The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-19
COTTON SPOT DOWN
SuIIy's Failure Makes a
Wild Market.
McFadden's Support With $4,000
Bales Sought Promises to Steady
1t. No Cotton Sold Here
Yesterday.

1t seemed yesterday that the bottom
which cotton was seeking would never be
reached.
The future market was weak and fever
ish. In the last few days it has kept
dropping and the drop was in a small
fraction of two cents bale.
And lust before the close of the DAVIS
transactions yesterday the bottom fell
cut, when the failure of Daniel j. SuIly,
the Cotton King, was announced 1t
created a ranic.
The reports say that the New York
spectators were simply demoralized and
everybody was trying to SELL with hardly
any buyers. The prices plunged and the
day showed a drop of from $50 to go
points, or about $3.50 a bale. Fortunes
went out as breath when fortunately
the day closed. giving men a chance to
collect their wits.
On the local market the men who spec
rlate looked at the decreasing figures i'm
amazement and few to cover Some let
their contracts go by the board and those
who felt that they might recoup put ur
the necessary margin. Ii was time of
suspense.
Spot cotton went down. of course. The
figure Quoted from New York this morn
ing Is Is cents n pound, but this figure
was marked w before Sully's failure was
announced It will be lower than thar
this morning unless the strongest bull
interest DEVELOPS
No cotton was sold here yesterday Some
was brought in, but the prices offered
early in the day were below Is cents ard
there was no selling. At the close of the
day cotton men said that the prices here
could be stated to range anywhere from
1913 cents to Is cents pound. year
ago 40 bales were sold here at 95s to
97s cents a pound.
Here is some cheering information that
came Yesterday Afternoon at about half
Fast three O'Clock from New York to a
prominent cotton firm here. 1t is from
reliable sources in New York and is as
follows:
"Concensus Of opinion among member,
seems to be the market will right itself
after the break Of today. Cotton Is
worth as much intrinsically now as last
week and prominent spot houses have
bought very heavily after the failure. on
the theory that McFadden supported the
market in the last hour. bid for and
got perhaps $4,000 bales of May and July.
: His remarks after the close are that we
shall see much better prices than be-
fore ="
There is encourag cement and philosophy
in that telegram. McFadden takes up
the bull campaign and his purchase indi-
Gates great. There are still men who
predict that the top price has not yet
Leen reached this season.
What will happen today can only be
conjectured. but it does seem that the
market today will show an advance over
the closing figures yesterday.
How men who held contracts felt while
the drop was in progress yesterday is in
dicated in possible telephone talk TO
man who was called on for margins:
The dealer who wants the margin put
up is at the telephone. He rings. Finally
he gets his man.
Hello, is that you Smith,"
Sevidently it is Smith but rs We can't
hear we just guess it is.
Say, Smith, the market is going down
like shot. l need margins"
Smith certainly sees stars and asks how
much.
1T will take $4,000 just now"
Smith sees more stars. and is evidently
troubled.
What's that" says the man at this
end.
He certainly gets no reply for he says:
Hello! Hello there! Hello. l say.
No response. He labs the call up and
down.
Hello, Hello, Hello!
But Smith has hung up his receiver ana
wont talk $4,000 is too steep for him.
Representative f. H. Whitaker. OF
Wake, was in the city yesterday. Being
asked about preparations for a new crol'
he said
Conditions are pretty good right now.
The land is at last in shape to pillow and
two weeks of good weather will see the
whole country plowed up. Very little work
has been done uo to this week. but We
going ahead now"