New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-15
COTTON STILL SOARING.
Practically al High Records for
Many Years Broken.
NEW-ORLEANS MAY SQUEEZE.

Practically all records for many years in cot
ton were Broken yesterday, when In an ex-
tremely heavy volume of trading the May rose
to 1f44 cents a pound July touched IL cents
and August went to 1916 All the active months
opened from 10 to II points above Wednesdays
last price. and the continued pressure Of buying
to cover short contracts, carried prices several
points higher in the course Of the day the
volume of realizing great as to cause
recession or 3 or points from the early high
levels but the demands of the shorts were
greater than could be satisfied by the cotton
thus disposed Of and prices again rose. thls
time to higher levels.
The day was one of wide fluctuations, and in
the afternoon, after prices had worked down
several points from the highest. under profit
taking another sharp rally occurred, the shorts
again covering on bullish advices from Southern
stock markets and smaller receipts than had
been locked for. At the close the May stood at
139 a net advance of points for the day;
July 1897, 8 points gain. and August 1910.
II points up. The prices reached yesterday were
higher than have been recorded previously dur
ing the last ten years. except in January. 1901,
when the spot month sold I'D to ITO cents on
the last notice day of the month.
The rumors of some cotton house being IN
difficulties could not be substantiated and ap-
Suy party heavily short of the July or
August option were denied by those interests.
1t said yesterday by well informed
cotton men that the covering of the shorts had
been in the main completed. The fact remains,
however, that the available supply of cotton Is
exceedingly small and much speculation is
heard to the likelihood Of the New-England
mills suspending operations rather than paying
for new supplies at prices now prevailing.
One of the principal news features of the day
was the report, ascertained to be fact. that the
Cromwell Line, the Southern Pacfic's line of
steamships to New-Orleans has been figuring on
and giving rates for cotton from New-York to
NewOrleans. inquiries coming from New-Eng-
land, from this city and from foreign steam
ship lines which operate between the United
States and England. France and Germany,
principally the last named.
This is taken to mean by cotton experts that
the high prices on the New Orleans market have
resulted in the shipment of cotton back to the
South-the carrying of Goals to Newcastle 1t
means, they declare that the NeW-England
mills will not only shut down, but that they are
selling their stocks of cotton, probably at better
rates than they could get for the finished ma
terial
The New Orleans market is trading at prices
far above the New-YOrk equivalent. even re-
versing the usual process Of adding forty points
as transportation dfferential for the rates from
the South to New-York, as to count in rates
from New-York back to New-Orleans- This IS
said to be deliberate plan TO get all the cotton
in New-OrleanS in preparation for great
squeeze of shorts on the New-York market.
This may be the result, according to experts.
but they wonder why the cotton should be actu-
ally shipped back. when cornering it in New
York warehouses would be just effective.
Not only the transportation lines being
asked for rates back to the South, but ii is said
that they will be practically unable to handle all
the cotton which has been inquired for, il the
rates accepted and the cotton is shipped.
1t significant that seven spot cotton
markets yesterday there not a pound of
actual cotton sold. while in New-Orleans and
Liverpool, the former city the centre of fierce
speculation and the latter, while spot market,
also being used by the bulls and bears alike in
this since the cotton campaign has become inter-
national. cotton sold spot in consideration
amounts Experts here think that they the
hand Of Brown in the actual cotton sales at
New-Orleans and Liverpool yesterday.