New-York tribune., 1896-09-02
COTTON HAS ANOTHER BOOM.
RISE OF HALF-CENT A POUND IN THE
LOCAL MARKET-BEARs IN a sEMI-PANlC.

The volcanic nature OF the fluctuations in the
cotton market this sumner has recalled the trad
ing OF war times I'm this product. When the rapid
and tremendous changes that necessarily take
place In the bank accounts OF the operators are
considered. il speaks volumes for their agility that
% few wrecks swept up in the wake Of these
violent trade gales. Yesterday prices scared sky
ward until a. Cne time they showed rise OF about
2 cent pound In two days. Quotations closed
on the New-York Cotton Exchange last night Is
to 20 points higher than Mondays final figures
At time the rise IS to 81 points. January.
the favorite trading month opened at 7s2. or 70
points up sold up to Sl2 fell % points to 7So. then
skyrocketed TO s25. closing at $50. Fortunes were
made and lost on these oonvulsive fluctuations
Liverpool set the ball rolling. 1t almost looked
If somebody had got tip across the wafer on
the coming Bureau report. The foreign market
scored rise Of l3-6d.. pretty nearly 10 American
points. This fact created a vcritable bear trap
ami caused the local market to open very strong.
with the bears in semi-panicky condition ard
falling over each other i'm their efforts to cover
their short contracts
Besides the strength at Liverpool. other bullish
influences were smaller port receipts. fear OF "A
bad weekly Government weather crop bulletin. and
n report by tho Texas State Commissioner OF Agri-
culture putting the average yield OF lint cotton in
i2O counties in tho agricultural portion Of the State
at only ninety pounds per acre. Tho same re-
port says 1t * doubtful If Texas has experienced
more general and damaging drouth in the last
thirty years. The increased acreage In the State
put at t. per cont.
A Memphis firm estimated that the crop had de-
teroratod 20 per cent. The New-Oreans papers.
containing narrowing accounts Of the effects or
tn, prolonged drouth in North Louisiana. were re-
ocived on the Exchange here yesterday, and helped
70 affect sentiment. -,
Liverpool houses in the local market both
bought and sold. bui it looked as II the ', selling
had prcdominated. New Orleans also traded on
both sides of the local market After the early
advance there was a sharp break of nearly a cent
a pound on the appearance OF realizing orders
The weekly GoVsrnmc weather crop bulletin
was read from the rostrum of the Exchange
shortly after ! O'Clock. amid much excitement, II
resulted in another rapid advance in the market.
being construed v""y bulsh. and sending prices
TO the highest of the day.
New-Orlcans receipts O.l2t halesl and Galveston
receipts n.Ss2 bales' Were so much loss than ex-
pected as to he almost ridiculous. At Ncw-orleans
liNN bales had been predicted. The only rain re.
ported by the Weather Bureau returns was IA
inch at Iioeve. Tex.
Tho Newt Orleans Cotton Exchange official state
mont of the cotton crop Of the United States for
the year ending August 81. ls6. prepared by Henry
c. Hester tho secretary of tho Exchange. IL as
follows. Port receipts. 5i32H balos: overland. H5-
f65. Southern consumption not. %IbSD: total crop,
7,l51.2if total Southern consumption. 0i.'ol.