The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1910-08-31
Consolidated Aug. Q, 1881.
HIGHEST SINCE THE WAR.
COTTON REACHES 20 CENTS 4
POUND IN NEW YORK MAR
KETS.
Bull Corner Affects Old Crop Alone,
New Crop Months Showing Com
paratively Small Advances. Most
Spectacular Day.


New York. Aug. 29.-August cotton
| sold at 20 cent a pound in the New
York cotton market today on urgent
demand from speculative shorts, who
had postponed covering until the last
minute in the hope that the increas-
ing new crop movement might break
the control Of the bull leaders.
This price, the highest reached for
cotton for any delivery since the War
of Secession and exceeding by nearly
1-2 cents above the highest fig
ures reached in the famous bull year
of 10000, which until now had
stood as a standard Of comparison,
was regarded by many as the culmi-
ting point of the bull movement in
progress here for the last six months
during a season, which, when it ends
next Thursday. will go down as the
most spectacular In the annals of the
cotton trade since the war.
Sales Rather Small.
Not a great many bales, perhaps
$4,000, 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 10000 bales checked
the upward movement. and It was the
general impression around the ring
that this was 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 20 cents
to 1920 under scattered selling of
few hundred bales. August aagin ad-
vanced on renewed buying by shorts,
touching 1890 In the afternoon
within 10 points of the high record.
AT the close. August was quoted at
1915 bid. while new crop months,
which had been very quiet all day,
were only 4 TO . points net, higher.
Spots Unresponsive. e~
In the local spot markets the
prices were marked up to 1875, but
the Southern spot markets showed
no such gain. the greatest advance
reported being 3-s. at Savannah,
showing the local character of the
extensive advance.
No one has attempted any accu-
rate figuring OF the profits Of the big
bull leaders. w. p. Brown, Eugene
scales and Frank B. Hayne. all Of
whom are under indictment charged
with conspiring in restraint of trade
In connection with the bull pool.
James A. Patten Of Chicago is in
ciuded In the indictment. but in
view OF his repeated announcement
OF retirement he was not generally
considered a party to today's trans
actions.
Handled Much Cotton.
In all the bull leaders have han
died spot cotton to the amount Of
100000 bales. valued approximately
at s65.00O.000. But the bulk of this
has been shipped abroad and just
how much OF 1t has been actually
sold and how much Of 1t may now be
held on consignment at foreign
points Is uncertain. Inasmuch, how
ever. as the bulls have handled con-
tracts for many thousand bales in
excess OF what they actually receiv-
Cd they have undoubtedly taken
large speculative profits, no matter
how their deal may turn out when
their last bale of spot cotton has
been sold. In the New York stock
exchange they still own about 1oo.-
900 bales.
Rumors circulated in the trade
after the close OF business today
were that there was still a considera-
BILE August short interest outsta nding.
which must be covered by noon
Wednesday. At that hour trading in
| August is over and with 1t ends all
business In the old crop season of
| 1909-10.
More High Prices Likely.
For the last three or four months
the bull campaign In the old crop, al
though based chiefly on the fact that
the crop grown during the summer
and autumn of 1910 was 100000
bales under normal. has had the
encouragement OF very unfavorabl BILE
reports from the coming crop and
predictions that the world was fac
ing future inadequate supply. Nat