The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1903-05-19
Cotton Bounds to New
High Records.
(By the Associated PreS)

y a @aA. AT+-34OA4SE lkE~ rec
ord Tor the season was established IN the
cotton market today. in fact many Of the
older members agreed that ii was doubt
trl II any session IN the entire history OF
the exchange compared with todly's. The
big feature OF the day Was the price
made by July IN the last half hour OF
trading. II cents. In the same t,rne
August sold at 1913. May made a new
record OF 11.42 and spot cotton was quoted
AZ 11.6O. These prices were the highest
III twelve or thirteen years. and added 10
this, the transactions were OF enormous
volume.
At the times the scene on the floor
was one of the greatest order and rush
OF the covering demand threw the PIT into
a demoralized condition. AZ the opening
OF the market trading was by far the
most active of the season and on the up
ward rush May sold at 11.4O, July at 1893
and August at 1867, all new records.
The Liverpool reports gave warning
that the day would be a lively one. as
sales OF spot cotton there reached a
full dollar a bale higher than yesterday.
Early cables stated that some of the
foreign short interests were in the mar
ket taking all the cotton offered at the
highest prices of a decade. The largest
individual dealer IN spot cotton in this
market received a message from Liverpool
reading as follows:
"The market will only stop advancing
when cotton gives out. 1t is getting very
J scarce now" j.
Liverpool stocks are smaller than for q
great many years and the consumption OF
American cotton &c at raco,J Ttp,roe TIL.
market started with a rush with this
news from Liverpool, orders coming main
ly from commission houses. One firm had
traded liz &c, 600 bales before midday.
The total amount of cotton which IS
now here available for delivery on May
contracts is SO $50 bales, which has a mar
ket value at the current price Of about
$5S per bale on equivalent to a total val
uation Of nearly s., POO, 600. This stock
shows an increase of over 1000 bales from
Tuesday, and 10000 since last Saturday
and compares with 80, 600 bales on April
10. The total amount of cotton now here
of all kinds by running count is 120, GOO
bales, against 5000 on April 10.
More cotton is being brought here by
those who had sold the May option short
either as hedges against transactions IN
spot cotton or on differences between this
market and Liverpool and who have in
tended to max good their contracts to che
bull clique rather than go into the pit
and effect a settlement by buying the
cotton back. Some of those who were
short even brought some cotton back
from Liverpool and it is understood sew
eral larger lots have been sent on here
from points in New England secured from
mill men and dealers there. At the
present market price about s. ,000, 600
worth of actual cotton Will thus change
hands here during the closing deal in this
May option.
New York, May 15.-The cotton market
continued excited TODAY. making the fifth
day that it has kept the cotton trade in
a furore with prices fuctuating 81 to 81
per bale on the largest volume of bust
ness on options transacted in many years.
Since this excitement began last Saturday
upwards of 4,50O. 900 bales of cotton or
tions have changed hands in this market
and prices have gone UP about 100 points
or equivalent to S. per bale with no mate
rial reaction Of any Importance. Today,
however, there was evidence that the
local clique is closing its deal; and for
the first time the market shove indica-
tions that the worst Of the present ex-
citement and unheaval in prices is over,
for the present at least.
At the opening a broker offered to sell
1000 May at 11.40 with no takers and
then offered July in thousand bale lots
from 1897, last nights closing price, down
to 1924. Despite the influence on an ex-
ceptionally strong market at Liverpool
with a further rise in spot cotton there.
equivalent to so cents per bale on the
basis Of 1882 cents per pound in our
market and the pit being again flooded
with supporting orders from the New Or
leans clique, prices steadily crumbled away
under continued selling of the May option
and forced down its price forty points
amid great excitement, to II cents per
pound while July sold off about "a points
and August II, and the rest of the list
about 10 points. July sold down from
1897 to 1913 and August from 1910 to
1853.
1t was feared that the bottom of tie
market might drop out but Louisville
houses were large buyers, shorts covered
freely, and there was a continuance of
aggressive support from the New Orleans
crowd. Later the market rallied 20 points
on May and Is to ten points on the rest
of the list, many being quoted at I'LL,
July at 1886 and August at 1866.