Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1900-10-31

in sympathy, and for the week end
ing December 30 January contracts
ranged from ITO to 7.43 and closed at
7.30.
At the opening Of the new calendar
year, cotton had advanced about one
and a half cents pound, and there
was the rapidly growing conviction
that the crop would prove much smaller
than had been generally estimated ear
lier in the season.
For the week ending January 6, May
contracts closed at 7.40, and the range
Of fluctuations during the week for that
option had been from 7.34 to 7.61.
Just at this time a prominent cot
ton house, which had for several
months been aggressively bullish on
the market, shifted their position sud-
denly, insisting that the advance had
gone far enough, and that u cents for
cotton was sufficiently high. no matter
how small the crop might prove. The
made some impression on the market;
but 1t was very short-lived. The South
ern markets continued firm, European
advices grew steadily more favorable
and the crop movement continued
small, all Of which influences combin-
ed to sustain prices at or about the
late level.
The only thing that tended to check
further advance was uneasiness over
the situation in South Africa; but, in
spite Of that hindrance, by February
1 May contracts had made a new rec
ord, selling as they did at 1856.
For the first half Of February specu-
lation was active and prices Of con-
tracts for future delivery showed still
further sharp advances. The spot
markets throughout the South were
very firm, the demand coming largely
from abroad. The sentiment Of both
Liverpool and the Continent became
decidedly bullish. The crop movement
was now fairly heavy, but there was
not much Importance attached to the
increased receipts, the general belief
being that they would fall Off mate
rally in the very near future.
For the week ending February 16,
May contracts closed at $50, thus
showing an advance Of over three
naturally, in the course Of such an ad-
vance, fluctuations were very violent.
One of the strongest features Of the
situation was that spot cotton ad-
vanced even more than contracts for
future delivery. This gave the bulls
great confidence, and they pressed
their advantage for all it was worth.
During the latter part Of February
the market was less active, speculation
contracted, and even the best friends
that cotton had were obliged to admit
that the enormous advance which had
occurred since the opening of the sea-
son made sharp reaction at any mo-
ment highly probable.
This onnrohon ofop bnuauor fat1od m
develop any aggressive bearish senti-
ment, but only held the market at a
standstill, as 1t were, giving 1t brief
breathing spell. Thirty days later
prices had advanced another cent a
pound, carrying May contracts as high
as 9.64 during the week ending March
II. This phenomenal rise checked spec
ulation again, and likewise lessened
the urgent demand for spot cotton
that had, been in evidence wherever
there was any for sale. The cotton
goods trade was manifestly halting and
European markets hesitated.
These conditions became emphasized
throughout the month Of March, so
that by the end Of the month prices
had receded nearly half cent pound,
ing March 81 at 9.27, the range for the
week having been from 9.19-9.47. There
was a radical change from this range
Of values before the middle Of May,
the trade conditions throughout this
country and abroad having come to
show less activity, and undue accu-
mutation of cotton goods in first hands
began to be generally reported.
The backwardness of the crop, con-
f1icting reports as to acreage, Ellison's g
estimates Of the probable available
supply at the end Of the current sea-
son and the statistical strength OF cot
ton were the influences that tended to
check decline, but were not sufficient to
revive very broad speculation. The
liquidation Of outstanding May con-
tracts was the feature Of trading as
notice day approached.
During the month Of May there was
wide fluctuations, the prime cause OF
which being the suspension Of prom
inent firm which had been conspicu-
ously identified with the last rise. I'm
mediately prior to and upon the an
nouncement of this firms suspension,
there was q sensational break Of over
a cent pound, May contracts having
sold, during the week ending May 10,
at 9.6s, and selling during the week
ending May 26, as low at 8.48.
For some time after this violent de-
snap. It had certainly lost many be-
levers in higher prices. There was no
encouragement forthcoming from the
advices Of the cotton goods people eth
el here or abroad, crop news became
generally favorable, and spot cotton
throughout the South was decidedly
easier.
For the week ending June 2, August
contracts closed at S.12, and the range
for the week had been from 8.03 to S.62.
It was not natural to suppose that the
market would revive promptly after
so severe a shock, and yet, by the mid
had been recovered, and August con-
tracts were selling at the record price,
reaching, as they did, on Monday, July
9, the top figure for the season, namely
9.S7. This remarkable advance occur
red, too, in spite Of the development Of
the Chinese complications, continued
reports Of stagnation In the cotton
goods markets, and a decided lessen
Ing in the demand for spot cotton.
The volume Of business on the cot
ton exchange from this time forward
was conducted on very much more
conservative lines, and while f1uctua-
tions were wide enough for speculative
purposes, they were never again 80 ap-
normal as they had been.
BY the last Of July, August contracts
had broken below cents, selling on
the first day Of August at 1856, and on
the last day Of the week ending Au-
gust 8, at 851. This decline, however,
was for the most part by easy stages,
but had been forced by the continued
dullness in the demand for spot cot.
ton, more unsatisfactory condition OF
the cotton goods trade both here and
abroad, and a material Improvement IN
the crop outlook during the month OF
July.
In reviewing the season, we are led to
these brief conclusions: The South Is
financially more independent that she
has been since the war. Her cotton
crop Of ,416 bales this year brought
sS1. oil, 1922 more than the crop of H.
275, 900 bales last year. ,
She has an inexhaustible mine or
poId in her monopoly of cotton produc-