Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1895-10-25

| financial interests OF the Nortn, u
naught.
THE BULLS AND THE BEARS.
The fluctuations of the cotton mark
ct during the past few days have beer
almost unprecedented; but there are
few VIII, ire willing to say that the
disturbance is due to the operations
of the law of supply and demand
More than anything else, it is the work
of the bulls and the bears.
Before the season opened, it was
apparent that the cotton crop was
shorter than for years. The Ne"
Orleans spectators figured that on
this account the price would be high
and they all became bulls. Though
realizing that the crop was short, the
New York spectators figured thai
the money supply was also short, anc
that under no circumstances could the
price of cotton rise to its proper and
Legitimate figures. Convinced of the
correctness of this view of the case
they persisted in being bears.
Fortune and circumstances favored
the bulls, and the price of cotton went
up, up, up. New York and Liverpool
were something like $lOO,OOO,OOO be-
hind, and the situation was growing
extremely critical. 1t looked like the
Southern bulls were literally going to
clean the Northern bears off the face
of the earth, and at a single great
scoop, take almost everything they
had. The situation was most desperate
and almost every big financial Interest
of.the North took the alarm, and be-
gan to exert a tremendous influence in
behalf of the bears.
The big New York newspapers be-
gan to publish all kinds Of alarming
reports, and among other statements
made the preposterous assertion that
unless the price of cotton speedily de-
clined, gold exports would have to be
at once resumed on large scale. The
onslaught commenced on Saturday
Approaching, to some extent, the pow
er of the gigantic combine that had
been made against them, the bulls be-
came panicky and commenced to liqui'
date their holdings. The market broke
80 points during the day and ended in
very demoralized condition. On
Monday the assault by the gigantic
bear combination was renewed. Though
still demoralized, the bulls held their
own remarkably we'll. The bears kept
hammering away in most determined
manner, and during the day they sold
over 10000 bales-equal to about one,
seventh of the entire crop, and the
largest single days sale on record.
AS the result of the persistent cam
paign of the bears, and the terrible on
slaught of Saturday and Monday, the
market showed decline of 119 points
since the previous Tuesday. Many
Southern bulls were badly pinched,
and two or three New Orleans firms
were forced to make assignments; but
it is believed that the bulls are still
ahead. They have been reaping prof
its during the past three months, off a
rise of something like 81 cents a pound,
and as the decline has been only about
a cent and-a-quarter, it certainly looks
as if the bulls are bound to be ahead
if they have been exercising anything
like ordinary judgment.
Though as the result of the whole
incident, cotton is considerably lower,
according to our view, there is little
cause for Encouragement. The fact
that the market was able to withstand
the unprecedented sales of 100000
bales on Monday, seems to be conclu-
sive evidence of its wonderful firm
ness, and although the combined
financial strength of New York and
Liverpool may keep prices from going
any higher than they have been, we
do not believe that they will be able to
depress them much lower than they
are now.