The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-05-21
COTTON MARKET IS
STILL ON THE JUMP.
New Orleans Bull lis Fighting an
OppOsing CLIQUE.

New York, May 2O.--The cotton mar
ket opened amidst rush of excite
ment, with the New Orleans bull again
personally directing operations.
The situation now. according to cur
rent gossip. has resolved itself into a
struggle for supremacy between the
New Orleans leader on one hand and
combination of large interests on the
other. headed by the leader of the late
New England bull clique and promi-
nent export people of Philadelphia. The
former stands for still further ad-
vances, while the latter are fighting
tooth and nail to check the advance
with the smaller operators either tail
ing behind their chosen leaders or at
tempting to scalp fractional advantages
as first one side then the other shall
attain temporary ascendancy.
This morning the bulls were favored
by the Liverpool cables, which reported
further sensational 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 car
ried all before them, and first prices
were at an advance of 2@14 points,
with the late months showing the
greatest strength. Trading was tre-
mendously active and warehouses were
overloaded with buying orders, mostly
for covering new crop shorts,
After the call May sold at lille
July to IL. 35c and August to IL .03c
these being net Sob points higher on
the old crop, while the new crop OPP
tons advanced net II to II points,
with Septem Der selling at $500: October
at 9.48c, and December at 9.3lc At
this level realizing became more or
less general in the near crop months
while the old crop bears continued
hammering the near positions vigorous
ly and values began to give way
slowly and stubbornly at first with
frequent rallies, but midday found the
market 1908 points below the best
of the morning on July and August
While the new crop had lost 10D13
points of its advance. May was COM
paratively quiet and neglected show
ing little change.
During the afternoon it was denied
that the New England and Philadel-
phia interests were engaged in con-
certed action against the bull con-
tlngent, and report was circulated
that the New Orleans bull had ar
rived at an understanding with the
Philadelphia parties, which would en-
able him to receive ali cotton ten
dered on the old crop option,
No official confirmation of this ru
NOR could be obtained. bat it derived
color toward the close from the SEN
sational manner in which prices were
forced upwards. At no time during
the day had the excitement been more
intense, or the rush to cover more in
sistent. May. influenced by the efforts
of belated shorts. advanced to II. csc,
July sold at 11.35e, August at IL 05c,
September at 10.11c and December at
9.50c. all of these prices being new
high records except for July. which
sold at withinaone point of its best
previous price.
Then there. was a movement for
profits by room longs, and prices went
off to 11.94c for May, 1125c for July,
109Sc for August, 999c for September
and $500 for December, the market
closing barely steady and net I'M
changed to 80 points higher on the
near months, while the new crop po-
sitions were q to rs points higher
Total sales of futures were esti-
mated at 800, 900 bales.