The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1903-05-27
EXCITED RISE IN COTTON N.
New York Market One Of the Most
Sensational in Years.
MANUFACTURERS ARE UNEASY.

Raw Cotton Too High and Cloth Too Low
May Be Cut in, Wages or Produc.
tlon-Prices of Futures Advance 20 70
81 Points at New Orleans-Realialng
Causes Recession.
New York City-Monday was one OF
the most sesatiunal markets ever
known on the New York Cotton E1-
change. Prices fuctuated violently all
day, and all day an excited crowd OF
brokers struggled around the pit railing
endeayoring to snatch up the offers OF
long cotton, which the bull clique was /
handing out freely. because on each
bale sold at the high prices they real.
lied a heavy profit. The aggregate
gain Of the Sully clique was estimated
as being way up in the millions. How
much it was no one could say. except
ing, perhaps, Mr.. Sully himself, and II
he knew he declined to tell.
The opening Of the market was ac-s
companied by scenes of the widest ex-
citement. The Liverpool cables, which
almost always have an influence on the
market here. showed an advance since
Saturday Of eleven points, whereas mo-
one had expected to see an advance OF
more than seven points. Buying IN
Liverpool by shorts on this side OF the
Atlantic is supposed to have been large
ly responsible for this rise.
Whatever the cause, the result WIS
that the market here opened a., TWEEN
ty-five points and more, while In New
Orleans, where there is also corner
in May cotton, the opening was from
thirty to forty points above SATURDAYS
closing. It is estimated that up to noon
100000 bales were traded in. The next
two hours were rather quiet.
It was stated that nothing ike nes
prices quoted have been known In the
cotton market for many years. In 39nS
uary, 1901, a squeeze Of shorts carried
the price to twelve cents pound, and
in 1890, also in January. cotton sold at
1915 cents pound. .j4a &
Fall River, Mass.-The continued rise
in the price Of raw cotton and the stag
nation in the cloth market, together
with certain other unfavorabie feat
ures, are causing some uneasiness
among many Of the managers OF the;
forty manufacturing corporations In
this city. Manufacturers assert that
the wages as we'll as cotton are too
high, while cloth Is too low. s,
Some of the managers favor q gem:
eral reduction In wages, while others
advocate curtai ilment in productions
but so far there has been little disp0-
sition among all mill treasurers to act
in harmony. g. l.sss ssss
New Orleans, LATHE cotton market
was a surprise even to the long side.
At the opening, prices Of futures took
jump Of from twenty to thirty seven
points in the active months and the
advance was so strong and wild that
prominent longs, seeing danger In store
for local traders, sold the market down
almost Immediately. Within fifteen
minutes after the opening from i've to-
twenty-seven points had been shaved
off from the advance, which brought
prices down to more conservative
level, although even then stif adj,
vance was maintained. The cause of
the advance was continuance of the
bull campaign to which was added re-s
ports Of sensational advices in both the
Liverpool and New York markets.