The Savannah morning news., 1903-05-19
ANTICS OF COTTON
AGAIN THE MARKET TOOK A sky
WARD FLIGHT.
MAY SOLD AS HIGH AS 11.68.
THIS WAS THE SEASONS RECORD
FOR POINTS OF ADVANCE.

Exciting Day on the Cotton Ex-
change-LiverpOO1 Opened Strong
and With n Rush of Buying Or
ders-New York Followed the Cue
on Its Opening, and the New Or
leans Bulls Pushed Things Along.
Incidents of the Days Trading.
Spot Cotton at 11.S5.
New York. May 1S.-This was an
other exciting day OH the Cotton Ex-
change. In fact the scenes surpassed
those witnessed last week. 1t started
at Liverpool first. because trading
there began some five hours earlier
than our time, and the rise of equiva-
lent to 50 points in the price of spot
cotton in that market and sc to 20
points in futures did not need any ex-
tensively cabled remarks to show what
was happening there.
1t was, however, stated that the fol-
lowers of the New Orleans bull clique
had flooded the market earlier in the
day with buying orders, and their APP
pearance was enough to excite the
shorts and cause them to scramble to
cover. All records for the present
movement We're broken. May sold as
high as II. 6S cents and July up to 11.26
cents.
After closing at considera BILE decline
on Saturday, prices started this morn
ing to jump and before noon July had
crossed IL cents, selling at 1105 cents,
some 4 points higher than last week.
Sales of May Slow.
There was but one sale of May cot
ton during the first half hour, a sale
at 11.40, as compared with Ills, the
closing price on Saturday. September
showed an advance of u cents. a
greater rise than that revealed in eth
er July or August during the first half
hour. In the first hour nearly 100000
bales changed hands.
July opened at 1890 cents, an adj
vance of 20 points, halted for few
minutes. shot to 1898, halted for a
few moments. and then on a scramble
to cover jumped to IL. Ice.
While transactions in the New York
market did not aggregate as large a
total as the record day of last week,
the market to-day holds the season.
record in point of the advance. Dur
ing the afternoon May cotton sold at
11.6Sc. an advance of SIS points; July
sold at 11.26c., an advance of SIS points,
and August sold at 10000. an advance
of As points.
Excited Over July.
The feature of the advance was the
purchase of large line of short cot
ton in July, during which the entire
market became very excited, with
prices advancing rapidly. One broker
had an order to cover 200 bales of May
cotton. The price was 11.55 cents, and
he started to get the 200 bales Sat the
best figure possible. He bid 1850,
1160c, 11.62c, 11.65c, and finally 1850
before any cotton was forthcoming
Soon after, a broker had 300 bales of
May to sell, and he sold the market
down to 11.60c before disposing of the
cotton.
Not until July touched 11Ac was
there anything like a reaction, and at
that point heavy selling orders reap
peared that soon brought about a re-
action of about 10 points during the
afternoon. May closed at 11.55c, July
eased off to 11.17c and August closed
at 1850. The market at the close was
steady, however and net 15@47 points
higher for the day.
The advance in futures was accom-
panied by an advance to 11.S5c for spot
cotton.