The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-08-30
Touches Twenty Cents
for First Time Since
War BetweenSt States.
ELIMINATION OF
BULL MOVEMENT
Campaign Of Last Six Months
Will Go Down as Most Spec
tacular in Annals of the
Trade Strain Relieved by
Offer Of 1000 Bales by
Leader Brown.

1So0SA DlSWhs
New York, August 29.-August cot
ton sold at 20 cents a pound in the
New York cotton market to-day, on
urgent demand for speculative shorts,
who had postponed covering until the
last moment in the hope that the in
creasinS new crop movement in the
Southwest might break the control of
the bun leaders. This price, the high
est reached by cotton for any de-
livery since the Civil War, and exceed
ing by nearly 2 12 cents per pound
the highest figure reached in the ia
nous bull year of 1903-04, which until
now had stood as standard of COM
parison. was regarded by many as the
eliminating point of the bull move
ment in progress here for the last six
months during season which, when
1t ends next Thursday, Will go down as
the most spectacular In the annals OF
the cotton trade since war times.
Not great many bales-perhaps
15,0eo-actually changed hands on the
advance from 1852, the closing price
OF last week, to 20 cents for August
this morning. At 90 cents an offer from
w. P. Brown, one of the bull leaders.
to sell 100000 bales, checked the up
ward movement. and 1t was the gem
eral impression around the ring that
this was a level fixed in the open
market as basis for settlement Of
the entire August interest remaining.
Later, however. this view of the sit
uation was somewhat shaken by the
fact that, after reacting from 30 cents
TO 1920. under scattered selling of q
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.
Advance Is Local.
In the local spot market the price
was marked up to 1875. but the South
ern spot markets showed no such gain,
the greatest advance recorded being
as cents at Savannah. showing the
local character of the extensive adj
vance.
No one has attempted any accurate
figuring of the profits of the big bull
Eugene G. Scales and
Frank B. Hayne-al 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 to-
days transactions.
In all, the bull leaders have han
died spot cotton to the amount of
100000 bales. valued Approximately at
s65 100000. But the bulk of this
y AAa Chi oh nd ing m
much of il has been actually sold and
how much of 1t may now be held on
consignment at foreign points. is un-
certain. 1nasmuch, however, as the
bulls have handled contracts for many
bales in excess of those
upon which they have actually re-
ceived cotton they have undoubtedly
raken large speculative profits, DO
matter how their deal may turn out
when their last bale of spot cotton
has been sold. In the New York stock
they still own about 100000 bales
Run1ors circulating in the trade al
ter the close of business to-day We're
that there was still considerable
August short outstanding, which has
until noon on Wednesday to cover.
End OF Crop Season.
AT that hour trading on August Il
over, and with it ends all business IN
the old crop season of le0s-l0. Fol
the last three or four months the hulll,
campaign in the old crop, though based
chiefly upon the fact that the crop
grown during the summer ana autumn
Df 1909 was 100000 bales, under nor
NAL requirements, has had the encour-
agement of very unfavorable reports
from the coming crop, and predlctlons
that the world was facing future m
* . = ill., S1NStN r,sN
adequate supply. Naturally another
short supply, following year or gem
eral curtailment and procras tihatlon
In purchases of both raw material and
finished goods might mean. another
season of extremely high prices, and
this expectation undoubtedly encour.
aged the bull traders in their policy
~ carving spot supplies forward into.
the new season,
Latterly reports concerning the pros
nect have been confusing. owing to
drought in the Southwest, deteriora-
lion has been reported in that section
int wealner conditions over other
parts OF the cotton belt since the
first OF August have been considered
much more favorable, The next re-
,ort of the government on condition
viii be issued at noon next Friday.
md owing to the conflicting nature OF
.ecent private advices, opinions as to
is showing largely vary.
Opinions as to whether the bulls
viii extend their operations into tho
,ow crop months are conflicting. Some
hink that the old crop campaign Will
,e carried through SEPTEMBER at any
ate, but as the new crop season opens
.ext Thursday, and the new crop cot
on is now7~moving rapidly in the
southwest. the weight Of the new ma,
uring crop must be figured on.
hulQI pAAI Dali hIAX punMc