The Savannah morning news., 1903-05-20
COTTON MARKET WAS
FULL OF SURPRISES.
Fluctuations and Feverish Excite
ment the story of the Day.

Fluctuations and Feverish Excite
ment the story of the Day.
New York, May 19.-The enormous
gains of yesterday effected no appre-
clable decrease in buIlish excitement
and enthusiasm. and the opening in
the cotton market to-day was one of
the most notable of an eventful sea-
son. The irregularity of Liverpool aft
er her pronounced advance, the pros
poets for receipts again more than
double last year, and the expectations
OIL oearish weekly bureau report, as
opposed to the bullish utterances cred
lted to the New Orleans leader. all
added to the rush and confusion.
First prices here were 4@9 points
higher, and Immediately following the
call, bull aggressiveness and further
covering by shorts set prices to anoth-
er new high level for the season. July
selling at 1850 August at 11.02c, and
September at 9.73c.
After opening SOLO points higher,
Liverpool reported unsettled conditions
and reached level 11h@13h points
higher on the near months Later
there was a break of about points.
which brought prices back to just a
little over local expectations. The
strength in spot cotton at LIVERPOOL
was again remarkable, quotations be-
ing advanced 10 points, but the trading
showed a marked decrease.
Al the best point of this morning
pront-taking became more general. and
before midday prices had declined S0
70 points. With many in the trade
continually feeling for the top, this had
naturally brought in a considerable
volume of scalping orders on the short
side. These shorts were completely
routed upon the publication of the reg
ular weekly report of the weather
bureau. which reflected much less fav-
orable conditions than had been ex-
pected. The violent efforts to cover
which followed this caused another
sharp advance, and within ten min
utes July sold up from 11.17c to 11.24c;
August from 10.91c TO 10.97c, and Sep
TENDER from $3.50 to 972c.
The midday rally apparently ex-
hausted the immediate demands from
shorts and was followed by another
reacting period. during which trading
became much less active. The decline
was started by selling of July, sup
posedly for the account of the leader
of the New England clique. AS it pro-
crossed, the selling movement was
swollen by profit-taking by room longs.
and prices were forced down point by
point in the face of the continued sup
port, with the market at all times ex-
hibiting an undercurrent of feverish
excitement.
Rumors were circulated that a GER
tain Wall street interest. who was
prominent on the bull side early in the
season, was buying heavily for a cent
advance, and this added to the nervous
ness and irregularity. 1t did not. how
ever, serve to Immediately check the
downward course of prices, and the old
crop months reached a level of l to )
points below the close yesterday, while
the new crop. sustained by continued
covering, showed a gain of 468 points.
Just before the finish the trading was
once more very spirited and a partial
rally took place, May closing at 11.6lc,
July at 11.24c, August at 10. CSC and
September at 9.7Sc, with the general
list net to 81 points higher the great
est gain being in November. which
closed at 9.22c.
Sales were estimated at 100000 bales.