Sharp Break Presses Markets as Tone Weakens
Decline resumes with a drop of 22 to 27 points as stock indices slide. Traders face stop losses triggered by the break, underscoring a tense market mood and heightened selling pressure.
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Newspaper
Atlanta Constitution
Location
Atlanta, Georgia, United States of America
Date
Dec 09, 1905
Page
11
Decline resumes with a drop of 22 to 27 points as stock indices slide. Traders face stop losses triggered by the break, underscoring a tense market mood and heightened selling pressure.
The New York Finance Chronicle reports favorable weather for the southern region with general rain and moderate amounts, aiding picking but delaying marketing of cotton as growers hold for higher prices. The cotton market shows nervous, unsettled trading after census expectations. New Orleans spot demand weakens, futures slip despite early steadying. London Liverpool market mixed, with futures steadiness. Secretary Hester’s weekly cotton supply shows movement below last year but above pre-year figures, with total unseen effort varying across regions and a broad downstream impact on prices and stocks.
Cotton market news covers stocks and bonds, mill takings, and foreign exports. It notes 1904 and 1905 season comparisons, total movement, and World Visible Supply with figures for American, Egyptian, Indian, and other origins. Shipping and inland stocks change amid Government reports due later today.
Chicago reports bearish news from Argentina and Russia sending wheat prices down for May delivery. May opened up, but selling by prominent houses pushed values to near day’s low. corn and oats fell, provisions down 2 to 10 cents, with cash wheat in light demand across U.S. markets.
The article analyzes market effects of bank reserves and possible deposits, noting a future rebound despite current strains. It compares past census estimates to government figures, arguing the cotton crop may be around 11 million bales, with underestimates by authorities and speculation on a potential 200 percent miscalculation in parts of the season.
New York dispatch outlines census figures for cotton ginned up to December 1 1905 in 500 pound bales and converts them to align with Agricultural Department estimates. It notes the New Orleans exchange weight average 519.10 pounds and discusses deviations in North and South Carolina Georgia Oklahoma and Texas versus the department’s yield estimates.
The Robinson-Humphrey Co. in the English American Building Allents, Ga. announces a stock of municipal and corporate bonds with net yields from 4 1 2 to 6 percent. They invite inquiries for a current list and note they buy and sell local securities.
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