The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1909-12-14
COTTON MOUNTS UPW ard
GOVERNMENT CROP REPORT
SENDS PRICES SOARING.

SENDS PRICES SOAKING.
estimate That Crop Would Barely
Pass aea ssliiiios Bales caases
Sensational scenes on Exchange,
Not since the sully boom os.1so&
has the New York Cotton Exchange
witnessed more sensational scene
or a more spectacular rise In prices
than occurred Friday With the an
nouncenent of the government crop
report. With the galleries crowded
with visitors from the South, aug
Emsnsed-sby.~f friends and relatives Of
operators and other interested spec
sators. the market scared to q new
high record for the season with gains
of, more than 81 bale over Thurs
day. Both the May and July options
touched the high mark-sof 1880,
both gaining approximately AZ points
over Thursdays closing. -
Bull brokers prevented more vio-
slent advance, as they had distr!but-
ed heavy settling orders every Eve
points up from. 1885 for May and
July. They sold enormously, supply
ing the demand of shorts and also
the thrush Of buying orders from
Wall street. Chicago and Southern
operators and the local and New
England dr. goods interests. The
market continued in an excited state
up to the close. with estimates that
7 five hundred thousand bales had
chang ged hands, in the last hour.
May closed at 1857 end July at
1914.
1t was O'Clock when the news
reached New York from Washington
that the government estimate was
only 10;8SS,o00 bales. the smallest
crop since 1908. Immediately there
was q tremendous rush Of buying.
Orders poured in from the world over
and prices jumped from 20 to 80
points on the frat transactions. Last
trades made just before the report
was announced were on the basis of
1850. for May delivery; the next
sales were made at 1910, an advance
OF 81 a bale. This was followed by
tremendous trading both ways. and
by rapid fluctuations. "A break to
1866 followed. then came the rise
to $3.50. July cotton .fuctuated
along the same lines. while March
reached 1850 as ITS high po' Mt and
closed At IS 40.
: The government estimate is about
100000 bales below the prediction
of the most sanguine of the bulls
and the action Of the market natur-
ally followed. Sixteen-cent cotton,
SO much talked about. was not realiz-
ed, but the market came near it.
It now remains to be determined
whether the Federal estimates have
estimated the yields. as has
been the case for the past ten years.
During that time the crop has been
under-estimated each year at from
100000 to 100000 bales.
New Orleans Market
At New Orleans. following the
posting of the cotton crop report
estimate of 1o.oSs.ooo bales on the
Cotton Exchange Friday afternoon.
the future market took jump which
ranged from rs to 40 points. May
cotton went Ito sixteen cents, es-
tablishing a new high record for
the season. The estimate was about
200, 900 bales below the prediction
OF the most sanguine bulls.
Anticipating buliish estimate,
the trade started the market toward
higher levels several days ago, and
the May option Friday sold at 1854,
points above the high price of
the day before. Yet it was even
then far below the level which was
accorded it Friday. when it broke all
records for The season BY going to
Is cents.
A majority Of the operators had
been trading on the belief that
Fridays estimates would be between
10.30o.00o and 10,6o0.000 bales.
When on estimate Of 10,0S8,000
bales was put out. small panic en-
sued and the market went up with a
jump.
The Crop Report.
The crop reporting board of the
department of agriculture estimates
that the total production Of cotton
in the United States for the season
of 1e0e-10 will amount 10 1926
$4,000 pounds (not including lint
ers), equivalent to 10.0SS,000 bales
of 500 pounds gross weight.
The estimated production in 500
pound gross weight bales by States
is as follows:
Virginia. 10000; North Carolina,
6l5, 600; South Carolina. 1895, 900;
Georgia, 100000; Florida, $1,000;
Alabama. 1,020,000; Mississippi,
l,021. 900; Louisiana, 100000; Tex
as, c,57O,0O0; Arkansas, 715,000;
Tennessee. 100000; Missouri. 49,
600; Oklahoma. $4,000; United