The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-08-30
Highest Price Known Since
the Reconstruction
Days of 1879.
RISE OF 31s POINTS MADE
s4lls Say II Is Due to Natural
Conditions Ease Up
When Satisfied.

Ihe bulls Of the cotton market fastened
their horns under the very centre OF the
August deal yesterday and the upward
heave that followed within an hour didn I
stop until cotton touched 70 cents a pound
toss o. that heft hasn't happened since
the days when reconstruction after the
civil war was putting fear into the cotton
industry. In 1873 IL sold at 7Is. and the
wear before that at 97st. Even the Sully
boom IN 1904 touched only I7.2S and that
was regarded az an extraordinary event
these who found themselves in the
position of having only three days in
Which 20 cover their shorts for August
and without the necessary resources
for those deliveries had To go into the
rng and buy cotton az just about what
ever the bulls wanted to sell II for When
the UPWARD shooting hit It's highest mark
there was 30 much feeling in the pit that
the operators OF the rise thought they
had put enough across to justify their
predictions and had raked in incidentally
good and plentiful sum. and II seemed
time to call halt After the bulls had
Permitted the big and little bears to nibble
all they wanted at the 2O cent figure one
II the hull operators went into the ring
and offered IOoOo bales at this top no, ch
price Then the descent began.
Not very many persons could h. found
yesterday who would attribute the e1cits-
ment in cotton to anything but techni-
L. 4.
decidedly intimate connectiou with the
upheaval II was a deal which two New
Orleans men. one man from Texas.
James A. Patten and one or two others
began last March and which has been
dubbed the bull clique. Patten aVowed
ne intention Of drawing out Of cotton
a, about the time that the Government
Interested itself IN the ways ~ pools.
hut the others apparently stuck. Pstten
aid some time ago that he never had any
.gr~~ment with the rest. and from the
rlll camp yesterday came an emphatic
cnnhrrnation % the fact that he hadn't
teen instrimentaI IN this summers
q Ton rises.
lust a. soon as the market oIrned
Yesterday there was evident the feeling
hat the leans had come to get Their
co,ton Up sailed August On the first
notation points above Saturdays
closing price 81 is.1. The fir-, trading,
which was limited TO about 5000 bales
N 'h. SMALLEST lots that contracts recog-
r1- was AZ IoaS. Then &c bounded to ~
ant a few minutes later had worked it.
.-F ~ 20 i7i5 Prom that time nothing
culd stop IL until W. y. Brown. the
t' VINO had at least 10000 haie-
r-hud him. according TO his Offering.
I.mt.-,i 1 o the ring and waved that amount
4nisr the noses of any one who would
t.N
After that the bulls let go % small
.-'lug orders and the price ducked down
vari TO isii and then - IL buzzed
around that point until toward the close
30 market. when there was another
rrrrz. slighter this time. The last hid
r.nori~d was AZ 1910.
How much cotton was sold at the higher
Ts.-@- cannot be estimated but IL was
% ght generally that the amount was
comparatively small Most ideas seemed
=, % 'ha, little more than q few hundred
tse- tad chang hand- at this level.
ON" = the incidents 81 the days deal
~ "a. hat all the time that there were
eorgs in August very httle was happen
'NN~NN~N
-. r'ed ,h. rise oDly from , to points
.,a's -ariy IN the game and then they
1.a,@d under from 20 points. This took
September from Iass to ia72. Octobar
f'or l1ss to i3.s. December from 1870
= 80 3. and January from IL a 90 isSs.
Nfeu NE DAYS smoke had cleared away
Per ne market closed the bull operators
'a-' i.sYoaed to speak 81 what had hap
-"r'5 a. ANCIENT history. IL was the new
'rr tat Interested them then. And
T-su hoy were asked how u was that
'r. -.ar occurred IL appeared that such
"a. ,." natural result Of the shorts
'a-1'u.l 10 sticking To their posItions
r'aa "a. q what could hardly be averted.
'rr .-'ima'ea 81 what the bulls cleaned
o.. 90 10" heal weren't forthcoming. Frank
Fs~r' Z New Orleans took q little Ming
90" now crop. however.
't.r~ ant help hing even higher
Do 90 nan these q year from now. ralh
B.. ''" spiuners have nearly 1.OOo.O
a .-- N their hands nov than they
-. -.r- ago. hardly think that the
80 .r.r. uil t-.-I2 OJ0. 40 bales.
Hf ,....." The heaviest losers In what
... .r..i y.-tSrday have b-~n the b~ars.
." ..tr v1o - familiar with the bulls
4rd has besn In touch with their
.r- -aId that this interest wasn't
.'.'-.i any un~ HOUSE. that the bearr
s.-. 1# -l,e- and hat they were WIDELY
...'.r.i he estimate had " that tho
...s .... .rl-f spot cotton desIcr- had
.....g lik" $3.50 on Or ~ Or' ~
..,l' -.ItIal % III" DAYS events
OBJ. r,.r iaraiion frOm many hull
'..' lsr~ wour - me- outs'de
i..ry'hing had 90 90 acr0--
..E D.t ~ all On the-e August
men" are only two days more
..r'ract. NAV hr fulhlled and
~ va BIRNINGHAu HEnPHtS.
H.. H4rr|He Tamua OpsrTy atioa
and n