The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-05-26
THE Al DAY.
The Cotton FurOre Had n
festerday-The New Orleans Bull
Didn't Paw Up Much Earth Yes
terday-The slump Was as Much as
$3.50 a Bale

New York. May 21.-It was a badly
local pit in the cotton market this
morning. In the first place the Liver
pool cables were almost aS sensation
IaIly weak as they had recently been
strong and thought just before the
local opening they showed some Irreg-
IuIarity they were still from 10 to u
points below expectations. in addition
Ito this. the weather map again reflect
led favorable conditions and early estI-
mates indicated that port receipts for
1.-THE day would once more greatly ex-
iceed last year.
bearish influence on the general senti-
Iment. but ON the other hand the
strongly aggressive tactics OF the
--latest bull leader has rendered the
average operator fearful of further
sensational shows of strength, so that
lat the onening there seemed a DISPOSE
ition to let the big men of either side
Iset the pace and establish the initial
range of prices. Still there was enough
business to make the opening an active
lone. while the speculative atmosphere
Twas still full of excitement and uncer-
Itainty. At the start the bears had all
THE best OF it. first prices being at IL
to % points lower with July selling on
1.-THE call at 1898, August 1913 and Sep
tember at go. Following this. after
some ir~reguiarity. there was n sharr
rally under the bull support. The bet
terment was comparatively slight,
however, and chiefly n the late months
with the near price positions fluctuat-
ling in Il nervous and uncertain fashion.
lat this time the market was compare
lively quiet. but the closing cables
from Liverpool indicated an utterly
n1T1n1 condition rhnrn rha nanr
months closing at a decline of 10 1-2 to
I22 points and this brought about such
IA rush of realizing in the local market
Jas has seldom, if ever been witnessed.
In five or ten minutes July sold from
liz 10. the best of the morning, to 1880,
ia loss since last night of A points:
August sold from 1881 to 1852, and
september from 9.92 to 9.75. Then came
la pause and the market moved uncer-
Itainly, slight recoveries being followed
by equally slight reactions with prices
generally ruling within , TO 3 points
lOf the bottom.
Midday found the opposing factions
resting after the tumult of the morning
but prices While net 9 to 50 points
Hover showed a recovery of 9 to IL
points from the bottom, thus indicat-
ing that neither side had yet aban-
ldOned its position.
During the afternoon speculation was
much less active, but the trade Senti-
Iment continued very nervous and I'M
settled. the bulls showing less DISPOSE
Ition to support the market. There was
Icontinusd realizing, and bear pressure
lin anticipation that Liverpool would
lshow less weakness tomorrow ard on
estimates for heavy receipts. Under
THE selling the market developed a
gradually declining tendency which
Igathered force toward the close and
Iprices were forced down to a new low
level for the day, closing easy at a net
loss of from q to 80 points. July closed
lat 10. 10: showed a loss of over $3.50 a
bale as compared with last months
l%close. May closed at 11.60. August at
I10.47 and September at 9.65. The total
Isales of futures were estimated at l.
loco. 900 bales.