The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-06
Bulls Waged a Vigorous Campaign
and Caused Turn of
Tide.
OVERCOME WEDNESDAY SLUMP.
Reported That Sully's Paper Prof
it's Yesterday Were Two Mil
lion Dollars-Battle At
tracted Crowds.


New York. March 5-Cotton bulls and
bears continued their duel to-day and there
was a turn in the tide. Wnen the close
came. the bulls. worsted the Cay before had
not only recovered their lost ground. but
their leader. Daniel ]. Sully was declared
TO be $2,00O.000 ahead In profits on paper.
while his purchases had been 10000 bales
out OF the $4,000 that figured in the days
transactions. The ordinary daily dealings
are from $1,000 to $4,000 bales.
The fight was bitterly contested and end
ed only at the sounding of the gong at }
o'clock with the closing prices - points
above the lowest of the day and an advance
OF TO 6 points over those of Wednesday.
WILD FLUCTUATION.
II was day of great excitement. Prices
fuctuated widely, while brokers stood in
the trading pit and excitedly made their
bids There was a concerted attack by %1e
bears at the opening after a slight increase
OF prices over those of the close the night
before. but this was quickly repulsed, and
holding their ground firmly the bulls sent
up the prices at jumps OF one two points
with only intermediate recesaions. until the
ground lost the day before had been re-
stored to them and a margin of gains had
been obtained.
With the opening Of the market. came the
fray. In the galleries were hundreds to
watch the trading and when the fancy iron
railing began to show signs of weakening
the crowds were pushed back and a rope
stretched across
There was slight increase in the price
OF March. May and July cotton. prices over
the previous days closing. This was taken
as an effort on the part of Mr.. Sully's fol-
lowers to test the strength Of Mr.. Price and
his supporters and draw their fire.
HEAVY LIQUIDATION.
There was heavy liquidation in the early
trading. From all directions came selling
orders and lquidations from the South. In
a condition that bordered almost on COM
plete decentralization. the May and July op-
ton prices broke q points and the rest of
the list went tumbling 10 TO 20 points and
Is to IA points below Wednesdays closing
prices. July sold down to $40 cents, May
s.S cents and March go cents.
Then followed a short-l!ved rally of 10
points, but in came the selling orders and
period that the brokers kecnly watched MI.
Sully. who had taken seat at the trading
pit side. and, with arms resting on the
brass railing. heard the brokers calling
their offerings.
BULLS REVIVE MARKET.
Then came midday with prices almost at
the lowest notch, There was lull fa.
few minutes, and taking advantage of this,
several brokers were sent into the pit BIZ
the bulls with buying orders.
There was steadylng OF the tone OF the
market. and the bull clique bought some
Nay cotton the price running up to S.S
easiness. During half an hour the fiuctua-
tons We're sensational. May prices running
There were offerings Of tens OF thousand.
of bales. with no apparent support at the
time. and while Mr., Sully looked almost
unconcernedly at the markets demoraliza-
before began
strength. July cotton was tumbling like a
house of cards. and finally went off Is
points. Before Mr.. Suily's brokers had re-
ceived their orders to start in and rout the
enemy all sorts of rumors were in circula
maps @as ha, Mr.
lys New England syndicate was throwing
large blocks overheard while making an
apparent demonstration Of being pur-
chasers.
SULLY'S PLANS.
Mr.. Sully's plans were well laid. as the
late afternoon session showed. Moving
the oshe Mr. on suy p fsos se
who were executing his commissions With
the ringing of the gong closing the days
and July a59c with / point higher offered
in each instance.
said:
The closing prices speak for themselves.
1 want to deny that I ever said expected
After day S Of feverishness,'" Mr.. Price
said. during which 9.6s for May was
reached and $40 for July, the market closed
steady. at an advance over last night of 6
points on May contracts and about points
on July contracts. The closing figures were
20 points above the lowest prices touched
during the forenoon. Vigorous bidding on
the part of the bulls during the afternoon
resulted in the sharp advance. Undue i'm
portance has been given to the alleged con-
fict between the bullish and bearish fac
tons and their respective leaders. Condi
lions must , ultimately fix s,; the price Of cot
ket when personalities and individuals are
subordinated."