The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-05-22
THE COTTON FURORE.
The CIiques on the New York En-
change-Prices Again Ruled High.

New oYrk, May 19.-The enormous
Igains of yesterday effected no appre-
Iciable decrease in bullish excitement
Iment and enthusiasm and the opening
lin the cotton market today was one of
the most notable of an eventful season.
The ~irregularity of Liverpool after her
Ipronouncer advance, the prospects for
receipts again mare than double last
Year, and the expectation Of a bedrish
weekly bureau report as opposed to
1.-THE bullish utterances credited 10 the
New Orleans Leader all added TO the
rush and confusion. First prices here
were four to nine points higher and
immediately followed the call bull ag-
Igressiveness and further covering by
1.-THE shorts set prices to anothe~ nigh
level for the season, July selling at
III. sc: August at 11.02 and September
lat 9.T3. After opening at s to 10 Joints
higher, Liverpool reported unsettled
conditions and reached a level 111@ to
1872 points higher on the nea months.
Later there was a break of about five
points which brought prices back to
lust q little over local expectations.
The strength in spot cotton in Liver
pool was again remarkable, quotations
being advanced tighten points but the
TRADING showed a marked decrease. At
1.-THE best point Of this morning profit
taking became more general and before
midday prices had declined z to e2
points. With many in the tra1e con-
ltinually feeling for the top. this had
naturally brought in n considerable
volume Of scalping orders OF the short
side. These shorts were completely
routed upon the publication of the reg
lular weeiy report of the weather bu-
Ireau which reflected much less favor
able conditions han had been expected.
The violent efforts to cover which fol
!lowed this caused another sharp ad-
vance n within ten minutes July sold
Iup from ILL to 11.24; August from
1921 to 1897 and September from 9.65 TO
9.72. The midday rally apparently eX-
Ihausted the immediate demands from
the shorts and was followed by another
lreacting period during which trading
became much less active. The decline
Twas started by selling of July, suppos-
eddy for the account of the leader Of
the New England clique. AS Il pro-
dressed the selling movement vas
swollen by profit taking by room longs
and prices were forced down poirt by
point in the face OF continued support
with the market at all times exhibiting
under current Of feverish excite
Iment. RumOrS We're circulated hat a
certain Wall Street interest who was
prominent on the bull side early IN the
season was buying heavily for q cent
advance and this added to the nerv-
i%ousness and lrregularity-
1t did not, however, serve to imme-
idiately check the downward course If
prices and the old crop months reach
led a level 1 to 5 points below me close
yesterday while the new crop sustained
by continued covering showed q gain
of -four to eight points. Just before the
finish the trading was once mora very
spirited and a partial rally took place.
May closing at 11.64, July at 11.24. Au-
gust at 1895 and September at 9.7S with
1.-THE general list net : to 81 points high
Ter. the greatest gain being in Novam-
Der which closed at go. Sales estjna-
ted al 500. 600 bales.