New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-03-21
COTTON STILL CLIMBING.
SHARP ADVANCES HERE AND ABROAD.

BIG SPOT SALES IN INTERCOLLEGIATE TRADING
on THE NETWORK COTTON EXCHANGE
The upward movement in cotton continued with
fresh vigor yesterday. On no day since this revival
began the advance notable. The May
option rose TO 633, 80 points above the lowest
touched on February %. The trading on the New
York Cotton Exchange was heavier and the excite
ment great as on any day since the autumn OF
1892 when cotton rose to 10 cents pound The totai
transactions reached $4,000 bales. The fluctuations
OF the market violent enough to suit the most
seasoned specuator Opening strong foreign
news at advance OF to II points over Tuesdays
close, quotations receded under selling orders from
New-Orleans and local traders and reaction at
Liverpool until all advances of the day were
lost the early deliveries. Then came predictions
OF frost expected the cotton belt. and reports
OF continued rains in the South retarding the
ploughing and planting. Prices bounded up again
and scored the highest point reached on the rise.
There was easier feeling at the close The net
gain for the day 10 to Is points.
The big jump at the start was on news or sales
OF 5000 bales in Liverpool 10 Manchester spinners
at an advance o: 1872. Futures in Liverpool were
up correspondingy. Such big spot business abroad.
exceeding the hopes of the most enthusiastic ouli~
seemed TO confirm all that has been said OF the IN
trlnsic merit OF the staple Spot cotton was ad-
vanced y cent in this market. There were spot
sales Of 5000 bales in New-Oreans ard AIS In Mem
pbis Port receipts far this week have been "a
coo bales against 5000 last week.
There was very heavy trading in the August de-
livery, and II is though; the bulk Of the large May
interest here has been transferred to that month
The Angus; option closed at 6S5. The quotation for
m!ddlng cotton In Liverpool to-day was li-32 THIS
is stlll 25-32 below the level OF last year.
The following comments OF cotton houses on The
situation will prove Of interest Price. Mccormick
& co. say:
We have trustworthy advces from the South 70.
day that the apprehensions which have been ielt
that the great advance in cotton would st'hu'a.o
the planting OF another excessive crop are py no
means well founded, az the whole press OF the
country and the merchants and bankers throughout
that section continue their warnings TO the planters
and We believe that the minimum reduction IN acre
age may be placed at Is per cent. The repiaclns
TO such large extent OF commercial fertlhzets
is most unlikely. The weather. moreover so tas
has nor been favorable, as February was 100 cold
FOR farm work and the preparations for planting
up to date entirely behind last year.
Atwood Violet GO. write as follows:
The character OF the buying seems 10 be as much
cotton cannot be bought In the South as cheapy
i'm Liverpool. the sales abroad to-day are 300
bales. OF which $4,000 are American, showing now
true have been the reports from tnere sIa,ns Spit
ners were bare OF stock. We doubt whether they
have any more to-day than enough 20 take care OF
themselves for the next three weeks AT the same
expecting lower prices for the raw material. and
are now paving the penalty for anticipating lower
markets than were ruling thirty days ago.
We hardly where the situation IN this market
can become any less strong. from spot point OF
view during the next five months. than u Is To-
day because the continually advancing southern
spot markets (Which to-day are Is to S,lo better,
With a cost OF 90 .nts per bale TO bring cotton
here and certificate II for delivery on contract VIII
prevent further accumulation OF stock at this port
which IS already 5000 less than last year