The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-05-20
ANOTHER
WILD DAY
Cotton Market Again Flurried
to the Extreme.
ANOTHER RECORD LEVEL
There Was Heavy Selling for Profits,
but In Spite Of this Rally at the
Close Sent Prices
Booming.
ANOTHER RECORD LEVEL
tnr Associated pre..A


NEW YORK. May l9.--The enormous
gains OF yesterday effected no appre.
ciable decrease in bullish excitement and
enthusiasm, and the opening In the cot
ton market to-day was one OF the most
notable OF an eventful season. The ir-
regularity OF Liverpool after her pro-
nounced advance. the prospects for re-
cepts again more than double last year,
and the expectations OF bearish weekly
bureau report. as opposed to the bullish
utterances credited to the New Orleans
leader, all added to the rush and con-
fusion.
First prices here were four to nine
Ing the call bull aggressiveness and
further covering by shorts sent prices
to another new high level for the season,
July selling at 1l.36; August at l1.O2 and
September at o.73. After opening Sglo
points higher, Liverpool reported unset.
tied conditions and reached level IN
Q13h points higher on the near months,
Later there was a break OF about five
points, which brought prices back to
just a little over local expectations. The
strength In spot cotton In Liverpool was
again remarkable, quotations being ad-
vanced 1s points. but tho trading showed
marked decrease.
PROFIT-TAKING GENERAL.
At the best point OF this morning pro-
fit-taking became more general. and be-
fore midday prices had declined 8g23
points. with many In the trade continu-
ally feeling for the top. this had natu-
rally brought in a considerable volume
OF scalping orders on the short slde:
These 4 shorts were completely routed
weekly report OF the weather bureau.
which reflected much less favorable con- 60!
ditions than had been expected " me
violent efforts to cover which followed
this caused another sharp advance, ana
within ten minutes July sold up from
11.17 to 1.24; August from lo.Ol to 1885,
and September from e.65 to 9.12'
The midday rally apparently exhausted
the Immediate demands from the shorts,
and was followed by another reacting
period. during which trading became
much less active. The decline was star.ed
BY selling OF July. supposed! Ior tne
account OF the leader OF the Ne" Ens ,;,!s
moyement was swollen by profit taxing
BY room longs, and prices were iorceu
down point by point In the face OF con,
tlnued support with the market at az
times exhibiting an undercurrent OF ie-
verlsh excitement. Rumors were circu-
who was prominent on the bull side early
IN the season, was buying heavily. 1or a
cont ADVANCE and this added to the ner-
yousness and irregularity.
It did not, however, serve to immeol. !.
ately check the downward course u
prices. and the old crop months reached
a level 1G5 points below the close OF yes
terday, while the new crop, sustained BY
continued covering. showed a gain OF 4as
points. Just before the finish the. trading
was once more very spirited, and par
tiai rally took place. May closing a a. i!,o''
July at 11.24, August at 1926 and Septem-
her at 9.7s, with the general list net Z
to 81 points higher. the greatest gain
being in November, which closed at 9.22.
Sales estimated at 100000 bales