The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1901-12-11
COTTON WENT Up.
The Governments Report Caused q
Panic on Change.

Trading on the local New York cotton
exchange Tuesday Of last week was COZ
vulsed by the publication Of the No.
yember governments estimate Of short
oottoa crop for the year. The igures
were 1874 900 bales or nearly 2, ,000,0 900
bales less than the trade generally ez-
pected. Cotton jumped 81 bale in as
many minutes, amid scenes Of excite
nent rarely seen. Brokers fought with
each other TO cover short contracts and
the pit became . psndemoniun for sew
erai minutes after the report vas re-
oei7ed.
For three hours thereafter the vol
ume Of business transacted was enor-
nous. After tee fret advance Of near
iy forty points slump developed which
carried prices nearly half way back to
the quotations prevailing before the
figures were made known. Before the
close, however, the loss was regsined
and prices Ws1s at their highest. The
market was exceedingly fe7srlsh during
the morning trading and brokers were
not inclined to enter into any commit
merts prior to the publication Of the
government report. The principal op-
tions were selling about 7.60 cents o
pound. Within three minutes after
the report was read the tape recorded
advances Of 40 points in all the options.
Every one talked 8 cent cotton and
When the Market closed brokers were
wondering what influence the report
would have on Liverpool market, for it
is generally understood that Liverpool
estimates we're exceedingly besrish.
The houses with wire connections in
the South did an immense aaount of
business, mainly profit taking.
TIE REPORT.
The statistics of the department Of
agriculture Tsports 9,674, 900 bales as
tie probable cotton proIustion Of the
Uai.sd States in 190l-02. The ares
PICKED or to DO picked ia estimated at
26, ,SU2, 239 ACRES, reduction OF 73O, ZIG
acses OF 2 6 per cent. from the acreage
planted. The sosal produssion OF nnE
co5ton is eslinAss6 st 4 529 S54. 600
pounds, an average OF 1859 pounds Per
sore picked CT to Do picked. The esti
msse production ~ States, in pounds
Of lint cosson per a;re, is IS follows:
Virgins, 176; Norsh Carolina, 142;
South Carolina, l4l; Georgia, 167; Flor
ida, III; Alabama, l56; Mississippi,
205; Loulsians, 260; Texas, l59; Ar
kaosas, l73; Tennessee, 1876; Missouri,
1856; OsIahoms, 1876; Indian Territory,
2l4.
In addition to the departments ordi.
nary crop repairing agencies, $4,000
ginners and 5000 bsnkers and mer-
GIANTS have furnished valuable infor-
nation concerning acreage and produc.
tion. The ginnezs have also reported
the amount Of cotton ginned between
August Is and November 20 this year
and last year, With the average gross
weight per bale snd the average weight
of bagging and ties. This has enabled
the ssatisElcian to ascertain the average
net weight Of bales for each separate
State and for the entire cotton belt,
and these weights have baen used in de-
termining the total number Of bales
produced, which is believed to be the
lowest average in at least 10 years. The
large number Of light bales being
marketed and also some reduction in
the proportion of light seed cotton are
subjscts Of frequent comment by cor.
respondents Of all classes.