The county record. [volume] (Kingstree, S.C.) 1885-1975, 1904-12-08
100000 BALE CROP
Government Estimate Shows Enormous
Yield of Cotton
A SENSATIONAL DROP IN PRICES
Greatest Surprise of Any Government
Estimate of Late Years, Few Bears
Havinq Even Talked as Much as
12,ooo,o 900 Bales.

Washington, Special. - Preliminary
:eturns to the chief Of the Bureau Of
Statictics, Department of Agriculture,
show a total production Of cotton in the
United States in the year 1904-1905, Of
l2, ,162. 900 bales. Round bales have been
included in this estimate, and reduced
% their equivalent in square bales.
The estimate does not include linters.
The estimated production by States will
De made public Dec. 5 at II a. m.
In the preparation and issuance OF
he cotton report. Secretary Wilson
gave a demonstration OF the precau-
lions taken to avoid advance informa-
lion leaking out Representatives Bur-
sess, of Texas. and Ransdell OF Lou.si-
ana, were invited by the Secretary to
witness the preparation OF the esti"
mate. The party was locked In the
private office Of the statistican. and
The reports from all the cotton dis
ricts were taken into the room. The
iocrs were locked from the outside,
and the Secretary then gave orders fo-
The opening of the report. The esti-
mate of the crop for the year 19Oi-lSO9
vas then prepared and sent out. before
my person in the room was PERMITTED
% leave or communicate with any per-
son from the outside. In this manner
the cotton estimates are Invariably
made" said Secretary Wilson. "and all
human INGENUITY is used to prevent
leakage of information"
New York. Special.-The govern
nent estimate OF the cotton crop. plac-
ing the yield at 12,162, 900 bales, issued
Saturday. was surprise to more peo-
Gle, perhaps. than any government re-
port of recent years. While few OF
The more extreme bears had been talk
ing 100000 bales or over. the aver
age opinion even in bearish circles 10
,ally. was that the government estl-
mate would be under that figure.
The announcement was followed by
another sensational break in prices.
The decline that has been in progress
now for over a month and carried the
market down from II cents to S1a cents,
proved insufficient in the estimation or
the trade to fully reflect the new con-
lition of affairs, and crop of the size
reported. There was undoubtedly big
short interest in the market. but IN
spite of covering, prices declined near
y half a cent in less than an hour Oh
trading. January, which was sold
around S.56 during the forenoon. vas
depressed to about $40 and other
months suffered in like measure. The
market was very excited, with trading
exceedingly active.
The official close was barely steady
at a net decline OF 50 to 81 points. with
January, which had closed on yesterday
at $50, quoted at cents. and March
at $50. The business was enormous,
and. in spite of additional wires seeur-
ed for the day by some of the houses,
there were many orders remaining un-
executed after the close of the mar
ket. when sales put it up about 600,OoO
bales. This, it was said. led to con-
siderable volume of trading in an un-
official way after the nocn hour. quo
.ations on these transactions, so far
as could be learend, ranged within
about 8 points Of the closing figures:
March, it was reported, sold around
s.17