New-York tribune., 1896-05-05
FIREWORKS IN COTTON.
PRICES JUMP NINE TO TWENTY-ONE
POINTS.
THE pr.11s TURN THEIR ATTENTION TO TTv
OVERSOLD FALL MONTHS-MR 1NMAN
REVIEWS THE SITUATION.

THE B1.1Is TURN THEIR ATTENTION TO TIN
oyERso1D FALL MoNTHs-MR. INMAN
REVIEWS THE SITUATION.
The big bulls in cotton doomed the staple In
grand style yesterday. Prices on the local Ex-
change rose steadily al day and closed at night
from nine to twenty points over the final hg-
ures of Saturday September led the list, rising
from 743 TO 1854 October climbed up seventeen
points May fifteen, June fourteen and August thir-
teen
The bulls took the bears completely by surprise
opening tho ball yesterday with foray on inc
early months Of tho coming crop. These months
are enormously oversold. The wild exaggeration
about the huge crop that to be raised next fall
led the herd Of professional spectators to go
heavily short on these months. The big rise IN
GUNNER months made the spread between August
and September sixty points. Now the Di8 puhs
openly boast that the months OF September ana
October will be made to sell on a parity WIN
August They say that the available supphes Oh
American cotton will be all shipped out OF '''s
country before tho first Of September. and there
cannot be picked and marketed and shipped to
Europe and furnished to homo spnners cotton
enough in these months TO meet requirements. II
the huge and unweldy short interest were calied
upon 10 put up several millions OF bales OF september
and October cotton they have sold, they would ex-
perience a pain in getting it in competition Win
the home and foreign spnners
Prices closed at the tiptop last night, with Johh
II Inman in complete control OF the situation his
sudden onslaught on the overladen shorts IN the
, fall months gave the market plenty OF excitement.
The spread between September and August Is stlil
fifty points In the season OF the bumper crop
1896 only $4,000 bales were marketed IN sep'em-
Der. This years September outturn Is likely to be
in demand II Mr. Inman's forecast OF the future
turns out anywhere right. The chief pui!
operator thus reviewed the situation yesterday
afternoon:
"Unsold stocks in the ports on Saturday were Soo'
OcO bales: interior towns stocks $4,000 bales; IN
small towns and plantations. estimated. 4Vv" y
bales making an aggregate Of 1.CoOWO bales unsoiu
In America: My opinion is that this cotton is NOV
ing from ali points either TO Europe or 10 consumers
including Northern and Southern spnners al tne
rate of i5 900 bales day. which VIII continue uness
the market advances enough to check TINS move
ment, and 1t will take only about sixty days 10
clean out the whole thing ,.
the cotton daily sold in New Orleans, Memphis. ST.
Louis and such large towns Is not sold FOR storage
Recently remarked to you that August would
see all this cotton disappear but am Inciheu u
think now that II will all be gone by July T.
All the spot markets were active and higher yes
terdav Liverpool spinners bought 10000 bales New
Orleans sold $500 bales. Memphis 1850. st. Louis
weston 54. Norfolk 42s, Savannah 2o5 Mobile 200 and
Augusta 1874.
n was announced that freight room was engaged
here for Is 600 bales to be shipped out in June.
Exports yesterday were 12.W0 bales and port re-
ceipts 1000 Port stocks are down TO $4,000 bales.