The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-02-06
Cotton 0utdoes the Jack
and Jill Tumble.
DAY A BRAIN Adder
At the Low Point the Loss is 10 to
121 Points on March, May and
July. the Net Decline on the
Old Months Being 35
to So.
to So.
(By the Associated Press

New York, Feb. 5.-In the dry goods
market today buying has been limited,
the unusual condition of the cotton mar
ket causing buyers to stand aside for
the time being and await developments.
Both buyers and sellers are pursuing
conservative policy, the manufacturer not
being inclined to sell very far ahead,
even were he able.
NEW YORK COTTON.
New York, Feb. 5.-The cotton market
opened steady at a decline of 10 points
TO an advance of Z, with the market de-
veloping greater firmness as the call pro-
crossed. The opening declines were due
to continued liquidation and bear pres
sure, while the steadier tone arose from
less unfavorable war news than expected
and the rally in Liverpool. where prices,
after opening so to 65 points lower had
rallied to about the anticipated figure. 1t
also developed that there was a good deal
of bull support. Mr.. Sully was buying,
brokers representing New Orleans were
buying and for the first twenty-five min
utes the market ruled very firm selling
up to a net gain of from 81 to "a points
it seemed, were still panicky and toward
the end of the first half hour well di-
rected bear drive broke prices few
points, outside liquidation became over
whelming. the active. and the market in
an instant was plunged into scenes of
even wilder excitement than those which
marked yesterdays market Inside of the
first hour prices had been driven down
until March was selling at 1875: May at
1899 and July at 14.10, a net decline of
10 to 121 points on these positions. July
on last Monday sold at 1855. The low
point of this morning, therefore, indicated
loss of about $1,700 on every hundred
bales of cotton. But this last wild rush of
selling seemed to exhaust the supply of
outside long contracts. Offerings dlmln-
ished, the local bull leader began buying
aggressively, New Orleans continued TO
SUPPORT the market, shorts turned to
cover and the active months were rallied
so to rs points. Following. this fiuctua-
tons comparatively narrow and very ir-
regular The week ending showed into
sight slightly under early estimates,
but this fact seemed to attract no special
attention and heavy exports also failed
of any special effect. Just before the
close however, the local bull leader be-
came a heavy buyer bidding July up to
1892. but this demand filed, the market
closed barely steady tonight with July
at 1881. The net decline was matter
OF. 80 to 50 points on the ole crop months,
while the new were from points higher
10 10 points lower. Sales were estimated
at 800 900 bales.
Receipts at the ports today 22,3a4 bales,
against 1926 last week and 24,s37 last
year. For the week 100000 bales, against
1se,29s last week and 194,161 last year.
Today's receipts at New Orleans were j.
042 bales, against 7,S40 last year, and ct
Houston $3.50 bales, against 4,207 last
year.
NEW YORK Feb. Cotton spot closed
easy, IS points lower. mtddling uplands
1870, gulf l5.75: sales 1880 bales.
En-. ures opened steady and closed irregular.
6NCa Aioh l.nNI