The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-04
May Option Sold at High Price Of
the Season. 1911 Cents, Dur
ing Late Rally.
SPOT QUOTED At 10.45 CENTS.
Danial j. Sally. the Bull Leader,
SAYS Market Will Go Pretty
Close to Fifteen Gents
Price Is peSsimistic.


| REPT-gLrC SPECIAL.
New York. March 2.-Exciter1eut at the
Cotton Exchange continued ut fever heat
this morning. with the May option selling
at the high price of the season. 1GlT cents.
March cotton sold at lo25 cents. futures
Thus selling for 1864 cents. something but
seldom witnessed in cotton speculation Dur
ing the past ten or fifteen years
The highest price for spot cotton in New
York was quoted to-day. VIXEN middling
upiards sold az 1915 cents With the Mis-
sissippi River said to be II the danger point
at many places and several streams in the
South already over the banks. the tone OF
the market was feverish in the extreme
While an overflow would be OF inestImabls
benefi: 20 the next crop, it would seriously
interfere with sending cotton TO market
from plantations.
At the opening Of the market this morn
Ing one broker had a large selling order of
11.Gt0 or 2oG.Q bales OF May cotton. Only
900 bales. or thereabouts. were worked off
at about the highest price of the year and
then the price broke sharply eight points.
IN order to complete the selling, buyins.
orders were sent into the pit to stimulate
the tone and May cotton reacted quickly To
Iel5c. only 10 break hack to 1000
The market rallied in the late trading on
renewal OF the usual buying and rnanipu-
iauon by clique brokers after the subsi-
dence of the selling movement b. traders
and commission houses.
ms makes the fourth successive day that
the market has had such a rally in the
later trading. Spot cotton here was marked
Up ten points. equivalent to I0.45c for mid
ding. which makes this relatively the dear
est market and now above an export bass
with Liverpool
NET DECLINES FOR THE DAY.
AT the close. the market was steady, bu.
prices showed net decline OF nire points
from that OF yesterday in June cotton. with
other futures slightly below yesterdays
last.
When the market opened at 10 o'clock.
Daniel j. Silly. the bull leader. was in the
middle Of the pit. his hat on the side Of his
head, his red hair looming Up like a banner
OF battle.
u still adhere TO my belief that March
cotton will go pretty close to 15c' he said.
4 am buying all can get and did not
go into this deal with my eyes shut"
Despite what Mr.. Price and other bears
have to say. the mills haven't got all the
Gotten they want. and there is not enough
in sight to supply them with what thew
want unless they buy it from me and at
my price. The weather has nothing to do
with 1t. don't care how much cotton they
move to market. There are only about .
ooo.o0 bales in reserve. and hope to get
hold Of that I am here to buy all the cotton
offered I
MR.. PRICES VIEWS.
Away from the roar of the exchange in
his office at No. al Wall street. sat Theodore
he .-bn
against Sully's regarding the price o. cotton.
Mr.. Price gave out the following statement
this afternoon:
1T is becoming evident that those who
so confidently predict further advance in
cotton are likely. for the immediate future,
to be without the support OF the foreign
markets.
THE failure to pass the AIdrich bill mas
resulted in serious declines in the New York
stock market and serious stringency in the
money market. within the next few weeks.
seems a,nost unavoidable with bank re-
serves at their present low point. The dry
goods market is becoming daily less active
Print cloths are quoted at &c, which is the
anne price at which they were selling last
-ear at this time. and month ago. At
10Th periods cotton was 4 cent a pound
over.
"A prominent commission house in St
,ouis telegraphs me as follows: Paris.
Tex. says from to 10 per cent of cotton
emaining in fields and will be gathered.
line Bluff, Ark. says 10 per cent bottom
ands yet to pick. Weather improving
1T is my belief that the March move-
1ent of cotton will be the largest on rec
I'd, and under such condition 1 can SEQ
o justification for buying cotton at tina