Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1901-02-02
JANUARY COTTON CORNER.

JANUARY COTTON CORNER.
Story Of Mondays Remarkable Developments
/ On New York Cotton Exchange.
New York Sun.
Excited short interests made lively
time on the cotton exchange yesterday
morning, when they found themselves
in a corner into which they had been
gently showed within a month. The
furry was wholly in January options.
The price which was 1890 a pound at
the opening of the market. reached
1875 in less than an hour. This is the
highest price reached in ten years.
| January cotton closed on Saturday
at 1920. That was the last day for the
issue Of the five day notices, or de-
mands for delivery this month. and
many such notices were sent out. Be-
tween the close of Saturdays market
and the opening here yesterday, there
was an advance Of ten points. AS soon
as the market opened there was rush
Of the shorts to cover. It became ap-
parent that small pool or clique had
tacquired the greater part Of the Janu-
ary options, variously stated in the
neighborhood Of $4,000 bales, while
holding at the same time a quantity Of
actual cotton, and when the total sup
ply Of the staple in the New York mar
ket was believed to be only about $4,000
bales. Some inkling Of the conditions
had spread abroad earlier in the month
and there had been rush Of cotton to-
ward this port, so that those who had
sold what they hadn't got, could have
cotton to deliver; but as 1t seemed un-
likely that enough could be landed here
in time, the short interests Wed with
each other in efforts to purchase, quo
tations leaping five, ten and even twen-
ty points between sales.
It was said freely on the exchange
that those whose interest it was to do
so bid up the price energetically. At IL
cents the representative of house
comparatively new, that Of Eernie,
Wilson & Co., appeared as seller and
sold all the way from that figure up
The house, which has New Orleans and
Liverpool connections, received the
credit for manoeuvring the deal in as
sociation with another firm. The name
of junior partner in the Wilson firm
was mentioned as that Of the man In
no small way responsible for the inge-
niously engineered squeeze.
At the average of 245 points, or 2.45
cents a pound, from the opening to the
highest price Of yesterdays market, the
profit to a person who held cotton pur-
chased at or below the ouening figure
would be s12.25, or more bale. Cotton
bought at Saturdays closing price Of
1920 and sold at IL yesterday would
net SO per bale. There are 500 pounds
in a bale. No record of actual cost
sales is kept on the cotton exchange
now; but 1t was stated that the total
transactions, 100000 bales, Of which not
very large fraction was In January
cotton. It was said that the people
most hurt were in New England and
Chicago, and that losses were so dis
tributed that no serious financial diff
culties would ensue. Latham, Alexan-
der & Co., Inman, Swami & Co., Hub
were buyers.
Natural conditions favored the cor
ner. The last crop year, which ended
on the last day Of last August, was one
of comparatively small production.
The stock carried over was consequent
ly less than usual. In this city, 1t was
said yesterday by man whose busi-
ness it is to keep informed, the amount
Of cotton carried In the warehouses was
much less than usual all the fall. Re-
ceipts were moderate all the fall, part
ly because the price Of cotton was rela-
lively bit higher in southern markets
than here, in part by reason Of de-
mand by Southern spinners and in part
by reason Of foreign demand. Ship
ments to Liverpool and elsewhere
abroad, no longer go via New York un-
der normal conditions foreign buyers
purchasing from Southern points.
This authority said that the total
stock here was estimated at present at
II, 900 bales. It would, probably, he
said, amount to in the neighborhood Of
1000 bales within a few weeks.
The market yesterday did not hold
its highest advance. 1t sold off and
closed at 11O5 bid, 11.25 asked. Wheth-
er the furry will continue today de-
pends largely upon the shorts succeed
ing in covering themselves yesterday to
a sufficient extent to feel reassured or
to take care Of their necessary con-
tracts. Some private settlements were
reported. The extent to which cotton
has been rushed to this port within
few weeks in an anticipation or This
squeeze may be seen from the state
ment that the local stock in the middle
of December was stated at 1900 bales.
The immediate rush Is such that Supt.
King, of the cotton exchange, has re-
uuested members who may have sam
piers and weighers disengaged to no
tify him, that the work Of the inspec-
ton bureau of the exchange may be ia
cilitated.
THE BEAUMONT GUsHER.-The great
gushing we'll near Beaumont, Texas, is
creating considerable interest in the
Southwest. The well far eclipses any
ever drilled in the United States, and
the output is 1000 barrels daily great
or than the largest gushing well in
Russia. 1t is estimated that this flow