The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-06-30
Both Spot and the July Future
Sold ut Ten Cents Per
Pound.
BIG SALES III THREE MARKETS.
After Quiet Opening the Staple
Climbed Steadily. July Gain
ING 20 Points and Spot
One Fourth.

E.-'TELIC' SPECIAL
New York. June 29.-For the first time in
nearly ten years cotton. both spot and the
IGly future. sold At IL cents a pound to-day.
In the three leading cotton markets Of the
world the fluffy staple jumped at lively
rare. Til" excitement attendant upon the
upii't 70 the high figure was most intense.
and L wild shout went up from the brokers
oa the local exchange when cotton touched
% cents fulfilling the prediction of the bull
contingent
The initial trading in the staple gave lit
tie Indication Ot what was TO follow. The
market opened steady at prices for the
various futures ranging from points high
er - pnin; lower. The market was speed
fly quickene,i into activity. however. in re-
sDect 10 the near months" Within thirty
minutes after the opening prices were
bounding upward under buying for both ac-
counts The rise meant that there was a
virtual corner IN what are known as the
otd-cron pos:tirns-Iulv and August cotton,
deliverable within the next sixty days
In New orleans July sold at 10i4c early
in the day and here the same option crossed
lee TIE Liverpool prices We're correspond
irSiy hiCh. In ISe-i June cotton sold at 9.65c.
the highest price with the exception of to-
day since iS'l. when cotton ruled above Zoe.
or the opening bulge here July advanced
"a 9sSc. or - points above the closing figure
Of Thursday. Later this option. amid tre-
menjous excitement crossed the ice limit
fixed b. the bulls and closed at q9Sc 4 net
advance for the day OF 50 points. August
cotton closed ar 95ic. a gain of % points.
September touched S9sc. a gain Of 90 points.
Despite these gains. the feature of the
movement was the selling OF upland mid
ding spot cotton at loc n pound in large
quantities representing an advance OF &c
a pound in spot cotton for the day.
English Played Even.
What are known as the new crop posi-
tions We're lower on more favorable wealth
er developments and failed TO svmpathize
with the upward movement in July and An
gust Operators We're very uncertain as TO
the exten. OF the short interest In the new
crop positions and as the future course Of
prices would depend largely upon the de-
mand from shorts buying and selling was
conducted in a somewhat haphazard fash
Ion.
The July ard August options were clear
ly manipulated from New orleans, assisted
to some extent by Liverpool. The English
men were squeezed during the early rise In
July and August cotton some weeks ago
and II Is believed they Joined the New Or
leans contingent in order 70 get even.
So far as legitimate business In cotton IS
Concerned. consumers abroad are somewhat
nv NtNs anu lLLs allllCJe mas encouraged
the bull party.
The recent failure OF Price. Mccormick
q Co. was due TO the Unwillinguess OF the
foreigners 20 be "cprnered," as they be
Heved they were destined 10 be it they
bought at prices fixed by this comhina-
ton Subsequent events. however. showed
that the firm heading the bull movement
had correctly gauged the crop situation and
of late the foreigners have tumbled over
one another in the effort to obtain supplies
Experienced cotton dealers, however he
nece that the bull market has about nun lis
course. They point TO the current quotation
for print cloths in Fal! River IN support oe
their position. With print cloths selling at
p. cents per yard. these veterans contend.
cotton can scarcely be maintained at 10
cents q pound. Print cloths constitute a
unit Of value for cotton, and at the present
ratio cotton is abEormally high.
a number OF dealers agreed, after the close
Of the cotton market to-day, that recess
siots were III order and that il was too
much 10 expect that the I0-ceEt level could
be maintained. On the contrary. these ex-
perts took the stand that with the excep-
tion OF July. August and September cotton
would be dear IN the near future al cents
q pound.
Some few bull leaders. however. contend
that l0-cent cotton has come to stay for
several months at least.
Very probably the market will demon
strate Ia the mex; few days which contin-
gent is right