New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-07
COTTON RISES HIGHER YET.
TWO FAILURES ON THE LOCAL En-
CHANGE
THE MARKET STILL UNDER THE INFLUENCE
OF THE CROP scARE-No BREAK IN


THE DRoUTH.
The remarkable upturn In cotton did not exhaust
itself by any means yesterday. 1t was again wid
and feyerish market on the New-York Cotton Ex-
change and profit taking on an enormous
scale, causing wide and frequent fluctuations out
nothing could withstand the volume OF ouyihs
orders that poured In from the South ana 'he
speculative public. and sert the price OF August
I'D Il points from 7s7 to sos and October
up IS points. from 1888 to 7S. with the
rest Of the list rising correspondence In the last
half hour however the continued weakr ess OF the
securities market indications OF showers In the
drouth region to-day some selling by German
bear houses and taking of the splendid prohts
that had accrued 10 the bulls led to break or
IA to IS points from the best prices Inc
net advance for the day. nevertheless. was
IA to % ponts. The days business amounted
to 425.00 bales. August opened at no. sofa
between 767 and sos, and closed at So2: October
opened at 7.% sold between zSS and 7S. and
closed at 10: January opened at rs. sold be-
tween "a and 7.S6. and closed at 712.
1t was an err,tc market early. There was an
indication TO seek lower level at the opening.
Liverpool did not fully respond to the extra
ordinary rise here yesterday. and the failure or
s. r. Post, usually small OPERATOR was announced
when the Exchange opened. followed shortly after
ward by the posting OF an operator who Is heavy
dealer oftentimes s. Michelbacker. The latter Is
said to have made half million dollars operating
on the bear side In the year Of the big tenmillion
bale crop 1890 He claimed to be even" yesterday.
but inability ring" out his contracts, II was
alleged. forced his suspension. These circum-
stances caused the list to open down u 10 10 points
The early selling stimulated by reports or
scattered showers In the drouth section. These
reports which had been cabed TO Liverpool, were
subsequently denied and that market began to
ard under heavy buying for both long and short
account, prices rapidly advanced. AT O'Clock the
list was 20 to % points over Wednesday evenings
close. The POSTING of the early weather map show
ing continuation OF the abnormal heat wave over the
cotton belt with no indication of rains to break the
drouth in Arkansas. louisiana. Texas and on the
upands of Mississippi, together with an thrush OF
crop of the worst description accompanied by
buying orders. kept the market strong.
In the early afternoon there was renewal or
the exciting scenes Of yesterday, the rounding up
Of the bears being a beautiful sight to behold.
Around cents for August. however. the selling got
Prices Of spot cotton moved up &c pound to the
basis Of Ssc for mddling and sales Of 6s2 bales TO
spinners. Galveston and Norfolk advanced sc,
Mobile. 3-l6c and Baltimore sac
OF the two failures on the Cotton Exchange yes
terday that OF Stephen r. Post was the more i'm
portant. He short 900 bales of cototn in the
shape of options on the distant months In money
his discrepancy said to be $4,000. He Is also
a member Of the Produce Exchange. but he had no
contracts there. His office is No. 800 Produce Ex-
change Building. He expects to resume.
S. Michelbacher. in announcing his suspension.
said It only temporary. All his contracts were
covered, that he owed nothing Exchangp
transactions. His Office Is No. 16 Cotton Exchange
Building