Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1910-08-30
COTTON SOARING HIGH.
August Deliveries Reach 20 Cents In
New York Market.

New York, Aug. 29.-August cot
ton sold at 20 cents a pound in the
New York cotton market today on ur-
gent demand from speculative shorts
who had postponed covering until the
last moment in the hope that the in
creasins new crop movement in the
southw> might break the control of
the bull leaders. This price, the high
est reached by cotton for any delivery
since the civil war, and exceeding by
nearly q cents per pound the highest
figure reached in the famous bull year
of 10000 which until now had stood
as a standard of comparison, was re-
garded by many as the eliminating
point of the bull movement In progress
here for the last six months, during
season which, when it ends next
Thursday, will go down as the most
spectacular in the annals of the cotton
trade since war times
Not a great many bales-perhaps
15,00O-actually changed hands on the
advance from 1852, the closing price
of last week to 20 cents for August
this morning. At 20 cents, an offer
from w. P. Brown, one of the bull
leaders, to sell 100000 bales, checked
the upward movement, and it was the
general impression around the ring
that this was a level fixed in the open
the entire August interest remaining.
Later, however, this view of the
situation was somewhat shaken by the
fact that, after reacting from 20 cents
to 1920 under scattered selling of
few hundred bales. August again ad-
Vanced on renewed buying by shorts,
touching 1890 in the afternoon, or
within 10 points of the high record.
AT the close August was quoted at
1915 bid.
In the local spot markets the price
was marked up to 1915 but the south
ern spot markets showed no such
gain, the greatest advance recorded
being 3S of cent at Savannah, show
ing the local character of the extern
sive advance.
No one has attempted any accurate
figuring of the profits of the big bull
leaders, Brown, Eugene G.. Scales and
Frank B. Hayne. all of whom are un-
der indictment charged with conspir-
ing in restraint of trade in connection
with the bull pool. James A. Patten
of Chicago, is included in the indict-
ment but in view Of his repeated an
nOuncement of retirement he was not
generally considered party TO today's
transactions.
In all the bull leaders have handled
spot cotton to the amount of 100000
udlSS, Ndlutu dppI OhlIIldlclS dl SOOs-
100000. But the bulk of this has
been shipped abroad and just how
much Of it may now be held on con-
signment at foreign points is uncer-
tain. InaSmuch, however, as the bulls
have handled contracts for many
thousand bales in excess of those upon
which they have actually received cot
ton. they have undoubtedly taken
large speculative profits, no matter
how their deal may turn out when
their last bale of spot cotton has been
own about 100000 bales.
Rumors circulating in the trade af-
ter the close of business today were
that there was still considerable Au-
gust short interest outstanding, which
has until noon on Wednesday to cover.
At that hour trading on August is over
and with it ends all business in the old
crop season of 19O9-lO.
For the last three or four months
the bull campaign in the old crop,
though based chiefly upon the fact
that the crop grown during the sum-
mer and autumn of 1909 was 3.O0O,-
600 bales under normal requirements,
has had the encouragement of very
unfavOrable reports from the coming
crop and predictions that the world
was facing a future inadequate supply.
Naturally another snort supply, 1Ol-
lowing a year of general curtailmcnt
and procraStination in purchases of
both raw material and finished goods,
might mean another season of eX-
tremely high prices, and this eXpecta-
ton undoubtedly encouraged the bull
traders i'm their policy of carrying
spot supplies forward into the new
season.
Latterly reports concerning the
prospect have been confusing Owing
To drOuth i'm the Southwest. deteriOra-
ton has been reported i'm that section.
but weather conditions over other
parts of the cotton belt since the first
Of August have been considered much
more favorable. The next report of
the government on condition will be
issued at noon next Friday and, owing
to the conflicting nature of recent pri-
vate adviCes. opinions as to its show
ing largely vary.
Opinions as to whether the bulls will
extend their operations into the new
crop months are conflicting. Some
think that the old crop campaign will
he carried through September at any
rate. but as the new crop season opens
next Thursday and new crop cotton is
now moving rapidly in the southwest.
the weight of the new maturing crop
must be figured on.