The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-05-22
LYING MATCH
That's What it Looks Like to Judge
From the RumOrs Constantly
AfIOat-New Orleans Bull smash
ed the China of the Bear Contin-
the Highest Record of the Season.
Trading Was Tremendously Ac-
tive.


ket opened amidst a rush of excitement
with the New Orleans bull again per-
sonally directing operations. The situa-
ton now according to current gossip
has resolved itself into struggle for
supremacy between the New Orleans
leader on the one hand and a commits
hand by the leader of the late New
England bull clique and prominent eX-
port people Of Philadelphia The form
er stands for still further advances
while the latter are fighting tooth and
nail to check the advance with the
smaller operators either failing" be-
hind their leaders or attempting to
scalp fractional advantages as first one
side and then the other shall attain
temporary ascendancy.
This morning the bulls were favored
by the Liverpool cables which reported
further sensa tional gains while the
bears were encouraged by the favorable
weather. good private crop accounts
and a continued volume of the move
ment. But at the opening the bulls
carried all before them and first prices
were at an advance of to IA points,
with the late months showing the great
est strength. Trading was tremendous
ly active and the warehouses We're over
loaded with buying orders. mostly for
covering the new crop shorts.
After the call May sold to HI, July
to 11.35 and August to 11.03. these being
net S to 13 points higher on the old
crop while the new crop options ad-
vanced net l. to l. points with Septem-
Der selling at $50; October at 9.4S and
December at 9.31. At this level realiZ-
ing became more or less general in the
near crop months while the old crop
bears continued hammering the near
positions vigorously and values began
to give way slowly and stubbornly. at
first with frequent rallies. but midday
the best of the morning on July and Au-
gust, while the new crop had lost 10 to
13 points of its advance May was
comparatively quiet and neglected,
showing little change. During the af-
ItTHOOn II HdS OenltU CndC the Ne"
England and Philadelphias interests
were engaged in concerted action
against the bull contingent and a report
was circulated that the New Orleans
bull had arrived al an understanding
with the Philadelphia parties which
would enable him to receive all cotton
rendered on the old crop option. No Of
f1cial confirmation of this rumor could
be obtained, but it derived color toward
the close from the sensational manner
in which prices We're forced upwards.
At no time during the day had the ex-
element been more intense or the rush
TO cover more insistent. May, influence
ed by the efforts of belated shorts ad-
vanced to 11.9S, July sold at 11.35, Au-
gust at u.05, September at 10.11 and
December at $50. a II at within 1
point of its best previous price Then
there was a movement for profits by
the room longs and prices went off to
lis for May. 11.25 for July, 1923 for Au-
gust 9.99 for September and $50 for
December, the market closing barely
steady and net unchanged 20 90 points
higher one the near months. while the
new Europe positions were - to %
points higher. The total sales OF fu-
lures were estimated at 100000 bales.