The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-08-16
A BIG CORNER In COTTON
THE BUL LIS CLAIM TO HAVE TIE
BEARS ON THEIR HORNS.

Imports from Across the Atlantic
Can't Be Inspected in Time for This
Months Delivery-The Committee of
the Exchange Promises to Do It's
Best.
NEW YORK, Aug. 15.-The situation in
the August cotton corner is growing more
interesting every day, and the contest
between the bear and bull factions waxes
warmer and warmer. The bears claim
that they will bring abundant cotton here
from Liverpool and the southern markets
during tho last ten days of the month to
meet all their contracts fer August deliv-
cry and thereby break the corner effectual-
ly. The bulls insists on the other hand
that 1t will be impossible to do this, from
the fact that cotton must pass the inspec-
tion committee of the cotton exchange
before it becomes deliverable on contracts,
and that owing to the short time between
now and the last day of August and the
large amount Of cotton to be handled dur
ing those few days, it will be out of the
question to put it all through.
BOUND TO LOSE
In this event those who bring cotton here
for August delivery and fail to have it in
spected will unavoidably suffer loss of
from IS to 81 bale on all that does not get
the attention of the inspection commit tee
This committee will be utterly unable to
handle anything like the amount of cotton
between now and the or of the month that
Is due on August contracts, even il such
an amount could be gotten here from other
markets. Particularly is this true since
the owners OF all cotton now in stock here
are demanding to have that reinspected
between now and Sept. In order that they
may ship 1t promptly to Liverpool for de-
livery on September contracts there There
will be at least $4,000 bales for the COM
mittee to handle for this purpose.
A NECESSITY.
Such reinspection is necessary, because
the stock now in New York is very much
mixed in grade, and nothing can be sent TO
Liverpool for delivery on contracts that
classes under low middling. Therefore this
separation Of the good from
the bad by reinspection is
absolutely necessary. By the rules of
the exchange the committee must attend to
applications for inspection in the order in
which they are filed, and owners of cotton
now here are already filing their appiica-
tions with the committee Therefore ship
pers now hurrying cotton here to catch the
high price incident to the August corner
may find 1T impossible to have 1T inspected
after it gets here, and thereby be defeated
in their purpose and suffer serious pecuniary
loss besides.
TO DO THEIR BEST.
The managers Of the exchange say that
| every effort will be made TO handle all the
| cotton that comes, but at the same time no
| responsibility attaches to the exchange In
case the inspecting committee find them
selves unable to serve everybody. A large
proportion of the short interest which was
in August when the month opened has been
settled by the more conservative bears, but
there are said to be over 2OO, 900
bales yet due the bulls on
contracts. The stock here to-day is about
1900 bales, of which the bulls own 30, 900.
Therefore there are only about 10000 bales
in stock to-day that are available for the
bears. Consequently the price between now
and the end of tho month will be very
much what the bulls cnoose to make 1t.
Several spectators who are on top to the
tune Of about SIC, ,0oG by the rise in August
cotton find it impossible to get their profits.