Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1900-09-08
THE COTTON MARKET.

This time last year, the local cotton
mills were booming the market to such
an extent that the exporters had to
hold back. Now the exporters are
leading and the mills are not in 1t. That
is the way that a local buyer describ-
ed the situation to the reporter yester-
day.
So far not more than dozen bales
have been sold on this market. Up to
Wednesday morning cents was good
price; but during Wednesday and
Thursday prices advanced on the for
eign markets, and the first sale here
yesterday morning was made at 81
cents with probability that the price
would at least hold good during the
day. A New York dispatch of Wednes-
day night told the story Of the days
developments as follows:
It was another trying day. for the
bears in all cotton markets, though no
tably in Liverpool and New York. The
bulls were merciless in their attacks
upon shorts and finally drove the lat
ter into a frenzy. Nearly everything
favored a continuance Of the sensa-
tional bull movement started yesterday
morning here and on Saturday In the
English market The cables were amaz-
ingly strong; there were buying orders
in great numbers from all quarters, the
print cloth and cotton goods situation
changed from one Of gloom to an ex-
ceptionally bright outlook, while
Southern spot markets were reported
to be thriving upon heavy demands
from exporters. At the time Of our
opening Liverpool was to 81 points
higher, or far above an expected fair
response to yesterdays great improve
ment here. This at once caused demor-
alization in the bear ranks and 1nduc-
ed leading bulls to aggressively operate
on the long side. First sales showed
an advance of to 13 points with the
market officially reported steady. In
the face of a temporary reaction IN
Liverpool our market continued to
move in an upward direction during
the first hour. Near midday the re-
treat Of bears developed into COM
plete rout and demand from this
branch of trade, in connection with in
vestment buying, gave the market an
exceedingly strong undertone. After q
brief period Of inactivity the market
once more took an upward direction IN
the early part of the afternoon and
soon surpassed the high point Of the
morning. Prices advanced with re-
markable ease, there being practically
no opposition offered and profit taking
being light. The announcement that
500,0 900 pieces of print cloths had been
sold in Fall River and that the cloth
market was the brightest In many
weeks, together with the announcement
that American spinners were compet-
ing for supplies with the foreign man
ufacturing elements in Southern mar
kets, added to the woes Of over-sold
operators and acted as fresh incen-
tive to a higher market. 1t was known
that Manchester spinners were In des-
perate straits for cotton, that Liver
pool stocks were at an exceedingly low
mark and that ocean freight room was
abnormally scarce at all Southern
ports, thus making 1t impossible to re-
plenish depleted stores Of European
spinners readily. The market was
very feverish during the last half hour,
with profit-taking prominent, though
not sufficiently heavy to undermine the
market. The public was conspicuous
buyer all the afternoon, on the bel1ef
that Liverpool would show further I'M
provement tomorrow. The close was
firm at a net rise of 81 to 36 points.
A Manchester cable Of Thursday,
published in the daily papers of yester-
day morning, gives the reason OF the
furry Of Wednesday and Thursday as
follows:
The greatest interest is felt in tomor-
rows meeting of the Lancashire spin
ners, convened by the Federation Of
Cotton Spinners, at which a proposal
will be brought forward to discontinue