The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-05-15
The HIGHEST
FOR YEARS
Cotton Established New Rec
ords on Yesterday
JULY WENT TO IL CENTS
May Made a New Record Of II.42, and
JULY WENT TO III CENTS
May Made a New Record Of lI.42, and
and Spot Cotton Quoted at ll.6O.
Rush at Covering Demand
Demoralized the Pit.
fpv A..oc,,t,d prcss.)

(By Associated Press
NEW YORK, May l4-Another new
record for the season was established IN
the cotton market to-day. In fact, many
of the older members agreed thaa It was
doubtful II any season In the entire MS
tory Of the exchange compared with To-
days The big feature OF tho DAY vas
tho price made by July IN the last nalt
hour Of trading, II cents. In tho same
time August sold ut 1913 May MADE a
new record of 11.42. and spot cotton was
quoted at 11.GO. These prices were NE
highest in twelve or thirteen years, ana
added to this, the transactions were OF
enormous vOlume
AT times the scene on the moor was
one of the greatest disorder, and the rush
Of tho covering demand threw the pit
into q demoralized condition. AZ tie
opening of the market trading was by
far the most active Of the season, ana
on the upward rush May sold at 1l.4o,
July at 1929 and August at 1867, all new
records.
The Liverpool reports gave warning
tlct the day would be lively one as
sules of spot cotton there reached fuli
dollar bale higher than yesterday
Early cables stated that some or the Ior-
eign short interests were III the marker
taking all the cotton offered at the hlgh-
est prices of decade. me largest lhul-
yldual dealer in spot cotton In TINS mar
ket received message from Liverpool
reading as follows:
THE market will only stop advancing
when cotton gives out. 1t is getting very
scarce now"
- STARTED WITH RUSH:
Liverpool stocks are smaller than 1or
great many years. and the consumption
of American cotton Is Mt record f1gures.
The market started with rush at THIS
news from Liverpool orders coming
mainly from commission houses One firm
he'd traded in fifty thousand bales before
midday.
The total amount of cotton which is
now, ..ere available for delivery on May
contracts Is $3.50 bales, which has mar
ket value at the current price OF about
SIS per bale, or equivalent to total valu-
alton Of nearly $542oo,o0o This stock
shows an increase of over 5000 bales from
Tuesday and 10000 since last Saturday.
and compares with $1,000 bales on April
.5th The total amount of cotton now
| here Of ali kinds by running count. Is
10000 bales. against $500 on April 18th
| More cotton Is being brought here by
| these who had sold the May option short
either as hedges against transactions ir
| snts cotton, or on differences between
| this market and Liverpool. and who have
| irlerded to make good their contracts t
the bull clique rather than go into the
pit and effect a settlement by buying the
cotton back. Some of those who were
short even brought some cotton bacl
| f,r,m Liverpool, and 1t Is understood sew
eral larger lots have been sent on here
| from points In New England, secured
| from mill men and dealers there. At The
D, esent market price about s5.000000 wortl
of actual cotton will thus change hands
| here DUNG the closing deal In this May
| option