plague boom" halted this prolonged downward
movement for a time in 1899-1900. The boom derived its name from the
outbreak of bubonic plague in Brazil, as a result of which the ports of
that country were quarantined. In addition, Brazilian steamers arriving
at New York were placed in quarantine; and the impossibility of
unloading their cargoes caused a temporary shortage. As a result, prices
rose from four and one-quarter cents in September, 1899, to eight and
one-quarter cents in July, 1900. The quarantine being lifted, the bears
again became aggressive; and by April, 1901, they had forced the price
back to five cents.

There was another short-lived attempt to establish a corner in
September, 1901. Receipts at Rio and Santos had been running light,
encouraging a local clique embracing Skiddy, Minford & Company; W.H.
Crossman & Bro.; and Gruner & Company, to endeavor to gain control. The
arrivals at Brazilian ports suddenly increased to the largest volume
ever known up to that time; and, with vigorous opposition from operators
in Havre, the corner here was speedily broken.

The opening of the new century witnessed the beginning of another new
coffee era, Santos permanently displacing Rio as the world's largest
source of supply. The figures for 1900-01 were: Santos, 2,945,000 bags;
Rio, 2,413,000 bags.

Huge crops then became a regular thing in Brazil. That of 1901-02 was
far in excess of estimates, being 15,000,000 bags; while 20,000,000 bags
were produced in 1902-03. As a result, the world's coffee trade became
completely demoralized for the time being. In August, 1902, contracts
for July, 1903, delivery sold at six and one-tenths cents. By June,
1903, they had fallen to three and fifty-five hundredths cents, the
lowest price ever recorded for coffee.

_The Southern Boom_

As is invariably the case when prices reach extreme levels, either high
or low, the pendulum swung back rapidly in the other direction. Based on
the unprecedentedly low prices, the so-called "cotton crowd" started
what was generally known as "the southern boom". Various cotton traders
in New York and the South, under the leadership of D.J. Sully, the
one-time "cotton king", and ably assisted by prominent local coffee
firms, became extremely active on the buying side; and by February,
1904, they had forced the price up to eleven and eighty-five hundredths
cents. This figure, the highest since 1896, was reached on February 2,
which proved to be