The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-02-05
And Such a Tumble, Oh,
My Brethren.
ALL SHRIEKED SELL
At the Close in New Orleans Prices
Were 147 to 1853 Points Lower
on this Report of DecIara-
lion of War in the
East.
(By the Associated Press,

(By the Associated Press,
New Orleans, La, Feb. ABOUT The
worst break in the history of cotton fu.
ture trading in New Orleans occurred to-
day when on vague war rumors prices
went down until they were from 166 to
iS0 points lower than the close of yes
Jerday and May was So a bale cheaper
->otwltns, ,andlng this break there was ht-
tle excitement about the cotton Exchange
d. the close and no rear was expressed
chat any local cotton nrms Won-d tail.
AL the opening prices broke sharply,
March gong on 1O6 points from yesrer-
day s close 10 1850, but prominent bulls
supported the market and prices recov
cred. Toward noon the market became
quiet and unchanged The general opin-
Iou was that the general trend would
continue upward. soon after the noon
hour and while many brokers We're at
4uEch telegram was received from Chi
cago by a wlre house saying that cables
4aG peen received there telling of the
declaration OF war between Japan and
Russia.
Values commenced to slide swiftly
downward and III dye minutes time the
ring was in a panic. The general desire
was TO sell, no matter what price lae
cotton offered for sale brought.
The combination pit and ring at the
Cotton Exchange was ali amphirheatre OF
struggling, yelling humanity wild with
anxiety and then fears appeared to be
all the greater because they were not
exactly aware of what they were afraid
CT. Hundreds Of thousands OF bales CT
cotton were thrown into the ring and
the sellers exceeded buyers ten to one.
This mad scene lasted until well on
toward the close Of the market when the
ring finally had a sold-out appearance
a. this stage the bull leaders again tock
a hand IN the operations and by buying
everything offered and by strenuous bid
ding quickly sent prices up fifty points.
The market, however, had weak I'm
dertOne and prices again sagged toward
the close. At the closing prices were from
14f 10 16S points lower than the close OF
yesterday. On the curb the weakness
continued and at the close OF the curb
trading prices were again at about the
lowest levels ot the day. At the lowest
levels March was 166 points lower than
! he close Of yesterday at 1890; May was
l6S points lower at 1915. and July was
lS0 points lower at 1910.
New York, Feb. 4.-The utmost contl1-
sion and excitement attended the OPEN
ing OF the cotton market again today.
The bullish utterances from New Orlaans
yesterday and the report that New Oh
leans bulls had placed unlimited buying
orders in the local pit just before the close
OF business last night had led many to
believe that today would witness a re-
sumption of the recent upward trend Of
values. 1t seemed however, that it was
New Orleans against the world, for this
morning Liverpool instead OF advancing
as expected, reported decline of 20 to
70 points under Egyptian and continental
selling. This led to a weak opening here
with first prices at a decline of AZ to 80
points On the old and of Is to 20 points
on the new crop positions
Alter noon the market was much less
active after it had rallied a little more.
than nan a cent on the active months.
Ihe New Orleans crowd seemed ready to
support prices on any signs of returning
weakness but did not appear to be oper-
dtlnS aggresslvely for a further advance.
Shortly before the close there was az
ether violent break in prices, the May
option selling down to price 116 points.
or more than cent a pound below last
night close. The late selling was pre-
clpltated by rumors that war had actually
been declared between Russia and Japan.
Ihls rumor caused the utmost confusion
and its effect showed the extremely sens;-
tlVe state OF the cotton market at this
| time
| Liverpool, Feb. AFTER opening quiet
To-Day the cotton market began to give
/ way under pressure of sellers. Sellers OF
ders came jn from practically every pal t
OF the world and large and excited bust
ness was done. The greatest changes be-
tween the highest and lowest were Fet,
ruary 40 points, March and April 43, April
and May IS, May and June so, June and
July 46, July and August 40, August ant
September 43.
In the afternoon the market was If
times lively and excited Fluctuations
were not so great as during the early
session, but there was more excitement
1t was reported that 10000 bales of Nav
and June changed hands in one transac
ticn at 7.89 In the late trading the mar
ket steadied and advanced, and closed
very unsettled and excited, with pr,ees
u to 20 points lower than the previous
days.