New-York tribune., 1903-03-06
BULLS WIN THE DAY
Leading Cotton Futures Close Higher
than on Wednesday,.
EXCITING SCENE ON EXCHANGE FLOOR

EXCITING SCENE ON EXCHANGE FLOOR
The excitement on the Cotton Exchange yes
serday surpassed even that Of Wednesday nut
the close Of the i've hour battle between the
l,,,lls and bears found the former party in the
ascendant with prices Of the leading futures
few points higher than at the end OF the trsuilS :
an the preceding day. The opening was . u .
y,oInts above Wednesdays final quotations anu
heavy buying for the bull account speeohy T1l.
the leading options up to the highest point OF OF
the dsy, Nay being advanced IL polh's " 00'
cents and July points to PCS cents
The Improvement was short lived however
g. -, enor1,o.,s selling for the local bear ac-
count and on orders from Liverpool anu ."e
Co,,tb there beEan in the second hour oeclihe
,,hicb forced March down from 9oI cents 10
@ n cents Nav to 9.63 cents, July TO S.7O Gems
and August from 9.33 cents to 9.l4 cents Inc
~-..lrness IN the stock market nelpeo alOns 'AAe
decline bringing out good deal OF long 0o''O- ~
From, the low level, which was toucheo oeI"
mon and 1 o'clock. a rally OF 10 1o poiii'S
$1,000 on q renewal of bull support and eX-
,ensive covering OF shorts Io"3Iu 'He e'o1 ",
tha bu,,s assumed the aggressive taking al
offerings. , .oa5
-. ,-,,ole of its 16 point decline May closed at
O 60 cents. points higher than or wednesday ;
1,,,, at $50 cents points up, ana august a.
O % CENTS , points better than on the preceuiis
TO- snot cotton in the South was unchanged
% l. cent a pound lower. In this marker spO'
cotton closed at 1910 cents pound a oecline
OF IS points il. two days.
The bull leader. Daniel j. Sully' was oii 'iie
floor OF the Exchange during the entire session
5irectin9 the operations OF his brokers. The PIT
-. .,,--o,,,5ad nv more than the usual number
of brokers. whose strenuous execution OF coiii
,,,i.sions Was watched with interest by a crowo
% snactators who packed the gallery. MI Suliy
in the course OF the day said:
renressnt some very large interests which nave
heen attracted TO the StagIs +is ~ Hesr they con-
TnTe to think well Of cotton from the & mer3aaaf acf
c1p g e south representing the real value OF
the staple The basis Of supply ana 1Ss poe Of fGt
,r9 vs1icb NAV be regarded speculative caprice
hsye never PreaStea S1eoorted today. that
cotton position was an invulneraole one
Theodore H Price. who is directing the pear
campaign, said:
As was to be expected after the semi-panic IH and
oSeTs Se6s sT Better this morning The buying of
shorts to secure profits az s94 S so bT caUe resulted
tn rally at the opening Of about eight polnts over
last ngnS , ,n2oSeet had begun to disappear Re
cefpts again promised to be heavy NY NY ca0I9 % % bt
that the local jobbers have bought for rally
There are several wen 9pon any radical re-
vsrssI of a great speculation whether IN cotIoti i
r-ai1 or stocks The first is the acute ana seL
Ssniclxy breaks such we had YESTERDAY. on tlS
Srssk the stancher bulls who are able TO keep
tteir heads do not eel and there follows Sucn a d
rnection as we have had this morning II tneh
. .ober Reaction on the part Of speculaIors con-
xnces them that the theory Of the advance wnIEn i
oaer checked erroneous. there BeneIdlIS
tnIIoUs reriod of less excited, but dull ana drooI-
ing markets which continue until the 1ntrInslc
1s1,,e of the subject of speculation has peen
cached I believe are now entering on tle
second period. To me one OF tne NOS p
F xt-ie on the psrt of the spinning operatives at
Lowell and Fail River . - .-o Leoyv
Racsipts at Houston for to-morroW are neaES,
snd nv private advices indicate that p!aIIeIs s
ent prices for their cotton While 40 NOT eapete t
= rsCetftioT, of Yesterdays excitement ana acute
Jerressio1 believe that bull SPECTATORS Tor tns
s-nne5Isfe future are likely to be more concerned
bout the liquidation OF their hoIoihss Ilioh III N
card to fresh purchases.