New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-19
COTTON MAKES ANOTHER JUMP.

A FURTHER RISE OF OVER THIRTY POINTS ON
ACCOUNT OF THE pRoTRACTED DRoUTH.
The rapid rise In the cotton market continues TO
surprise and crafty the bulls and force the shorts
10 cover The local market closed last night strong
and 30 to 80 points higher than on Monday on total
sales of 3li60O bales Should weather conditions
continue as bad as private reports from the South
affirm the big rise of last fall in this staple Will
probably be duplicated this autumn. The market
opened at to 10 points advance yesterday on
active European, Southern and local buying, stimu-
lated by continued drouth in the Southwest and
more general acceptance Of the reduced crop esu-
mates general opinion cenring around H~o"U
bales. which in view of the large shortage in the
present visible supply of cotton. will hardly be
enough TO run the mills year longer.
The best prices made this season were made yes
terday. The August option opened on tn" New
York Cotton Exchange at SO. against the close OF
9s Monday; II sold up to $50 and closed there
December opened 10 points up at Ls4. sold W 10
SIG and closed at that figure. January opened at
1876 sold up to $50 and closed at sig. There was
almost no recession in prices throughout the day,
though the temptation to take profits on such fine
rise led selling a large scale. wall street ana
Chicago were active buyers of cotton Inc move
ment of new cotton TO market is extremely heavy
port receipts being 1855 bales yesterday against
35l bales for the day last year. But the bulls
say that such thing is only natural In view OF the
intense heat Of July and August which forced the
bolls to open prematuroly. and the eagerness OF
the farmers to rush their cotton TO market as fast
as it can be picked In order to secure the good
prices prevailing.
There reports of rain in Arkansas, "hlch
caused little halt at one time yesterday IN the
rise but when assurances came that the INJURY
already done irreparable ana the SCUM CON
tInued to send buying orders along with nelr crop
news a frTner tone set in and notable absence OF
sellers resulted In driving prices upward at a
clicking gait. Reports are pouring In from many
sections Of the great damage TO the crop and not
outstanding claims of their gross eXaggeratlOh the
bulls are left in full control According TO New
orleans paper, the situation in North LOUISIANA,
one the richest cotton growing sections OF the
South is deplora Bile, and the farmers there. ii IL
asserted have been reduced to desperate straits by
reason Of the crop failure. and cannot eXst wlthout
assistance. The Commissioner OF Agriculture OF
Georgia is quoted as estimating the yield OF That
State at one-thrd short.
All these reports having quite a pronounced
effect on Liverpool. and the reflex influence ON this
market is decided. Futures in the great EhgISh
market moved up sig English points, equal TO about
% American points yesterday, and spots there were
l-l6d higher. It Is stated that English splnnefH
have Instructed their agents in the South 10 look
of spot cotton will set in for their shipmenj
The spot supply OF cotton In the hands Of English
spnners bout 10000 bales less than 1t was at TINS
time last year. 8,
The price OF spot cotton here was marked up &c
Yesterday to q basis OF 3 1-lGc for middling.
Exports Of cotton to Europe yesterday were D ~
bales The port stocks are now reduced TO l4ioV
bales Stocks at this port are down 10 tson Daies,
or 100 bales less than were held here a year ago
Stephen X. Post, whose name was posted on the
in full yesterday. The payments were made IN