New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-11
COTTON PRICES BOOM.
A SHARP RISE ON BULLISH BUREAU
REPORT.
1914 PER CENT DURING JrLY-sPEC-
TT.ATION EXCITED.

\
r.. PER CENT DURING JrLY-sPEc-
ULATIoN EXCITED.
The Governments regular monthly crop report
added fresh fireworks yesterday to the exciting spec
uation in cotton now going on II advanced prices
nearly y cent a pound 1t indicated condition OF
the crop which. In view OF the unusual shortage OF
cotton In the world present. might well be taken
as serious II not alarming. The Bureaus general
OF the crop announced al noon yesterday
SOL per This is a sheer drop OF 1874 per cent
during the month OF July, and is. with the exception
OF last year. the worst August report on record Last
year. when the price went up 80 rapidly on the evil
dences OF crop injury. the Angus; condition was 10
SO the conditions at present indicate barely two
points better than last year. when crop OF 100000
grown. 1t Is needless say that crop OF 1,eD-
600 's season would make cotton an extremely valu-
able product. Then the bulls pointed out yesterday
that the figures Of the Bureau are based on reports
up TO August only while the ten days OF August
have been far worse than any that preceded them.
and the terrific heat and drouth still remain pract-
cally unbroken H. The great cotton growing states OF
the Southwest
After opening 10 to 20 points off, on account OF
showers in Texas Louisiana and Arkansas, quota
lions the New-York Cotton Exchange began
climbing rapidly yesterday. recovering all the early
loss and going by leaps and bounds after the Bureau
report out until the market was nearly 30 points
or y cent a pound the lowest The speculation
naturally was Wild and excited and the flight OF
values dazzling An added impetus was given by
the necessity OF the bears buying back lot OF shor;
cotton put In the morning the belief that the
rains In the Southwest were very beneficial which
proved not be the Prices closed showing net
advance of % to % points.
The market continued strong TO the close In spite
OF heavy realizing August closed at S02 or % points
better than Saturday after selling down 70 I6s
and up $685. October opened at 1872 ranged between
732 and Sc and closed 49, % points higher than
Sa turday; January opened at 743. sold between i3
and ST. and Closed at rs. % points over saturday
The total sales 90. 200 bales
Spot cotton marked up Is in sympathy with
futures TO SIS cents for middling. There were -
bales sold TO spnners and 1865 bales sold for direct
stock here has been reduced 1900 bales and that
fully $1,000 bales will he exported to Europe before
this month is closed. They say that there is bound
he cary and Imperative demand Tor American
cotton from abroad in the autumn months
a keen interest is clt in the action or LiNerpoo! TO-
in view OF the surprising rise on this SIDE OF
the ocean. The Englishmen closed their market I'M
the severe loss Of 6i2 10 points.
To say that the Bureau report was surprise is 10
put II mildly The worst that the most ultra pun
predicted was condition OF s.. When the actual ng,
ures came the market jumped 10 10 20 points amid
great excitement and heavy trading
A feature CT the report Is the detailed averages
given by States. The condition OF the crop In Texas
last year: Arkansas s. per cent against 100 l3st
month and 50 last year. and Mississippi ~ against lo
last month and So las, year. The bulk OF the crop
) raised in these states