Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1900-10-31
Miseellantuus 8eadin9.
The CROP AND The TRADE
Interesting Review of a Re.
markable Cotton Year.
BY LATHAM, ALEXANDER & co.

How the Price Climbed From September
1899, to the Present-sman Crops Worth
More Than Large One-OutlOok Fol-
the Immediate Ruiure-ImpOrtant In
cidents OF the Years Trade.
Latham, Alexander & Co., Of New
York, are among the most reliable and
intelligent cotton authorities in the
world. The following review Of the
operations Of the past year Is taken
from the twenty-seventh annual edition
tuations," just issued:
The cotton year of 1899-1900 was one
long to be remembered. The volume
Of trade was large, speculation was
from time to time broad, and fluctua-
tions were unusually wide. The season
opened under conflicting conditions,
and opinions among those presumably
best informed were at radical variance.
The visible supply was superabund-
ant, the acreage Of the growing crop
was conceded to be ample, and manu-
facturers were said to be well-stocked.
Owing to prevalent cheapness of cot
ton for sometime, traders had become
accustomed to low level Of prices and
almost the only hope of those who be-
lieved in materially higher range OF
values was based on faith in smaller
crop, and broadening Improvement In
general trade Of the country and conse-
quent Increased business In manufac-
tured cotton goods.
Thus may be epitomized general con-
ditions and the prevailing outlook of
September 1, 1899.
In the first week of the new season
ending September s, the market was
nominal, and, 80 to speak, featureless,
January contracts opening on Septem-
ber / at 6.04 and closing September 8
at 6.13.
By this time discussion of the grow
ing crop began to interest everybody,
and opinions differed so widely that the
market became sensitive to shifting re-
ports, and fluctuated accordingly. The
government report issued September
II was very unfavorable, and natural
ly influenced the Southern markets for
spot cotton, and likewise the New York
market for future deliveries. Accord
ingly, for the week ending September
%, January contracts closed at GA,
showing a gain Of just A points from
the opening of the season.
By the end Of the month the market
had made a still further advance
through a widening faith in shortness
Of the current crop, so that prices for
future delivery were practically three
quarters Of q cent higher at the end
than at the opening Of the first month
of the season, January deliveries clos
ing on the last day Of week ending
September 20 at 6.84, having sold dur
ing the week at 6.95.
Popular talk was then to the effect
that 700 would be high water mark
for January contracts.
Despite that current view, and also
the exceptional financial stringency in
Wall street, which carried call money
as high as 40 per cent. early in Octo-
ber, cotton continued to advance and
January contracts, during the week
ending October Z, sold at 1925.
The government report issued Octo-
ber 10 was again unfavorable, showing
loss Of six points in condition Of crop
during the month of September; but
traders insisted that this gloomy re-
port had been anticipated, and that
the late advance in the market had full
ly discounted it. Accordingly, specula-
tors cooled in their ardor, and bull1sh
sentiment Stacked. AS a result, the
market hesitated and prices receded; !;
in consequence of which, for the week
ending October 20, January contracts
ranged from 1922 down to 692. but raj
lied on the last day Of the week and
closed at TIA.
About this time the market took on
new strength and became buoyant,
January contracts, for the week ending
November II, selling as high as 7.65, the
advance having been encouraged by
unusually large buying in the South
of spot cotton by both European and
home spinners.
The following month there was great
depression in the stock market, and
Wall street interests in cotton were
forced to liquidation, which gave the
cotton market quite setback, carry
ing January contracts as low at $50
during the week ending November %.
The following week, however, owing to
improvement in Wall street finances,
and consequent upward turn In the
stock market, cotton strengthened