New-York tribune., 1909-07-03
COTTON UP ON REPORT
WILD DAY ON exchange.
Government Figures Indicate Crop
of about 1850 900 Bales.

Not since the days Of the Sully campaign has
there been such scene Of excitement on the New
York Cotton Exchange followed the announce
ment yesterday Of the governments estimate plac-
ing the condition OF the cotton crop at 146. The
general expectation had been for an estimate OF
about IS a considerable deterioration from
month ago when the condition was reported as Sl.
was known 10 have occurred but a condition OF
only 7ss was far bullish than had been in
dicated in any quarter outside of Theodore II.
Prices prediction OF 7S which had received little
acceptance, and violent upward movement in all
Of the active options Immediately followed.
The government report was received by direct
wire within less than half a minute after its re-
lease in Washington. hut no the floor
heard any part cf il read by Superintendent King
Beyond the figures ''746'' for instantly the din
Of excited trading drowned all other sounds
The market. which had been huctuating within
range Of 10 points from Thursdays final Ag-
ureS. jumped 80 to 90 points between sales. and
within three minutes August, October and Janu-
airy had touched y cents and December l20S
cents Heavy profit taking naturally soon devel-
oped which caused a decline OF only about 10
points from the initial high level with it there
buying IN large volume. Around 80
O'Clock the upward movement was resumed. the
buying orders coming from Liverpool and from the
South and West. well from local operators,
and the best prices Of the session wefe made, De-
cember reaching I2Is advance Of 5s points,
s. 20 bale, from the closing figure Of the pre-
vious day: August. 1912 cents, advance Of %
points. and January. 1915 cents, up 80 points or
g 81 a bale. The market closed with prices from
2 ; points under the highest. The total sales
were estimated about 100000 bales
The condition report is figured as indicating a
probable crop Of around r.75ocoo bales. comparing
with an indication Of 100000 month ago, based
upon the estimate Of SLL The estimate Of Mr.
Price is lower. He said yesterday afternoon:
Depending somewhat upon tho method Of cglcua-
ton, the government report just issued indlcates
matlemstically theoretical crop OF be;Weel IL
3eo00 and Il 10000 bales assuming condtions mere
after be favorable those OF iaSt ear d'lI
taxing no account OF me iist oiii,S TIte ayera se
the plant 20 subsequent GlSsSle'- r,,,,,rl ~
opini0n Of the cotton merchants ana sphheiS oi
America is that crop Of 100000 bales VIII sen
1888 cents q pound
washington July The condition Of the cot
ton crop in the United States averaged 4i-s per
cent Of normal June %, according to to-day
report of the Department OF Agriculture This
is against SlI on May %. On June 25 1908 II
was s. . and TWO years ago it was q. The aver
age condition on June 25 for ten years was SOS
Nep Orleans July With the receipt of the
government report Of 746 for the condition OF me
cotton crop on June %, the most sangulne @A-
rectafions of the New Orleans bulls were s'lr-
passed and advances Of %, so apd 35 points were
made by the active months the exchange here
The December option. which opened at llb5. ana
October which opened at 1l.54, went 10 y cents
within few moments after the report was re
ceived There corresponding advances in Al
other months. Later prices eased OFF somewhat
profit taking
Atlanta. July THAT the black rot will cost
Georgia cotton planters more than S25e.ooo mis-
season, IS the opinion Of the state entomologist
Mr. Worsharn. who has just received reports from
q ma ioritv of the counties a bill appropriatins
$4,000 to experiment with resistant varieties OF
cotton has been introduced in the Legislature