The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-02
FUTURES
JUMP $40 A BALE
Prices Throughout List Rise to
Limit Permitted in Any
One Day.
SPOTS GO UP $3.50 HERE
Fluctuations During Session
Are Broad and Profit
Taking Appears.

Few, II any, sessions of the cotton
market have been more active and sensa-
tional than that OF yesterday, during
which prices throughout the list advanced
the limit permitted during any one day.
200 points. or SO a bale. with spots
here up $3.50 a bale. Outside of the
Government report OF the condition on
slightest Importance in the market. and
more than one prominent trader said that
the half hour following the release of
the figures made new cotton history"
Briefly analysed. the salient features OF
the Government report are as follows:
Condition on July 26 was placed at
only GIL per cent. OF normal. the lowest
on record for that date. That percent
age was below even the widest expecta-
lions OF bulls and contrasts with 70 on
June %, 1915 on July 25 and the ten
year average OF 76.1. 1t indicates a
production of approximately 100000
bales, against total of 12,040,532 bales
last year. An average of ten private
condition estimates had placed the con-
dition at ee.3 per cent, while the low
est figure, that Of the American Cotton
Association, was only S.. The Depart
ment Of Agriculture made special note in
Its report of the widespread damage done
by the boil weevil.
The market yesterday, not only here.
but also In New Orleans. considered In
general, was one of intense strength, al
though during the first hour. before the
release of the bureau. the tone dis
played heaviness There were reactions
also following the maximum rise on
profit taking, but then again In the later
business prices rose to the limit. To call
the Quotations irregular would not de-
scribe the price movements. The fiucta-
lions were broad. wildly so. At the
start October was 32.eo; December.
$3.50; January, 33.4o; March, 3s.42;
May, 1894; July, $3.50.
The market was rather uninterestlng
at first because of the more favorable
weather map, early easiness at Liver
pool and the proposed investigation of
the high cost OF living attracting only
desultory selling. The issuance of the
Government report WAS signal for
general movement on the part OF shorts.
old bulls and the domestic trade to rush
in orders all together. Prices advanced
by ten and then twenty points until the
sounding of the ring gong gave warn
ing that the maximum rise had been
attained.
Proft-taking then brought on re-
action, the midday market being about
IS a sale higher. During the later trad
ing a slow demand from all sides again
appeared, and many private bullish crop
condition wires were received. The days
official weather forecast also was more
bullish than had been expected and jan
uary soon stood again at IS cents
pound or up 200. Others also reached
the maximum Business in the last hour
was small. There were no sellers, but
there was an Overwhelming big demand.
Now and then some broker. signifying
his intention to sell, found himself the
centre OF a good natured mob Of fifty
or more, eager to get contracts. That
condition prevailed right up to the clos
ing. which was $40 bale higher over
the entire list.