The times. [volume] (Richmond, Va.) 1890-1903, 1895-10-23
COTTON Is STILL DOWN.
SLIGHT rIMPROyEMEST ON CHANGE
FOLLOWED BY REACTION.
John II. Inman Credited with Having
Made More Than Quarter Of = Million
by Mondays Transactions.

NEW YORK, Oct. 22.--The cotton mar
ket, In which for the last two months
considerable money has beon made and
iss, IN the space OF few hours. was
IN another uproar at the opening OF trai-
ing to-day. The enormous sIump In
prices or Yesterday. unprecedented on
,n, n1 Ne" YORK Cotton Exchsage, was
/ "su oy sAarp reaction, aud prices
pesah 10 80 up at the moment business
uesah. November, Decer.bcr ana ,ap-
ua,y We're again favorite months to-day
anu Vp.ohs were offered and snapped
! "p WIN great rapldity. Lots OF from
| LOO to $500 bales were thrown on I'M.
in.rAej ana prices were sho it,.l 60 ran
iuy ana at such varying figures that
Iva, ~ was almost Impossible to get salts
Factory quotations.
The largest lot sold up 10 1890 A. NJ.
was o,v" Daies AT SIS. Prices .anged from
that rgure to Sji. and for over an hour
cehiings showed an advance over cios-
ing prices OF yesterday. OF from iS to 20
points. with every indication that the
Dulla, who are again In control. will con-
t.nue 10 boost them. Causes .or the sud
den advance are said to be due to the
iact tnat the liquidation Of the enormous
iran sacuons OF the last three or four
days are about over, and also To rise
In the Liverpool market.
ROM yuiL AND pTAR.
Among the biggest bulls on the ex-
change early to-day were Inman, Swan
a Co. They had been on the bear side
when the bears were I'm control, and
John II. lnman Is credited with having
turned large an cunt OF money. with
excellent prospects now OK adding more
10 II on the bull side
After the market had fairly opened
January option seemed 10 monopoliZe the
trading and Inside cf half an hour sold
from S55 TO Sol, and from that down to
no and back 20 so under substantial
support. The influence OF the Liverpool
LOT NH..Na
as figured in the American market was
felt only for few minutes.
February cotton, which closed yesterday
at S5s. opened at the same figures, but
In few minutes. March option dropped
from the opening price OF s62 TO SO. and
May futures broke to $50 from the open
ing price TO S66. After the general break.
which sent January down 10 $50. point
below the lowest record made during
the big decline. prices stiffoned a trihe,
end tiuctu8te1 around an average OF 10
Points over the closing figures OF yester-
dey. Later In the day the market quieted
dow n.
MR. INM,N lSTERyIEwrD.
Mr. John H. Inman. who is credited vita
having made more than a quarter OF
million dollars out of yesterdays sensa-
uonal break In cotton. said N an inter-
view to-day:
"rhe congestion Of cotton. which has
taken place for the last several weeks.
and which eliminated last Wednesday,
was the result or wild speculauons or
Americans 10 carry the price To 10 cents.
Prices were carried 80 high last week
that II was perfectly apparent TO any
sensible man who IL accustomed TO deal
in cotton that if he wanted 10 operate at
all there was nothing to do but shut his
Regardless of what the crop Il likely
10 be, cotton was carried entirely too
high. at least for the. time being. Reac-
lions came more quickly ano. sharper than
any OF US expected. but with this enor-
nous liquidation the atmosphere will
gradually clear and the movement OF
prices Will now be regulated by the
volume OF receipts and the probable out
come OF the crop. N the crop - only
j.5oo.0o bales as many aQAtSt and we'll
Informed men appear 10 believe. cotton.
I'm my opinion. Will work back to the
neighhorhood OF 10 cents before the season
Is over.
"On the contrary. II we have 100000
bales, as some of the standard authorities
'stimate the crop, we are selling II now
it fair values.
II thought for some weeks that the
market estimate OF the crop. which we
,an make is the mean OF these hgures-
e., $1,000 bales. Holding this view. I
believe that after this shake-up Il over
we viii have gradually hardening mar
lets and land near nine cents II I was
consumer OF cotton or spinner | would
commence at this price and gradually
casOn.
TIE OUTLOOK.
ut is difficult 10 gauge the amount OF
weak long cotton yet 10 come on the
market. but my judgment is that what
yer there Is will come out at some time
his week
while | expect no sharp rally. I do
mink that the lowest prices we win have
or the next two months either took place
esterday or VIII take place between now
nd the coming Saturday. The consump-
ION or American cotton throughout The
'orld II enormous, and at to-day's prices
10 not think single spinner win stop.
'hereas at the figures Of last week. Ii-S
D IL cents above to-day's market large
umbers OF spinners i'm Europe would have
ecome idle. This break will accelerate
he movement 10 Europe. and II the crop
ecomes distributed and once 10 the hands
consumers speculation will take hold
II ana put X 10 a figure which mas
erhaps not been reached yet II is one
ling 10 undertake 10 corner cotton in
ctober when the volume Of receipts IL
normous and another to take up a hull
impaign In The spring OF the year when
le crop has been taken up and is our
the way stocks then being very small"