The Union times. [volume] (Union, S.C.) 1894-1918, 1902-09-19

Busto1's estimate of 1O.75O, ,OOO followed
Close on Mr. II NJ. Mis- predicting IL.
2ou,OoO minimu Although there was
rally from this low-water mark, it was
DuT feeble one, and the eve of the men,
orao!e Bureau Day of December 3,d.
found prices for all months, even as far
Off as July, around the common figure Of
q cents Decemb 3rd proved a rad
l'tte day. The Agricultural Dspartmen.
amazed even the most strenuous bulls
with IN estimate of 9,674 900, and from
that day on, the whole situation was re-
versed
IL was not until the end Of February.
that diminishing movement brought re-
lief to the persevering prophets of a per-
pendicnlar falling off. Before it came.
however. the trade had been forced to
revise early estimates of CONSUMPTION.
Ihe unparalleled prosperity of American
mills insured remarkable increase in
Chelr taklngS, while steady recuperaton
IN Europe checked the tendency toward
decreased consumption abroad. Such a
chang1 demanded much larger crop
than the Government estimate, and AZ
soon as the movement aroused fears tha.
a small yield might be realiz I'd, wave of
speculation started, which Immediately
carried price close to cents, and, after
brief ebb, returning with redoubled
energy, crossed the innocent line for Ju-
ly on April 9th, and on April 2Sth, rails
cd That month to within ten points of
The magic 10 cents. The volume of
Cransa a;Glons was enormous, and outsid-
ers OF evry trade and profession were
investors il Cotton
Z mfra:y tn all precedent, there was
no grand cOllap.e after the sesational
rise, but the refusal of spinners, who had
Deen eager and nervous BUYERS I'D to o
cents, to follow the advance, called 4
halt, and final, though orderiy retreat,
During the greater part of May and June
the summer months, now largely lioui-
dated, followed spots closely and aver
aged about cents, while speculation.
now attracted by the glowing accounts
from the new crop, turned to the fall
months Thus neglected July and Au-
gust, each in turn, quietly passed out on
basis OF 81 cents.
| In New Ork, after thu the big Wall
Street bull clique had successfully liuui-
dated its holdings around 0 cents, prices
or all summer months We're abnormally
depressed by the weight o. vast stock.
largely OF undesirable grades, which had
Deen concentrat I'd thee, from all direc-
toIs, In ths belief that an intense
squeeze Was to follow, and prices far
aoove ten cents be realized.
The new season starts out with prices
sllghtly above 8 cents, and a CROP which
first hailed as record breaker. is now
feared to be insufficient to meet the
Worlds requirements CONSUMPTION i'm
America has increased with such giant
strides, that Europe must henceforth
ilgure on what portion of our crop may
be available for them, rather than on
what the size Of the yield may bs.
The New Orleans Cotton Exchange
makes the past crop 10,6SO, $50 bales of
which Southern mills took the unex-
pected amount of !, 1887, OIL bales, against
2,OoO,774 taken by Northern mills.
Another year and you will see the South
leading in the spinning industry, and
not many years hence, outstripping Man
| chester, rs that market has already been
overtaken and passed by our country rs
| a whole
Estimates of the worlds consumption
| for the past year vary, but all agree that
1T was in excess of the production, and.
with peace everywhere, further expansion
in the spinning industry is looked upon
as a certainty. For this reason, the sizs
OF the new crop becomes a vital issue.
especially as surplus stocks everywhere
have been drawn down below the safety
point, and any assurance that the Weld
may fall below eleven millions would be
the signal for another season of great
activity ard higher prices
The estimate of Mr.. Buston Of Liver
p oil, issued around November 1st, will
be awaited with unusual interest this
year, as he has hit the crop right for
four successive seasons, and has thus
displaced all other authorities for the
nonce.
Without going into figures at this
early day, we may safely say that the
production promises, at best, to be 20
close to the worlds increased needs. chat
fair prices are assured to the producer
and thus prosperity will continue to
shine upon the South