GAMBLING IN COTTON. EXCITEMENT IN NEW YORK.

Evening Post, Volume LXVII, Issue 26, 1 February 1904, Page 5

GAMBLING IN COTTON. EXCITEMENT IN NEW YORK.

fI'IIESS ASSOCIATION. I NEW YORK, 30th January. Aftor tho early salca cotton dropped 57 points in New York, causing tremendous excitement. '"Bulls" afterwards bid lor all tho July cotton in sight. Meanwhile at Now Orleans ' May cotton broke 80 points from the highest price 31st January, There in unprecedented excitement iv tho Isew York, market owing to Liverpool speculation. Prices rose- 40 points in Now York and 65 in New Orleans. FAILURE OP BROKERS. HEAVY LOSSES. (Received February 1, 8.57 a.m.) M!i\V \OR.JV, 31st January. A 13. Waxier and Company, cotton biokers, with one Hundred and twentyiivo branches in the United States, iiavu laded. It is estimuUd ihey lost 100,000 dollars (übcmt ±120,000) ddiiy for the last three months. As giving some- idea of tho methods adopted on the New York Jixchango, tho iouowing from tho New loik Lvcuing Post, ol 24th Uo';cmtei, is iuU.-rußtuig : — "The cotton uado was thrown into a greater Btato of excitement to-day than on any previous day during tho week by Ihe "bull" intercut giving on uucxamp.ed dumouhlmtion of iheir strength and übility to control tho uuikets auo force pncf.s higher. In the face of lower markets at Liverpool, and further disoiganibation in tho dry goods trade, and tho more warlike news on the Ruaso-Jupaneao situation, tho word was passed round that tho May option in this inaiket would bo driven, up to 14 centa some time timing the d«y, in order that the predictions they made oarliur in the week, that cotton hero would heil at 14 cents bofoio tho market adjourned lor ihe Christmas holidays be made yoocl. TJiia movemeivfc began as soon iis the market opened, and all their friends wore advised to got aboard for further pxofilo. l»'or o, time it met a good deal of opposition, aud largo blocks of long cotton wore thrown on the market by hoiuo of tho old "bulls" and commission houses to realise- profits ; but all oiferings wero readily absorbed with the assistance of large buying orders which were scut liore from the New Orleans "bulls'/ and that market being advanced sharply about 26 paints, with July thore selling up to 14.21 and May to 14.09. On the first rise bore tho general list was carried up 15 to 20 poijuto. This was followed by a break of 10 to Iki points, but after the, second hour the market was Hooded with buying oxders und with nervous shorts covering and more outside bviying orders coming in, prices wero driven up sharply about 10 points additional. "The May option was advanced to 13.91 and July to 13.90. TJiis is within 10 points of tho 14-cent basis, and was regurded as sufficient to indicate tho ability of the "bulls" to drive the market up to that level. The pressnre of profit-taking sales and moro instance from tho /'bear" element held ajiy further rise' in check for a .time, but the market continued to as leadily absorb offuinga at these new high iccord prices ns it apparently did at 124 cents and nt 13 cents. Shorts wero dismayed at the sbr6ngth of the market and tho aggressiveness of tho "bulls," nnd there was little further selling for short account outnide of tho most ventuiesome professional traders. "Tho trading was unusually large, and the nwket wan excited all day, which on the evo of a Christmas holiday is almost unprecedented- Apparently littlo or no attention was paid to tho regular routine news such as the receipts, action of tho Liverpool markets, or general trade leports. Interest centred almost entirely on tho character of tho speculation, and this will continue the dominating influence on tho market's immediate future course of prices." ->