The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-02-05
OUT GOESBOTTOM
WITH A BIG BANG
Old Cotton Drops as Much
as 1872 Points. !.
NEW NOT QUITESOBAD
The Losses Here are From Thirty to
Fifty Points. Long Cotton Comes
Out in Gush Falling From
all Sides and Sending
Prices Down.
NEW NOT QUITESOB BAD
tBy the Associated Press.)

New York, Feb. 4.-The slump in cot
goods market except that buyers show 2
more conservative attitude but manufac.
trrers show no inclination to weaken from
their. position, and are not inclined to be-
lieye that the slump is anything but tenn
porary. Even at the new prices touched,
however. it is not believed there can he
any concessions from the prices made
many OF which are below a 10 cent basis.
NEW YORK COTTON.
New York, Feb. 1.-The cotton market
opened weak at decline of AZ to SO points
on the old aud 10 to 20 points on the new
crop months, under continued liquidation
and selling for short account, accom-
panied by the widest excitement and con-
fusion. The fact that heavy buying or
ders had been received here from New
Orleans Just before the close last night,
and the firm showing OF the New Orleans
market in the late trading had led to ex-
pectations that the English market this
morning would prove higher than ex'
pected. Cables, however, reported net
decline of 20 to 26 points at the hour
of the local opening, and with no show OF
bull support, the news from the Far East
threatening and bear confidence strength
ened the market after some little lrregu-
larity turned very weak, particularly when
it was seen that March in New Orleans
had broke 106 points and July 80 points
The show of weakness IN the very strong
hold OF bull speculation struck terror in
the sma Her longs in the local maket, and
in moment prices were going downward
ut rate that threatened to surpass the
break of last Tuesday. After March had
been forced down to 1880; May to 1853
aid July to 1874, net loss on these po-
sitions of about 81 to Sc points the en-
trance into the ring of the local bull leader
who bid for May and July restored con
fdence to some extent. The New Orleans
crowd began buying in volume and the
market steadied UP until it was within
10 or IL points of yesterdays close. Fol
lowing this the market in the late trad
ing experienced the most sensational f1uc-
tuations of the day or season, or for that
matter, in the history of the exchange.
Shortly before closing time a rumor was
circulated that war between Russia and
Japan had been actually declared and this
precipitated the market into the widest
confusion.
Long cotton was Idlfly poured out lIoii
all sides. July here broke about 40 points
in twenty minutes, while in New Orleans
it lost nearly 100 points in the same time.
From 1888 the high point for March To-
cally, that option was depressed to 14.77;
May sold down from 1912 to 1903 and
July from 1922 to 1928, these prices rep
resenting net declines of ia to lie points.
The market closed at nearly the lowest
or at a net loss of 104 to 1872 points on the
old and of 80 to so points on the new
crop months Sales were estimated at
500 900 bales.
Receipts at the ports today We're II. 1913
bales, against 1858 last week and 27,167
last year For the week 10000 bales,
against 1885, 93 last week and 194,161 last
year. Today's receipts at New Orleans
were 1892 bales, against 1928 last year.
and at Houston 1905 bales, against $3.50
last year.
NEW YORK. Feb, Cotton spot closed
Quiet p points decling, middling uplanCs
I525 gulf 1850; sales 800 bales.
Futures opened ana closed weak.
Ono, iuh Tow