The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-12-30
AVALANCHE
lNIC0'l'.T|'!O||.N|'... !
MARKET / | | I II
The Prices Drop Twenty n
Points at the Drop.
DECLINE OF FOUR
DOLLAFS S#A BALE
Brokers Rush to Pit and Fight
for II Place ice in the Inner,
Ring.
BULLS !. COME TO RESCUE
AND EFFECT A RALLY
Market Swings Back Almost as as
Rapidly asaIt Dropped, and
:s5 Amid as Much Noise
Closing Steady Net
s'3, Al 70 s. Points
Lower.
BULLS COME TO RESCUE
AND EFFECT A RALLY
Market Swings Back Almost as
Lower.
tBy Associated Press:)

NEW YORK, Dec 29.-The cotton mar
Ret was again sensatlonally active and
excited to day. Meeting with heavy sllaul-a i
.cetion at flrst It opened weak at an az g; \
vance OF one point to a. decline OF eleven
r.oints and with Liverpool showing weak
ne IS as result,9i 1T was reported. OF heavy
American selling. declined still furthnri
during the first few minutes. wi tn .Janu-ii ny 4
cry selling down to 1855, March to 1929
May. to IA cents and July to 1909. I. But But
tfe ere was exceptionally heavy buying on
the decline that seemed to come from
: nearly all sources. Including room shorts,
New Orleans and wire houses with south
arm and western connections SO that tho
4 n. .arket was soon rallied to about last
rights prices. after which 1t ruled very
TIRE Sgdlar and unsettled. f 81 fS @
9y During the rest OF the forenoon. The
general tendency was downward 'und
around midday prices: showed g, net loss IS
twenty.three 70 twenty-sever, .l,s points
wt.i,t the mark ling, apparently bout
tss1ieady5at that Level when very denly,
9ttiere was an avalanche. .of sell !rtgl orders
8s, ch al has rarely been Wit messed and
March broke to 1898. May to 13.48 and
July to 1880. the latter going from 1886
to 1850 on two sales There were net
!. losses Of scventy-sIx to- seventy seven:
i T. oir1ts. Almost as quickly. there was nn..
other abrupt change OF front nd in less
time than 1t takes to tell 1t. there had
been recovery OF forty points on very
heavy buying and theS room was sos COLI
fused that brokers seemed to be trying
t., buy and sell at the same moment Il
Wild Collapse.
May and July, cotton were selling a t
about 14.25. when the break started self
Ei,.g from some quarter. causing tho mar
aket 10 ease off and by points, II went
down to near II cents.
Y Then came the rapid decline. 1t Is es-
tlmated that there were at least q inll- \
lion bales OF cotton OF different options
lc.,. subject to stop loss orders and they
nj seemed to come on the market at
once. Every broker, who held cotton for
: O. stomers on tile 20 point stop order tried
to sell before something worse happen
ed The market went down 10 and 20
points at a drop. si'l 4 KISS . .3F 5E4a S5
n Brokers rushed to the pit andy fought
+ for place In the inner ring every bros
kers shouting at the top of htsYyoice and
lighting for a chance to unload the cot
ton he had been fighting to buy only q
few minutes before. n n 4 {.s.s,s
876 Within "a very few minutes active ops
tions dropped about seVenty-tve points,
representing almost four dollars a ba e,
Then the bulls came to tho rescue ana
there was a rally. ia ti 81 &
Idly as 1T had dropped, Tho market was
hardly less wild. and there was as much
noise around the pit as when the market