The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-05
BEARS FORCE COTTON DOWN.
WAY DROPS 80 POINTS DESPITE
THE BULL CLIQUE'S EFFORT.

su,,y,s BUYING Orders Not Enough 10 Sup
mort tho Market, Save for q Moment.
AIRY Reaction--Rumor That tie Has
Been Selling Through Other Brokers.
The rise 10 cotton, under the support OF
q bull clique headed by Daniel j. sully,
am. TO an abrupt end when the Cot
ION Exchange opsned yesterday morning.
Nav, which closed at 1910 on Tuesday,
hroke at once to o.os cent?. rallied to 1905
and, under pressure from the bears led
hv Theodore Price, sold on again to ~.
The rush Of selling orders increased, break
inc Nav down with drops, at times, Of
8 noints until Il touched p,7e. This was
The low and also the closing price. The
lo.s eoualled Si.eo per bale.
Report had II that Sully had bought
shoys 50 900 bales In his effort TO hold the
market, but other reports had It that he
had cold through other brokers a much
larger amount. Price was persistent and
open seller.
The break was due in part to increased
receipts. which led to heavy Egyptian and
English selling in Liverpool, as well a.
in New York. Reports Of small strikes
among weavers at New Bedford and Woon-
socket also had some slight effect. But
the market Is heavily long in New York.
New Orleans, Live p ,ol and Alexandria
and a; the came time the outside public
ref,,ses 10 buy TO any extent after rise
Of ~ cents. :,
Price was sending bearish circulars all
over the country and, IL Is understood,
cabling them TO Liverpool They were
NOT without ,me effect. There was fall
in Liverpool equal to 10 TO 4 American
larger receipts in this country; The total
arrivals at the ports were 3,0lS bales,
against 20, $50 on Tuesday, 2s.772 on Mon
day and u ,oe2 on Saturday, making the
total thus far this week io9o3s against
ss,2S in the corresponding period ast
week. The receipts at the principal IN
terror towns for the day were 1905 bales,
against s. iSe on Tuesday. 1928 on Monday
and Ola on Saturday.
Mr.. Sully made this statement yesterday
regarding the market:
o s ss; ~: ha S s:n sns Ss
can get more cotton at these prices. IL
question Of supply, and demand not the
As long as cotton Is being consumed at
the present rate th.re will he tremendops
demand FOR cotton Until there ,t !. In sight ght
likely to be a diminished demand for the raw
Material, We are to-day paying the hiyh
n q ssp:y sh HolG S.
as great as vt the present time, This capacity
has increased 10 per cent. IN three years
We will have to get more cotton In the Soutn
before the price can decline very much.
Mr.. Price, who denies taking part In any
struggle with Sully. issued the following
statement after the close Of the market
A week Of sensation IN the cStton market IKE
sstional huotuation attendant upon the regent
speculation. Opening on decline Qf 10
points which was the result OF the weakness
If the FOREIGN markets. prices ~ New 1ors
improved slishuy a. a result OF fresh supper,
given to the market bv the leader OF the bull
ciiop. Current gossip attributes 70 a. The he
bales in an attempt to hold the MARKET. Des,
mite these purchases, however. prices cropped
during the entire forenoon, and about LUNCH
time thev commences TO break badly, the
ooss beinq almost panicky on the last prices
which show 8 net decline Of about 20 points
Of q per bale - compared with yesterday
Alter the oloss TRADING continued on the
cnrS snd at $40 o'clock July contracts which
were closed at 0 81 were privately offered at
1os.. fSere are some Who eIpect q reaction
In the market tomorrow. and II II Dc noi
6oali,ed I. 10 feared that somewhat aaFrsvated
snditiony WIN prevail. Rsoeipts are much
heavier than tn: bulls had expected or , cal,
M, me ,Sss Ike oiaus tSsrs hsv. iiands,sd th.iI
New Orlasns bull contingent have also been
free ssljers to-day The withdrawal OF the
Aerandran CLIQUE and the rumored ltonida-
zion 81 the New Orleans CLIQUE leaves the New
York CLIQUE In . comparatively isolated