Virginia gazette. [volume] (Williamsburg, Va.) 1893-192?, 1903-05-16
COTTON GOES WILD.
SensatisnaI DeVeIcpneat Duriag tic
Trsding x0nday
heavy BUYING ALL DAY LONG



New York. sDecial.-Thc uusesf
excitement IN cotton this season &C.
CURED when an enormous movement
Was started BY an unexpected advaare
of II 20 "a points ia Liverpool. a.
tended b. heavy sales q spot cotfosz
* the English markets. The local
market responded with an advance
or 70 20 "a points on the more active
no2th5- new high records ia AZ cases
being made The bull clique realized
heavily IN order % avert bear panic
which az one I.se app AIRED newt
able. The local advance was acroier-
atet BY sensational reports from
New Orleans. which made an advanc.
or ~ points on July. a reaction q 10
20 Is points followed Continued cell.
ing oy bull cllQue az this point.
"hercnpon TIE market became more
pacific. The heaviest transactions re-
corded this season during the sans
time were reported Monday.
Towards noon the market became
less 2ctive. it having become apparent
mat the bun party was not dispose,i
20 force me situation. Public opera
tons were not ara active factor. owing
20 the abnormal conditions now gov
ernlg the fluctuations 81 prices. There
vas, however. some selling Tor short
account az 90 the new crop positions
IN the favorable showing made BY the
weather IN the cotton belt and the
generally hattering character - the
advices nov current
During the afternoon there vas an
active upward movement There was
gossip pointing 90 a large phiIadci-
/ phia house as being short ~ July and
I August. several times greater than
Z fNa.Ia
T cotton possibly available for delivery
before the next crop begins 20 move
In selling quantities The afternoon
market was an excitahie one. A acrarn-
Die carried Nav 20 1870 July 1850.
August i0.1f. October SIS. and De-
ccmber SIS. These figures represent
an advance % from Is 20 80 points
I over Saturdays closing
tn cotton trating. prices covered a
range % dollar a bale In this mar
ket from Saturdays closing quota
lions. and $3.50 90 s. a bale In New
Orleans. Prices SCARED az the com
mCucement OF business gcinE up by
leaps and bounds on trading. 20 90 %
points here. and 30 60 so points In
New Orleans. The Liverpool markets
were almost equally excited There
spot cotton advanced 10 points. or
equivalent 60 81 per bale ia our huc-
uatious 20 the basis o. 8 pence per
pound FOR mlddling. which Isl equiva-
lent 20 ll.60 Ira our market Al al
points previous higher records for
cotton options and also spot cotton on
This seasons crop were surpassed.
Spot cotton here is held az about m rs
cents per pound. and 1915 az New Or.
leans. against $50 last year
There has not been anything like
tho equivalent OF these high prices
since the last week In January. 1901
when option and spot cotton In thiI
market was forced up 20 a. cents 81
pound That was the highest record
Tor cotton since 1880. when Ia sold II
p January of that year In this market a
1915 cents and about :. pence pei
pound az Liverpool after a prolonged
session OF bull speculation.
The shorts In the May option her'
were practically all driven In las
, week. except spot dealers. who In
;end % make good their deliveries
{ The option viii soon expire. Tn
a stock Of cotton here OF contract grade
I of which there were only $4,000 bale
a A month ago. has gradually been In
creased 20 about 10000 hales thrcug
g The recent steady advance iE price
attracting cotton here.
Almost every broker was loaic
with buying orders when the make
opened and there was a great roa
when trading began. MAY sold a
high as 1870 in the afternoon. Juh
+. which closed az 10 80 was bid up {
e 1850 before there were any sale
h Then the transactions were on a
a. enormous scale. ranging from tn
price down TO l0.45 % i0.t9. and the
there was break tc 1876. The A.
gust option. which closed a. 90
started az 1920 and 1927 and was
heavily traded in as july while =
September option os next years Gro
s.. which has only just been planted an
IA ( which closed az 9.2S. opened IA poln
g. higher at 9f2 and sold rp 90 94f az
- then broke no points and atterwar'
IN / rallied 20 sac These three month
a July. August and September, We
.p those which were most heavily de-