d IOSS VI OfcT gov d bdiC siHCC last ui6nt-
August closed at 10.47, September at 9.65
October at 927 and May at 11.60. Total
sales futures were estimated at 100000
bales Port receipts were 5,572 bales
against 1881 last year.
The Southern spot market was quiet
and generally unchangd, while the New
York market was ten points lower at
1905 and spot cotton in Liverpool was Il
points with sales Thereof 5000 bales.
NEw YORK May II COTTON spot O ed
quiet; 10 points lowera middIing upIands
.05 niddline gulf 20 sales 500 bales
Natures opened easy