The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1901-01-31
BIG JUMP IN COTTON
Shorts Force Price Up to Twelve
and Thres-Qlarter Cents.
HOLDERS SUPPLY THE DEMAND
Increase Due to a squeeze"
Great Activity In January
Options On the Exchange.

Monday was great day for holders
of January on the New York cotton
exchange. The fluctuations Of that
option were far more violent than ever
before known, reaching 955 points
amid intense excitement, through sing:
ularly small trading. Shorts we're.
crazed in the first hour by sensational
reports of Is cents being the price ct:
which oversold January operators were
to be allowed to "settle" and by claims
that the clique would positively refuse
to settle at all until the last moment.
On the call the feeling was steady
with January 10 points higher aud
other months point higher to 3points
lower. Very disappointing Liverpool
cables and heavy receipts at the posts
were detrimental to local holders OF
options other than January and light
selling resulted. But this soon gave
way to hurried buying when current
month shorts began 10 bid for cotton
with which to make settlements.
An absence of sellers created unpre-s
cedented alarm in bear circles, which
soon spread to veritabTe panic. By;
great leaps and bounds January shot
mp with the operators in other months
standing aghast at the remarkablss
spectacle. Not until sheer uplift 0f
225 points had occurred was there suf.a
fcient cotton enticed out to appeaSe
the needs of the shorts. Then tpm-
BILE of Is points, under proft-takipgs
temporarily quieted the scare.
The private reports from the south
declared that New York shorts had In
several instances ordered cotton shipps
ed at once by express, the belief being
that a considerable amount might yet
be brought in time for delivery on
contract. At the close the market vas
quiet and steady with January net s.
points higher and other months s
point higher to 8 points lower.
Sentiment was very much mixed as
the close and q few cared to express
an opinion concerning the future ok
the January deal. Wall street and
other commission houses were the
leading buyers of January throughout;
the day: The south purchased March
and May as hedge against sales Of
spot cotton to exporters.
Never in the knowledge OF the old-
eat traders has the cotton market
shown the abnormal conditions which
existed Monday. It is no unusual
thing to witness . squeeze" at the
end of the season, but corner in Jan.
uary is something out of the ordinary.
Yet q January squeeze has been Wor.
rying shorts in the New York cotton
market for some time past. 6
Closing Saturday at 10 20, January
opened Monday morning at 10. 80 aud
advanced rapidly to 1875. The mar
ket broke later to 11.S0, which wAsS
the level at noon. The greatest jumps
were from 1880 to 1900, from I2.26s
to 12 so, thence to 1915. At the lat.
ter: point New York concern, repre-
senting big New England Interest,"
commenced to sell right and left and
a little later q Greek house also sold.
This stopped the rise and the market
sagged off to 11.50.
The air was filled with rumors Of
cotton to be delivered from Fell River
and shipments are known TO have been
made during the morning by express,
guaranteed to be in New York in time
for January delivery. About 30. 600
bales January changed hands before
noon. It does not follow that the
long interest was liquidated to this
amount as the clique bought as we'll
as sold.
During the rest of the afternoon the
cotton market ruled quiet, with Jsnu-
ary closed at 11.05 cennts, net ad-
tance of IS points for the day, ard
the other months / higher to 5 lower.
Iu accordance with the advance lIn
January spot cotton sold at IL cents
an advance of l 3-s for the day.