The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-05-21
A BATTLE OF BULLS
The New Orleans Leader is
Fighting a Northern Com
bination.
(By the Associated Press.l

New York, May 20.-The cotton market
opened amidst rush of excitement with
the New Orleans bull again personally
directing operations. The situation now
according to current gossip has resolved
itself into a struggle for supremacy be
tween the New Orleans leader on the
one hand and combination of large in
terests on the other, headed by the lead
er of the late New England bull clique
and prominent exporting people of Phila-
delphia The former stands for still furth-
er advances while the latter are fighting
tooth and nail to check the advance with
the smaller operators either failing" be-
hind their chosen le, iers or attempting to
scalp fractional adv ntages as first one
side then the other Ssall attain tempor-
airy ascendency. This morning the bulls
were favored by the Liverpool cables
which reched further sensational gains
while the bears were encouraged by the
favorable weather, good private crop ac-
counts and a continued volume of8the
movement, Butspt the oIeuing the bults
carried all before them and first prices
the late months showing the greatest
strength. Trading was tremendously ac-
tive and warehouses were overloaded
with buying orders mostly for covering
new crop shorts
After the call May sold to 11,77 July to
11.35 and August to 11.O3, these being net
to 13 points higher on the old crop,
while the new crop options advanced net
12 to II points with September selling
at $780, October at 94S, and December
at 9.31. At this level realizing became
more or less general in the near crop
months while the old crop bears con-
tinued hammering the near positions Wig
orously and values began to give way
slowly and stubbornly at first with fire.
quent rallies but midday found the mar
ket 13 to IS points below the best of
the morning on July and August, while
the new crop had lost 10 to 12, points
of its advance May was comparatively
quiet and neglected, showing little change.
During the afternoon it was denied that
the New England and Philadelphia in
tcrests were engaged In concerted action
against the bull contingent and report
was circulated that the New Orleans bull
had arrived at an understanding with
the Philadelphia parties which would en-
able him to receive all cotton rendered
OH the old crop options No official con
firmation of this rumor could be obtained
but it derived color toward the close
from the sensational manner in which
prices were forced upwards. At no time
during the day had the excitement been
more intense or the rush to cover more
insistent May, influenced by the efforts
of belated shorts, advanced to 11.9S, July
sold at 1135, August at 11O5, September
al 10.11 and December at $50, all at with
in one point of It's best previous price
Then there was movement for profits by
room longs and prices went off to 1.94
ror Nav. 1f.25 for July, 1923 for August
9.99 for September, and $50 for Deem
Der, the pkarket closing barely steady and
net unchanged to 80 points higher on the
near months, while the new crop posi-
tions were q to % points higher. Tota
sales of futures were estimated at 100000
ba les