New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-06
RIG JUMP IN COTTON.
RISE Of srxrY-rwo POINTS IN
rvENrY-FoUR HOURS.

EXCITEMENT HEAVY SALES AND WILD
q, THE FLOOR OF THE NETWORK
,or,oN EXCHANGE - CAUSED By
nporrH IN THE SOUTH
IL .hare been seen such a wild ana
,n.rket as was witnessed on the New
-, cotton Exchange yesterday Ao""'" Wv
~ ~ the days trading veritable pear pam.
ciose y "a the scenes on the floor duplicated
wa ..,.,.ssed there last october. There was
tnose no q iump skyward in prices yester-
JUS nara was a grand crash In OCTOBER
"a, rev quotations went down the nil oo VI
20 so,n,s at a leap. Prices here opened yes'e'-
III the way from % TO 81 points over tues
49, ,,Sh,'s close continued to rise. accohp""''N
-. great excitement and tremendous eaee
y. cover on the part of the heavy snort 'n'e'eS'
I'll October was selling 62 points over ,"s'
.,rht and the rest OF the list ioioMins vs.
yer The days sales swelled to 4VV'-V" pa'e'
.,oso was almost at the best prices of the
..y August which closed last night at ...o
.,.d 81 AS sold down to 40 scared 10 80
S,.s.a tbere: October opened at 1.19 or 70
~, went 10 go and closed at 1885, jan
-,, onened at 7.31, or 80 points over last night
.~or, 81 70 762 and closed at 100.
os tho biggest speculation downtown, and
80. -, orders to buy for both long and short
soo,,rt came in from Wall Street. New-Orleans
~. C,,cago an unusual volume that gladdened
~. hearts of the brokers. New-Orleans as
-, sent a great many buying orders and also
. nrodieious number of crop damage reports
r,s South is heavily short on this crop. and the
,.oo, and Liverpool markets are heavily short
,n.u,se and there is already heard talk OF IT,
.or, cotton before these many millions OF bales
- short interest are covered. provided the drouth
hangs on
The acute influences in the market were three
fold Yesterday morning. Liverpool showed up
216d higher for spots and 13-64d. to l3-o4d.
higher for futures than 1t closed on FRIDAY,
eoual TO about 40 to As points in our market. or
about twice much as prices here mad been
advanced and twice as much as 1t was expected
would be the rise abroad. On top or this unex-
pected news the weekly report OF the Gov
eminent extracts from which were published IN
The Tribune yesterday. showing the widespread
and serious nature Of the drouth now prevailing
in the cotton belt. This report had especially
Influenced Liverpool. and started the shorts 10
covering Then there was no diminutlon TO-
day Of the flood Of private advices here snow
ing damage, conspicuous among them being the
unfavora BILE report of Hill, Fontaine Co, the
big factors Of Memphis The Weather Bureaus
,r,,etn Yesterday showed no change in the I'M
favorable conditions in the cotton belt, with
onIv thunder-showers indicated for the mmedl-
ate future while the maximum temperature
was from 90 to 9S degrees, weather very con-
ducive 10 premature opening Of bolls and she'd
ding
Al the highest point touched yesterday quota
tons on the New-York Cotton Exchange showed
advances Of from 112 points in August to l4o
nonts in October and 142 points in January
deliveries from the low figures of July IL. rms
e. e. a hale rise in less than three weeks very
similar to the rapid advances of last summer
Th. heaviest buying in this market. has been
the case since the rise began, was for brokers OF
New Orleans operators. who. being rlght In the
heart OF the cotton country, are supposed 10
know more about the prevailing drouth tnan 'ne
people here Sentiment on the EXCHANGE mere Is
Amos, completely reversed, so that where Dulls
were rarity two weeks ago there IS naroiy
bear TO be found now. IL, A., , T.,
snot cotton here sympathized with the rise IN
futures and was marked up &c. to rs cents TOT
mddling, with no sales reported
Grenada Miss the heart of rich cotton sec
ton sent word that crop accounts were daily
more distressing and It looked like less cotton
than last year Other crop advices have peen re-
ceived as follows: Homer, La.-Condition in TINS
parish appalling; will take sixteen acres 10 make
a bale Minden. La-Crop 30 per cent short.
Arcadia La-Worst drouth ever known Bran
don Miss-Crop materially damaged. Ellisville.
Mss-Crop cut short about one-half.
Conditions in the cotton market diner this year
from last, when there was similar Wild ana ex-
cited rise. in that the supply of cotton IN the world
at present is 12500OO bales less than 1t vas tnen
while II is $4,000 bales less in this country; also
that Of the scanty stocks In this country al pres
ent the bulk is held here under 10000 bales, or
100000 bales less than last year practically as
hedge against the August contracts held by one
mandolin II. Inman.
This Is the largest advance established In the
same period in years. Crop advices continue dis
tnctly bad and. in view Of the excited condition
OF the market. predictions with regard TO the fut-
ure course Of values are valueless The under
tone continues firm. and the market Will be gov
erned by further weather reports. Our private
cables state that the advance abroad was caused
oy an urgent demand to cover short contracts
Price Mccormick & Co.