The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-19

A SCENE OF PANIC
ON THE EXCHANGE
A Loss of About $3.50
on the Bale.
DOWN, DOWN, DOWN!
In the Wild Scenes Attending the Sus-
pension Of SuIly, the Cotton King,
Ruin Struck Many a Specu.
Iator Straight Between
the Eyes.
tBy the Associated Press

New York. March 1S.-The dry goods
market has become demoralized for the
time being owing to Sully's suspension
and no effort either to buy or sell is be-
ing made until the situation clears. No
attempt at trading will be made but the
incident is regarded as likely to have
beneficial influence, all eyes being turned
to export possibilities. Jobbers have done
an indifferent business during the day.
NEW YORK COTTON.
New York, March 1S.-The cotton mar
ket opened weak at an advance OF 3
points on April, but generally unchanged
10 II points lower on further bear pres
sure and liquidation in spite OF better
cables than expected and smaller esti-
mates for the days receipts. The con-
uinued pressure against the market in the
face OF rather more bullish developments
suggested a determined effort TO under
mine the concentrated bull interest be-
lieved to exist in May contracts and the
idea became more general that power
full bear interest was in the market. Com
mission houses who had been advising
purchases on the decline became more
cautious, and while during the forenoon
there were frequent sharp rallies. prices
Towards 2 O clock when margin prices
are made up, May was selling around
1880 This represented decline since
the high point of only few days ago OF
about 1875 points or nearly 1926 a bale.
This evidently was more than the bnll
interest could finance and just before 2
O'Clock the suspension of d. ]. Sully &
Company was announced. Immediately
IL, .,,+A ~ o dos
scene of decentralization. Brokers were
panic-stricken and cotton came pouring
out with and without orders. The mar
ket went down as though there was no
bottom. No one seemed to care about
buying; everyone wanted to SELL The
big bears whoever they have been, whose
selling is believed to have started a lit
tie over a week ago, may have bought
some cotton, but they were careful not
to buy too actively, and before the de
cline was checked even May had sold at
1855, and July at 1880. This was loss
as compared with last nights closing
prices of from $50 to $50 points or about
$3.50 a bale The decline from the high
point reached on the close of last week
was about four cents pound or about
$40 hale
prices somewhat and the market was final
ly steady at net decline of 62@196 points,
with May. closing at 1881 and July at
49,
Sales We're estimated at 100000 bales
The usual factors were entirely lost sight
OF during the entire session. ReceiDts
were light and the news generally was
rather more favorable to prices than of
late, but the only considerations were
those concerned with the speculative sit
uation. In spite of the recent declines and
reports concerning the large line held by
the Sully interests it may be said that
the suspension came as more or less Of
a surprise to the general trade. The Sully
holdings are variously estimated. Local
traders recently have detected the exist
enee of large interest in May which has
been estimated at around 100000 bales.
and the bear drive resulting in today S
developments is thought by some to have
represented the efforts of shorts TO force
the lcosening of the bull grip on the May
option, which if continued, must have re
suited seriously to shorts.
Receipts at the ports today 1926 bales.
against 7.123 last week. and 1882 last
wear For the week $4,000 bales, against
81, 2S3 last week, and S7,l24 last year. To-
davis receipts at New Orleans were 2.S45
bales, against 2,156 last year I'D at Hous-
ton j .292 bales, against 4,1o4 last year.
New York, Mrrch l3-Cotton spot closed
weak rs points lower; middling uplands, l5.00
guf ,5.25, sales 1853 bales.
Futures odened weak and closed steady.