The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-02-03
The Local Bull Will Take
a Holiday.
THIS RISES BEDLAM
March, May, July Roll Back Over a
Hundred Points, Net Decline on
the Old Positions Being SIS
to 81 and on the New
5 to Fl.
5 to 27.
(By the Associated Press

New York, Feb. 2.-Buying of dry goods
has not been as large but there has been
no weakening as the result OF the trc.k
iE cotton. In fact the utmost con-
servatism is observed by sellers sbou.
taking contracts, many Ines being hald
at value and others Withdrawn.
NEW YORK COTTON.
New York, Feb. 2.-The cotton market
opened easy at decline of to 16 points
on the old and an advance of 10 to II
points on the new crop positions The
latter. were influenced by covering and
buying here against sales in the English
market, an operation said to be profitable,
owing to the premiums existing, while the
more active positions came in for heavy
liquidation encouraged by Disappointing
cables, and rather heavier receipts for
the day in connection with unfavorable
news from the Far East. There was con-
tinued buying for New Orleans account,
however, and after a decline of about
half cent on the active months. the
market was rallied to practically the open
ing figures after which it continued active
and irregular until shortly after midday.
Then a report was circulated that the
and was about to retire from the market
for an indefinite period This rumor was
confirmed to some extent by the bull lead
cr himself, who stated that he considered
himself entitled to a holiday, but added
that his temporary withdrawal from the
market did not imply that he was no
longer interested or that he had altered
his bullish convictions The moment the
news was circulated however, the mark
ct became a perfect bedlam of excited.
gesticulating brokers, who seemed to
have but one desire on earth-and that
desire to sell cotton. From 1891, the
high point of the morning, March sold
down TO 1890, May from 1882 to 1905 and
July from 17.42 to 1916 a net decline of
III to 1876 points on the positions named.
The New Orleans bulls were active buyers
at the decline however, and soon the
market appearing to have been sold out,
was rallied. Tt was pointed out that the
Census Bureau report due in a day or
so was expected to prove very bullish and
with private advices from the South. in
dicating continued frmness, there was a
rally almost as sensational as the break
with prices in the first twenty minutes
after the slump commenced, showing a
recovery of from 20 to 70 points. At this
the tOOh Il slight breathing SPELL
the situation grew slightly less intense
and trading proceeded more quietly. Part
of the recovery was lost before the close,
but, the market was finally steady with
the three active months 90 to 90 points
UP from the bottom. but at net decline
of Go to 81 points on the old and of ) to q
points on the new crop months. Sales
were estimated at 100000 bales
The early decline was helped by reports
of a private settlement said TO have been
made last night in which it was esti-
mated something like 100000 bales were
concerned.
Receipts at the ports today were 33.5S7
bales. compared with 81. 636 last week and
1887 last year For the week 10000
bales, against 1876, 293 last week and 1884,
161 last year. Today's receipts at New
Orleans were 9,471 bales. against 10 ,SS6
last year. and at Housto, 1906 bales
against 11,314 last year.
NEW YORK. Feb 2-Cotton spot closed
weak, so points decline middling uplands
11.75, gulf Il co. 50 les :. .. bales.
futures op-ned and closed steady.
Open Close High Low