Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1910-08-30
COTTON HIGHEST
SINCE CIVIL WAR
August Market Up to Twenty Cents in
New York on Demand from
Shorts.
EXCEEDS FORMER STANDARD
Value Two and One Half Cents Over
Nineteen Three.
SEASON Is SPECTACULAR ONE
Fifteen Thousand Bales Change Hands
at Advance.
CONDITION LARGELY LOCAL
Bull Leaders Have Handled Eight
Value Two and One Half Cents Over
Nineteen Three.
SEASON Is SPECTACULAR ON
Fifteen Thousand Bales Change Hands
at Advance.
LOCAL
CONDITION
Bull Lenders Have Handled EiEht
Hundred Thousand Bales ON Spot
Basis, value at over Half
Million.

NEW 1OttfN, aug. ZS,-AuBuSJ cottoh SVlu
at 90 cents a pound In the New York cotton
market today on urgent demand from spec
ulative shorts who had postponed covering
until the last momen in the hope that
the increasing new crop movement in the
southwest might break the control of the
bull leaders. This price, the highest
reached for cotton for any delivery since
the civil war and exceeding by nearly 2h
cents per pound the highest in the famous
bull year of -9OS-O4. which until now stood
as a standard for comparison. was regarded
by many as the eliminating 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 war times
Not a great many bales-perhaps 15OOO-
actually changed hands on the advance
from 1852 cents, the closing of last week,
to 20 cents for August this morning. At ~
cents an offer from w. p. Brown, one OF
the bull leaders, to sell 100000 bales checked
the upward movement and 1t was the gen
eral impression around the ring that this
was a level fixed in the open market as a
basis for settlement of the entire August
interest remaining.
Later, however, this view of the situa.
ton was somewhat shaken by the fact
that after reaching from 20 cents to 1S2(
under scattered selling of a few hundred
bales, August again advanced on renewed
buying by shorts, touching 1890 in the
afternoon, or within 10 points of the high
record At the close August was quoted al
1915 bid, while the new crop months
which had been very quiet all day, were
only four to nine points net higher.
Advance Mostly Local.
In the local spot markets the price was
marked up to 1915, but the southern
spot markets showed no such gain, the
greatest advance recorded being &c a.
Savannah, showing the local character Of
the extensive advance.
In all the bull leaders have handled spo
cotton to the amount of 10000 bales
valued approximately at 100000. Bu
the bulk of this has been shipped abroad
and just how much of 1t has been actually
sold and how much of It may now b'
held on conslgnments at foreign points Il
uncertain. 1nasmuch, however, as th'
bulls have handled contracts for many
thousand bales In excess of those upoI
which they have actually received cotton
they have undoubtedly taken large specu
lative profits, no matter how their dea
may turn out when their last bale of cottor
has been sold In the New York stocl
they still own about 100000 bales.
Rumors circulating in the trade after thu
close OF business today was that ther,
was still considerable August short inter
est outstanding which has until nooi
Wednesday to cover. At that hour tradinI
in August is over and with it ends al
business OF the crop season. 1OO9-1O.
Reports concerning the new crop prospect
have been confusing Owing to the droutt
In the southwest, deterioration has beer
reported in that section, but weather con
citlons over other parts of the cotton bel
since the first of August have been con
sidered much more favorable, and som'
reports have shown considerable improve
ment The next government report viii
be issued at noon Friday and owing t.
the conflicting nature of recent privat,
advices, opinion as to the showing var!
largely.
Bulls work to Continue.
II Is unueTStOOu III tne tdOe, however
that the operators who have gained sucl
prestige on the bull side OF the marke
will now turn their attention to bulllni
new crop months They have issued cir
cuiar outlining their reasons for expect
ing higher prices. but that this action ol
their part was not unbiased was natural!
suggested, as any statement tending 4
enhance the value OF the new crop woul,
make a better market for winding ul
odds and ends OF the old, and for dspos
ing of the large supply OF spot cotton still
supposed to remain In their hands.
Opinions as TO whether the bulls vii
extend their operations in the new Gro
months are conflicting. Some thing tina
the old crop campaign win be carrie
through SepteS Snber at any rate. but as tn
new crop season opens on next Thursday
and as new crop cotton is now movn
rapidly from the southwest the weight q
the new maturing crop must be figure