The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-05-15
COTTON is SOARING
PRICE FOR JULY MADE A RECORD
AT IL CENTS.
GREAT DAY IN THE MARKET.
MANY OPERATORS THOUGHT 1T
BEYOND COMPARE.

Highest Prices in Twelve or Thir-
teen ears-TransnctiOns Were of
Enormous VOIume-Grent Excite
ment in the Pit-What Reports
from Liverpool ShOw--Everything
offered Is Eagerly Taken There.
Cotton at Hand for May Delivery.
Moving to New York.
New York, May 14.-Another new
record for the season was established
in the cottn market to-day. In fact
many of the older members agreed that
it was doubtful If any season in the
entire history of the exchange compar-
ed with to-days.
The big feature of the day was the
price made by July in the last half hour
of trading, II cents. In the same time
August sold at 1913, May made a new
record of 11.42 and spot cotton was
quoted at 11.6O. These prices were the
highest in twelve or thirteen years,
and added to this. the transactions
were of enormous volume.
At times the scene on the floor was
one of the greatest disorder, and the
rush of the covering demand threw the
pit into a demoralized condition. At
the opening of the market trading was
by far the most active of the season,
and on the upward rush May sold at
lao, July at 1929 and August at 1867,
all new records.
Liverpool Gave Warming.
The Liverpool reports gave warning
that the day would be lively one, as
oF there reached a
full dollar bale higher than yester-
day. Early cables stated that some OF
the foreign short interests were in the
market taking all the cotton offered at
the highest prices of a decade. The
largest individual dealer in spot cotton
in this market received a message from
Liverpool reading as follows
The market will only stop advancing
when cotton gives out. 1t is getting
very scare now"
Liverpool stocks are smaller than for
a great many years and the consump-
ton of American cotton is at record
figures. The market started with a. rush
with this news from Liverpool, orders
! coming mainly from commission
houses. One firm had traded in 50,-
900 bales before midday.
| The total amount of cotton which is
now here available for delivery on May
! contracts is SO, $40 bales, which has a
/ market value at the current price of
about s5S per bale, or equivalent to a
total valuation of nearly $5,200,000.
| This stock shows an increase of over
| 5000 bales from Tuesday, and 10000
since last Saturday and compares with
| 81, 900 bales on April Is. The total
amount Of cotton now here of all kinds
by running count is 10000 bales,
against $4,000 on April Is.
shorts Bringing 1t In.
More cotton is being brought here by
those who had sold the May option
| short, either as hedges against transact
lions in spot cotton, or on differences
between this market and Liverpool,
| and who have intended to make good
their contracts to the bull clique rather
than go into the pit and effect a set
| Element by buying the cotton back.
| Some of those who were short even
brought some cotton back from Liv-
erpool. and ii is understood several
| larger lots have been sent on here
from points in New England secured
| from mill men and dealers there. At
the present market price about $780,
GOO worth of actual cotton will thus
change hands here during the closing
deal in this May option.