The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1904-02-03
The CRAZE FOR COTTON.
The Staple Goes Above Seventeen
teen Cents in New Y0rk---This
Price has not Been Exceeded
in the Last 29 Years.

New York, Feb. I.-Speculation in
the cotton market carried May and
July cotton options above seventeen
cents pound on the local market to-
day, for the first time in twenty-nine
years.
Cotton has not passed II cents a
pound in New York since 1875, when
it went to 1715. It touched 1873 in
1874; 21ss in 1873, and 27ss in the year
of wild speculation, 1872, when the
crop, as against 4, 3347, 900 bales in the
previous season, turned out only 1874,
600. The high price of war times,
when the Soutk was blockaded, was
S1.90 per pound, in 1864.
The rise on today's market was
scored in spite of heavier receipts and
the failure of Southern spot markets
(save New Orleans) to advance.
There was the same wild and over
burdened market here as on Saturday.
Brokers despaired of exexecuting their
orders according to book. There was
intense confusion and an enormous
volume of trading.
The market opened excited and high
or. Notwithstanding the sensational
advances of Saturday Liverpool again
cabled higher prices than expected,
and the opening here was strong at an
advance of to 20 points, carrying
July through the II cent mark and
making new high record of the sea-
son. Following the call the market
advanced still further, though in a
somewhat irregular fashion.
Notwithstanding the heavier receipts
indicated for tomorrow, the market,
after reaching to within few points
Of the opening figures, was rallied again,
chiefly as result of aggressive buying
by New Orleans, and was soon selling
at level still. higher than that of the
early morning. March, in the late
trading, sold at 17.o4. May at II. .46 and
July at 17.55, net gain of IS to 10
points and an advance since last Fri
days closing Of nearly a cent and
half a pound. Trading was active on
the second advance, including contin-
ned buying for the account of spot
people, who were believed to be cover
ing hedges, and for public accounts.
The close was firm at nearly the best,
with the more active months Al to 50
points higher.
PANDEMoNIUM IN NEW Or
LEANS.
New Orleans, Feb. This has been
a day of unusual excitement, even in
this season of extraordinary occurren
ces in the cotton future market. When
the opening of the session was an
nounced pandemonium apparently
broke loose. Advices in Liverpool and
New York had already been posted on
the Cotton Exchange boards, and the
first call of the local market showed
an advance of 1S to Al points. The
fluctuations during the session were
frequent and at times veg wide, but
prices were always we'll above the
closing figures Of Saturday, with an
upward trend predominating, the days
trading resulting in net gains oi 50
to 81 points. The market closed very
firm. Although the range of prices
appeared to create an ideal condition
for the scalper, it was said about the
ring that this class of traders today
from some cause almost invariably
"caught on the wrong way
The bull leaders here advise buying,
Notwithstanding the present high
level.
Leading houses have reports from
their travelling men in Texas, who
now express the opinion that the Tex
as crop will not exceed two and half
million bales, and that there is now
but little cotton in the interior of the
State.
A cable from Bremen reports that
spinners in Germany and Austria
were carrying very light stocks, and
expressing the opinion that this crop
or it's equivalent has already been sold.
LIVERPOOL MARKET UNSETTL-
ED.
Liverpool, Feb. AFTER opening
lower and huctuating a little cotton
today began to advance. owing, it was
believed, to speculation February and
March going up 20 points from the
lowest quotation Of Saturday, April
and May going up % points. May and
June 80 points. July and August %
points, and August and September q
points. but prices gave way little