The daily morning journal and courier., 1903-05-12
COTTON MARKETS WILD DAY
THE LIVERPOOL CHANCE ALSO
 VERY MUCH EXCITED.

January, I90I-shoFts Have Nervous
 Attaek-Those in the May Option
 DrIven In Last Wsek-AImost Every
 Broker Loaded with Buying Orders
 at the Opening.
 New York, May 11.-There was a wild market in cotton trading to-day, with prices covering range of dollar a bale in this market from Saturdays closing quotations and $1.5O to $2 a bale in New Orleans. Prices scared at the commencement of business, going up by leaps and bounds on trading 20 to 25 points here and 30 to 40 points at New Orleans. The Liverpool markets were almost equally excited. There spot cotton advanced 10 points, or equivalent to one dollar per bale in our fiuctua- tions to the basis of 5s Sd per pound for middling cotton, which is equivalent to 11.60 cents in our market.
 Futures opened there equivalent to IA to 16 points higher in our fluctuations and closed very feverish at Il to 12 points net advance over Saturdays final prices, or equivalent to p and 24 points in our market.
 Thus at all points all previous high records for cotton options and also spot cotton on this seasons crop were sur passed. Spot cotton here is held at about 11.15 cents per pound and 10% cents at New Orleans, against 9% cents last year.
 There has not been anything like the equivalent of these high prices since the last week of January, 1901, when that option and spot cotton in this mar ket was forced up to 12 cents per pound. That was the highest record for cotton since 1890, when it sold in January of that year in this market at 12A cents and about I'd per pound at Liverpool after a prolonged season of bull specu- lation. '# t'.r .. s-5f
 The scene on the floor of the exchange perhaps surpassed the excitement which attended the struggles of a month or two ago between the bulls and the bears It was quite evident that those who were short of the mar ket had become nervous from the re- cent steady advance, when the May buying orders came in from all direc- tions, and also that the New Orleans bull leaders ambition to force prices higher had not yet been fully satisfied. The shorts in the May option here were. practically all driven in last week, ex- cept spot dealers who intend to make good their deliveries.
 That option will soon expire. The stock of cotton here of connect grade, which was only 32,0O0 bales month ago, has gradually been increased to about S0,o00 bales through the recent steady advance in prices attracting cot ton here.
 Almost every broker was loaded with buying orders when the market opened, and there was a great roar when trad ing began. May started at 12 points advance to the price of 11.11 and sold up to 11.15 shortly afterwards. July, which closed at 1929, started at 10.40 bid and was bid up to 10.50 before there were any sales. Then the transactions were on an enormous scale, ranging from that price down to 10.45, to 1O.49, and then there was a break to 10.41. The August option, which closed at 9.97, started at 1920 and 10.21, and was as heavily traded in as July, while the September option of next years crop, which has only just been planted, and which closed at BPS, opened 14 points higher, at 9.42, ard sold up to 9.44 and then broke 10 points and afterwards rallied to $40. These three months July, August and September-were those which were most heavily dealt in.
 At New Orleans the July option, which Saturday advanced 25 points and closed at 10.45, started at 35 points higher, at 11.S0 and then sold at 11.70 and 11.75, while August, which closed at 10.69, started p points higher, at 1o91. Commission houses immediately refus- ed to accept any more buying or selling orders in either May or July until the market quieted down. It was reported that the New Orleans bulls were very aggressive and were the heaviest buy CTS of July and; August in this market. It was significant that most of the sell ing came from the local bull clique. There were perhaps 100000 bales traded in in this market up to noon. One house in the first hour, doing a. straight commission business and having pri- vate wire connections in the south, traded in. about 10000 bales, buying about 25,Ooo and selling about 15,0o0. This showed the extent to which the south was interested and traded in the market.
 Later when the New Orleans market reached 25 points on July and 15 to 20 points on the other options, it was seen that the bull clique here was still in- clined to sell and check any immediate further advance, things quieted down. Morton Trust ComDnny Wtthdrayvs