New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-18
A BOOM IN MAY COTTON.
BEARS FEAR THAT MR.. 1NMAN Has
ANOTHER CORNER ON THEM.
A SHARP RISE OF TwENTY-oNE POINTS IN THA
oPTIoN-MR. rNMAN GIVES HIS OPINION

A SHARP RISE OF TWENTY-ONE POINTS IN tn
oprIoN-MR rNMAN GIVES HIS OPINION
OF THE MARIETTA BULL DAY.
c,oud much larger than a mans hand over
spread the rosy sky OF the bear operators In COT.
ton yesterday There was a frantic scramus
among them in the afternoon 10 Duy oach so"S
of the unnumbered millions OF bales Oh cotton
that they have been merriy selling for four montns
1t was a great big bull day the New York Cot
ton Exchange, and it bid fair to be Followed ny
other bull days. The long expected squeeze IN
MAY cotton seemed to have arrived on time and
from the quarter in which 1t was expected. "heh
the gong sounded and trading ceased there was
a vague unconfrmed. but pretty well fixed oeiief
in the minds of the traders and SPECTATORS that
John H. Inman was again under a heavily over
sold market and tina. the bears would once more
be invited TO step up to his little window and
settle at an enormous loss TO themselves
Mr. Inman Is the .argest dealer In cotton IN TINS
country, both in actual cotton and futures ana
he has amassed a vast fortune by his business
sagacity, speculative foresight and courage. Last
spring he ed the movement which only eliminated
after a rise of four cents pound In cotton. II
was believed and remarked on the floor OF the
New York Cotton Exchange yesterday that MI.
Inman, with the assistance OF the Greek house
OF Rail- Brothers, the largest exporters or cotton
in this country, had cornered the cotton pears
on May There was swift rise in May quota
market That option which opened at $50, or
4 points down from Monday, sky-rocketted TO III.
or q points and the rest of the market followed
after, though not SO far or so fast In reply 10
query Mr.. Inman disclaimed any knowledge
OF MAY corner but said he believed in higher
prices for cotton. In his Office just before tho
market closed, Mr. Inman speaking TO Tribune
reporter left little doubt to his position to-
ward cotton.
The market" Mr. Inman SAID has been run
ming down since october, and forty-seven out OK
fifty on the floor are short AT this u"e
last year. the port stocks were $4,000 bales ana
the stocks at New York. 10000 bales. The stocks
here were increased after this time last year 10
232 900 bales by May g. Port stocks are now down
10 $4,000 bales, while the stocks here are down 70
$4,000 bales and disappearing very rapidly.
Two-thirds Of what IL here is now sold In Europe.
There Is a large line of May held here by exporters
to be shipped 10 Europe, l should Judge about
10000 bales The trouble is that We have over
exported ourselves We have been be.ow Europe
right along, and they are taking the cotton every
day. They are taking II now.
MY house is not particularly interested in May:
rather more In the general market. OF course, X
May runs long way ahead Of other months they
may sell it out and take June Nobody wants to
see a close corner in May. but predict somebody
Will make a close corner in August II these stocks
continue to run down as they have been DONG;
three ourths OF that Will be staple cotton that Isl
compressed cotton from Texas ana LOUISIANA he. .
here for sale TO spinners, which, because OF us
quality, Is worth a 10 - cent pouhd more IMAM
the standard grade -,
THE best customer have ever had has been the
bear" continued Mr.. Inman. Get enough OF ms
contracts to deliver at low price ana ne IS me
best customer II IL possible TO nave. TX looks 20
me Ike an oversold market. just as mucn as 10
October last it was an overbought market. wnen
everybody was long OF cotton everything mas
been against the market-th drygoods trade pom.
tics and busness-ese the price would never nave
gone as low it has The price may go back 2
little yet After jump OF Il points to-day nopooy
need think anything OF that. American miils-mos!
of them. at least-have got 10 buy supplies uni
the middle OF septembsr but our r mann and iheT are
buying from us right along . ., ~
Henry Hentz Il Co., Price Mccormick q. Cog
Herman Hagedorn and william Monr tne ieansI , or
operators were heavy buyers or cotton IN .me latS
trading. The volume OF sales on the New ork
Cotton Exchange was greater than IN iong t,ms
the total being $780, 400 bales, of which loslp were
sales of May. This month closed at Lo'' or
points the closing for August, - points apTve
rest OF the list 10 IL points higher LOT inc
There was no other influence after the opening
but the dread of May squeeze and great enor.s
were made TO avoid being caught in H.. Mr.. IN,
mans brokers were persistent buyers OF Nay al
day and the Greek interests were also buyers, my
from Liverpool. but the foreign market caugnss
the American spirit before II closed ana raiieo
sharply likewise: . .,o, mar.
higher The local market 3-l6c higher, ana
sales included LAS bales for export ana Sol TOT
home spinning New-Orleans sold $3.50 bales ana
Memphis 200 Other Southern markets mad lar
sales likewise. Liverpool sold $3.50 bales ,. 49,.
Port and interior receipts were small pus tney
cut figure in the presence OF me cnel iuc enn
of the day the conjectured corner IN May Cncon.
drmed reports from Washington said that an error
in The Bureau report would reduce It's total cruz
estimate 20 900 bales.