The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1901-12-11
COTTON WENT up FORTY POINTS.
Governments Report Caused a
Panic Advance Of So a Bale.

I New York, Dec. 33.-Trading on the
local cotton exchange today was con-
svalsed by the publication of the No
yember government estimate ola short
cotton crop for the year. The figures
we're 9,674, 600 bales or nearly 2, 2,000, 600
bales less than the trade generally ex-
pected. Cotton jumped 50 bale in
as many minutes, amid scenes Of ex-
rarely seem Brokers fought
with each other to cover short contracts
and the pit became q pandemonium for
several minutes after the report was
received.
For three hours thereafter the.
volume of business transacted was enor-
NOUS. After the first advance of
nearly forty points slump developed
which carried prices nearly half way
back to the quotations prevailing be-
fore the figures efwe made known. Be-
fore the close, however, the loss was
regained and the prices were at their
The market was exceedingly
feTerish during the morning trading
and brokers we're not inclined to enter
into any commi ttments prior to the
publication Of the government report.
The principal options were selling
iabout z. GO cents "a pound. Within three
minutes after thesreport was read the
tape recorded advances1of 40 points in
all options Everyone talked s cents
cotton and when the market closed
brokers were wondering what influence
the report would have on the Liver
pool market for it is generally under
stood that Liverpool estimates were
exceedingly bearish. The houses with
wire connections In the south did an
immense amount Of business, mainly
profit taking.
Washington, Dec. 35The statistics
Sof the department. Of agriculture re-
ports s9,674,OOO bales as the probable
cotton production of the United States
In 19O1-Q2. The area picked or to be
picked issestimaSed at s26, 802, 2395 acres,
reduction Of 730, ,216 acres orE2.6 per
cent. from the acreage planted.
The total production of lint cotton
is estimated att s4,529, ,654 coo pounds,
an average Of 169 pounds per acre
picked orsto be picked.
The estimate production by states,
in pounds of lint cotton per acre, is
as fol- lows
Virginia, 17e; North Carolina, l42;
South Carolina, 141 Georgia, 167 !;
Florida, LII: Alabama, l56; Missis-
sippi, 205; Louisiana, 2e0; Texas, 159;
Arkansas, l73;; Tennessee, 1876; Mis-
souri,, 1885, Oklahoma, 1856; Indian
Territory, 214
addition to the DEPARTMENTS
Ordinary crop porting agencies,
is. 600 ginners and 5000 bankers and
merchants have furnished valuable in
formation concerning acreage and pro-
.duction. The ginners have also report
ed the amount Of cotton ginned be-
tween August Is and November 20
this year and last year, with the aver
age gross weight per bale and the aver
age weight of bagging and ties.
This has enabled the statistician to
ascertain the average net weight Of
bales for each separate State and for
tbs entire cotton belt, and these
weights have been used In determin-
ing the total number of bales prodnc-
ED which is believed to be the lowest
average In at least, ten years. The
large number of light bales being
marketed and also some reduction in
the proportion Of light seed cotton are
subjects Of frequent comment by cor
respondentssof Of all classes.