The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-17
AGAIN PRICES OF
COTTON TUMBLE
At the Low Point Sixty
Seven to Seventy-two.
SLIGHT RECOVERlES.
Net Decline Twenty to Fifty-sever
Points. The Break in the Okla.
homa Drouth Knocks Two
and an Eighth Off July
Wheat.
(By the Associated Press.)

New York, Marcn 16.-The buyer of
dry goods is not inclined to operate in
the present market, although he realizes
the possibility of prices advancing, vet
he believes he will lose nothing by wait
ing and will not run the risk of being
caught with goods on hand should the
market show a tendency to decline. A
few Irregularities in prices are noted but
they do not indicate the general tone of
the market.
NEW YORK COTTON.
New York, March 16.-The cotton mar
ket opened weak at a decline of sixteen
to twenty-five points on the old and OF
six to seven points on the new crop
months under room selling and liquidation
following disappointing cables, the out
look for larger receipts and the prospect
of rain in the Southwestern belt. At
first the bears seemed to lack confidence
and there was little bull support on
the call with the result that during the
first ten minutes the market ruled fairly
steady, in sons instances selling over the
opening prices. But as it appeared that
buying orders were limited offerings be-
came more aggressive and soon the mar.
ket was working rapidly downward. New
were rumors that a powerful bear clique
had been organized; and reports continued
TO come in as to the unsatisfactory con-
di;ions of spot demand; while it was
pointed out that stocks at both interior
points and ports are gradually accumulat-
ing. being now above last years figures
in both cases. In addition to this pri-
yate wires were received stating that cot
ton was being offered with surprising free
DOM in the interior. The estimates for
tcmorrow's receipts at Houston and Gal
weston were light leading to brief inter
walls of steadiness but generally speak
ing the market worked steadily downward
catching stop orders on the long side be-
fore midday after which the liquidation
through wire houses accelerated the de-
cline. Brokers believed to be represent
ing The bull leader bought the summer
months shortly after midday and with
some room covering rallied the market
about ten points, but a little later these
gains were lost in another wave of bear
pressure and the low point OF the day
was reached in the middle of the after
noon when March selling at 1884; May at
1850 and July at 1858 were from 81 to
az points net lower while the new crop
was at a decline of about % points. Fol-
Lowing this there was considerable irIeg-
uarity with sentiment evidently very ner-
ycus and unsettled and there were slight
reooveries. The market was finally steady
at a net decline of 20 to 81 points with
sales estimated at 100000 bales.
There was considerable selling by COM
mission houses on the break but aside
fton, this trading was chiefly professional
end it did not appear that the local bull
leader made any very serious effort to
check the downward course of the market.
Port receipts for the day were within
about thousand bales of last year and
exports continue light though the frcer
movement of cotton to the ports would
indicate increased shipments in the near
future.
Receipts at the ports today 1885 bales
against 1904 last week and 14,026 last
year; for the week $4,000 bales, against
81 2s3 last week and S7.724 last year. To
days receipts at New Orleans were $3.50
bales, against 1873 last year. and at Hous-
ton 1,457 bales. against 4,759 last year.
New York Mrrch le-Cotton spot closed
weak IS points lowermidding uplands, 1900,
gulf 1925, sales 10 bales.