New-York tribune., 1903-07-31
THE CORNER COMPLETE.
HOLD ALL JULY COTTON.
Bro5cn Bids 10 Cents, bat Not a
Pound Is offered.
TBT TELEGRAPH TO THE rRIBUNE.l


New-Orleans, July 30-The Brown -Hayne bull
clique bid ID cents for July cotton to-day. and
before the days trading closed offered to take
everything in sight at that figure for July de-
livery. Not bale was rendered.
W. P Brown stood at the ringside and
shouted bid of Is cents for 5000 bales of July.
Not bale came forward. Frank B. Hayne
shouted another and another. Intense excite
ment followed, but no cotton offered
It the record bid on the Exchange here
in many years, and it means the consummation
of the corner 1t means that the Brown pool so
effectually cornered the market in raw July cot
ton that, when they offered the phenomenal
price of 10 cents pound not single bale
at hand to be rendered them, neither was there
cotton sufficiently near to offer by Tomorrow
the last day of the month 1t means that the
Brown people have actually bought and paid for
between 250,O0O and 100000 bales of cotton. and
that they have paid out the enormous sum of
about $20,0O0.000.
Cotton has been brought here from the South
ern and Eastern mills, and been imported from
foreign lands to feed the greed of the Brown
bulls. They have taken it. hungered for more,
and have never let the opportunity slip to buy
cotton. To-day they sprang the final card on
the bears. but could not get bale. AS result
they claimed the victory and declared the cor
ner complete.
excitement on the floor of the Cotton Exchange
The Brown people bought considerable cotton
during the day. They do not say how much
When bidding July opened the Brown-H -Ha .ne
clique speedily sent up the price from 1874 to
IA cents where it rested for several hours
Brown got all the cotton offered several hun
dred bales. In the afternoon. at the second
call, Brown bid July UP to 1450. and one sale
was made at that figure. But the supply Of old
crop seemed to be exhausted. and the bulls
stood by the ring with the situation in their
grasp. The port receipts showed that the sup
ply was exhausted and that the bulls had what
there was.
Frank B. Hayne associate of Mr.. Brown said
that the day had proved beyond shadow of
doubt that the corner was complete, and that
no cotton was to be had for July delivery, else
it would have been rendered when he and Mr..
Brown bid 10 cents. Mr.. Hayne said that they
had thought their control of the situation
complete, and after the days record. they
knew It,
AS yesterday the last notice day for July
delivery on the Cotton Exchange. it had been
looked forward to a critical period, and, al
though the total transactions were not heavy.
there were big advances and wide fluctuations
July opened 20 points up. at 1920 and in five sales
reached 1850, a net advance of 90 points, while in
NeW-Or4eanS the Dull leader was reported TO be Did
ding for July in blocks Of 5000 at 15 without
finding sellers. The rest Of the list opened easier
but Immediately advanced with July under covering
on the high cables, the strength of New-Orleans
and talk of too much rain in the Western belt.
During the middle of the day the market. while
irregular comparatively quiet; but just before
the close it turned active and very excited July,
selling at 1920 1880. 13.4O and 1885, and closed
1910 bid, while August showed much weakness
being driven down from 1249 the high point to
12S0, and then dropping to 1220 at which figure 1t
closed The general list eased off at the finish, but
was finally steady at nearly the bottom with the
general range net 40 points higher to II lower.
Officers of the Exchange declined to- discuss the
report that relations with the New-Orleans Cotton
Exchange are strained.