The Montgomery advertiser., 1903-04-14
IA NEW HIGH MARK MADE May and July Cotton Score Advance. < |suFPoRlT l FROM 1Hrs s1s
 Covering by Shorts Also Sends Up Prices. strike News from Lowell Exsrcissd
 Little or No Influence on auota- : tions-Northsrn Securities sUnder Fire.
SUPPORT FROM TIT, S1s

New York, Aprfl ls.-New high prices for May and July cotton were recorded on the local exchange today.
 May went to l0:l5 and July which was really the leader of the market. sold as high as io:ll. Other options advanced from to 3 points.
 The earliy strength was due to active bull support, no less than to short cover ing. Tho market after opening steady at an advance of to points became stiii stronger. though by no means active, ex- cept as made so from time to time by eff forts on the part of the shorts to cover.
 Weather conditions were calculated to increase bear confidence. taking the aver age while the movement Is estimated al 10. 900 bales. against ss,0o5 for the corres- bonding week last year. with the receipts at the twenty-eight towns reported to the New York Cotton Exchange summing up S9.ss2 last week against 2s. .7S1 last year.
 The local bear contingent however, was made timid by the presence of the New Orleans bull leader in company with the erating for higher prices In both markets, the local result being a new record. May contracts selling up to .49. July at lo.1I, August at s.45. September at s.ss October at s.bS and December at $40 with in the first hour. There was no news to explain this rise. It seemed strictly an affair of manipulation and; parties not al. ready interested held aloof from the mar ket entirely except as . few were in. clined to operate in the new crop months some selling on the favorable planting conditions now currently reported ] and others buying on the ground that the dls. count between the old crop and the rev crop months was too great.
 There was more or Teas strike newi current at this point. following the Lowell tMass) demonstration, but this as well as all factors. except the one oi manipulation. failed to exercise any i'm. mediate influence. In the absence of ca. ble news from Liverpool, owing to the holidays, all classes of traders showed caution. In the second hour there came another sharp rise. in which May advanced to lo.52 and July to i0.12. No specific news accompanied the new movement and the advance seemed to result largely from further short covering.
 During the early part of tha sss.,or
 sentiment was really bearish chiefly be. cause of the weather and general cror conditions. The lookout of the spinners at Lowell exercised little or no influence on quo. tations.
 Later in the session the bull pool hid the market up and forced further cover. ing on which May advanced to 10. 55, July to lO.H. August to e.57. september to s. .s0 October to SIS and December to 8. A these prices being current at about noon, when the general volume of business was small as to outside interest, although re. iations of the longs and shorts in the crop positions made considerable stir. Spot cotton was nominal in the absence of business. Futures at noon showed a net rise of 16@22 points on near months and I and s points on distant months
 May and June cotton sold off in the early afternoon and there was consider able profit taking. Just before the close fresh orders came in and prices advanced to the highest level of the day. May sold up to 10.63 and July to 10.20 with much trading by shorts.
 Trading in the options other than May and July. were light and had practically no bearing on the days operations. The close was steady at declines from the top. Sales aggregated 250,000 bales.