The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-05-21
Confusion Worse COMPOUNDED
in Cotton Market.
BURST OF PROFIT TAKING
This is Followed BY Midday Rally, During
Which Shorts Immediate Demands Are
Sitis6sd---A Squirt in the Final
(By the Associated Press.)

New York, May 19.-The enormous
gains of yesterday effected no apprecia-
bic decrease in bullish excitement and
enthusiasm and the opening in the cotton
market today was one of the most nota-
ble of an eveHtful season. The irregular
ity of Liverpool after her pronounced
advance, the prospects for receipts again
more than double last year and the ex-
pectations of bearish weekly bureau re-
port as opposed to the bullish utterances
credited to the New Orleans leader, all
added to the rush and confusion. First
prices here were four to nine points high
er and Immediately following the call bull
aggressiveness and further covering by
shorts sent prices to another new high
level for the season, July selling at 11.30,
August at HOP and September at 9.73.
After opening SOLO points higher, Liver
pool reported unsettled conditions and
reached a level 1115@131s points higher on
the near months. Later there was a break
of about five points which brought prices
back to just little over local expecta-
tiOns The strength in spot cotton in Liv
erpool was again remarka BILE. quotations
being advanced Is points but the trad
ing showed marked decrease.
At the best point of this morning prof
it-taking became more general and before
midday prices had declined S@23 points.
With many in the trade continually feel
ing for the top this had naturally brought
in considerable volume of scalping or
ders on the short side. These shorts were
ofo1x- fho NJ
the regular weekly report of the Weather
Bureau which reflected much less favor
able conditions than had been expected,
The violent efforts to cover which follow
ed this caused another sharp advance and
within ten minutes July sold up from
ILL to 1924; August from 1921 to 1927
and September from 9.65 to 9.72.
The midday rally apparently exhausted
the immediate demands from the shorts
and was followed by another reacting per-
iOd during which trading became much
less active. The decline was started by
selling of July, supposedly for the ac-
count of the leader of the New England
clique AS it progressed the selling move
ment was swollen by profit taking by room
longs and prices were forced down point
by point in the face of continued support
with the market at all times exhibiting
an undercurrent of feverish excitement
Rumors were circulated that certain
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 nervousness and irreg-
ularity
It did not, however, serve to Immediate
ly check the downward course of prices
and the old crop months reached level
las points below the close of yesterday
while the new crop sustained by contin-
ued covering showed a gain of four to
eight points. Just before the finish the
trading was once more very spirited and
a partial rally took place, May closing at
11.64, July at 11.24, August at 1895 and
September at 9.7S with the general list net
Z to 13 points higher, the greatest gain
being in November which closed at 9.22
Sales estimated at 100000 bales.