New-York tribune., 1907-06-01
COTTON TRADING HEAVY
Prices in the Various Options Shoe
Big Gains.

On the Cotton Exchange yesterday trading
was conducted In enormous volume, accom-
panied by a movement of prices in the various
options that showed net gains for the day Of
% 10 "a points. equivalent TO advance II
about 81 80 bale At the opening quotations
advanced % to 80 points. compared with the
closing Wednesday while in the afternoon the
entire list Of options was carried up TO a point
that showed gain Of 80 points with October
going to SI2 O4. December crossing Sl2 H. and
January at s12 81, while July and August sold
between s11 65 and s11 6S.
Opening figures were affected by an extraor-
binary advance in Liverpool, where the move
ment was based a great extent upon Thurs
days New Orleans market. in which sharp ad-
vance was reported, while tho general movement
in all markets was based on the sensational
reports regarding conditions In the cotton states
and estimates showing the worst situation ever
recorded at this period. Doubtless many Of the
reports are colored for market purposes, but tho
fact remains that weather conditions have been
extremely unfavorabe in the cotton belt and
have carried the actual position Of the crop to a
point based percentages lower than at any
preceding time in recent years
The estimate Of Miss Giles. whose figures on
cotton conditions in the past have tailed closely
with those OF the government shows a condition
of 63.4 which compares with her figures at this
time last year of $40, against the govern
ment's figures at the same time Of S46 Ac-
cording to a prominent cotton house. present
quotations in the option list reflect the appre-
hensOn of a most serious calamity in the cot
ton crop They say that % per cent OF the cot
ton acreage remains implanted. owing the
bad weather. and that replanting has been made
necessary on a scale larger than ever before
ported. Apparently the speculation has been
taken hold Of by the public and has been prac-
sional element and in this connection It is in
teresting TO note that one of the leading oper-
ators believes the public Is heavily commit
ted that the bull speculation will topple over
from its own weight. irrespective of the course
of cotton on the plantations
1t was reported yesterday that Theodore II
Price had sent out special dispatches TO various
cotton houses in which he stated that for rea-
sons which he could not dVuRe he believed the
upward movement In cotton had eliminated. In
spite OF these dispatches some houses purchased
for large interests between 125,00O and $50 900
bales to cover short contracts. Spot cotton was
40 points higher, at 12. 90c
The current boom in the cotton market has
carried prices to the highest level since the Suly
speculation four years ago. There is no scare
ity of actual cotton in sight; indeed, the worlds
visible supply to-day is much the largest on
record approximating about 4.350,000 bales,
which is $4,000 bales more than q year ago
and no less than 1,750,00 bales larger than at
this time three years ago. The large visible
supply is considered Offset to some extent
of the poor prospects for q big crop this wear
and many operators are discouraging public
buying at this juncture for this reason as well
as for the overbought condition the market.