Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1909-07-06
FOURTEEN CENTS COTTON.


The government cotton condition
report issued Friday and its effect up
on the future markets is still the talk
of the cotton world. Saturday interest
centered about the prediction of IA
cent cotton by Mr.. Theodore H. Price,
the veteran cotton trader, which was
made Friday following the promulga-
tion Of the government report Many
who have connections in Texas and
the far south and who have followed
actual condition from time to time
are satisfied that Mr.. Prices proph-
ecy will be verified. The condition Of
affairs in certain sections Of Alabama
Mississippi, Louisiana and Texas is
said to be lamentable. The crop in
Georgia and the Carolinas is fairly
good, but elsewhere very short.
The following is The New York
Commercials story Of the scenes fol-
lowing the issuance of the report:
Its a short but thrilling story. The
long-awaited bureau report caught
the traders In bullish mood, but not
bullish enough by about so per cent.
As a result prices took on panic day
Innings, Immediately after the
reading of the government figures.
That there wouldn't be enough cot
ton picked next fall to supply the
spindles Of the world was the belief
of the men who make cotton statis-
tics their bread and butter. Hence
their desire to seize fair-sized claim
on the yield. The story Of the day is
told elsewhere, but here 1t may be
said that a more demoralized lot Of
brokers was not in evidence since the
pyramiding days Of 1903. And not the
least Of the sad features Of the situa-
ton is the fact that every harum scar
um report issued between this and
the August bureau figures will be
treasured as indicating a true situa-
ton. Old James Wilson, secretary
of agriculture, has much to answer
for, so recriminations are not In or
der at this time.
''The market had been about sur
feited with bullish reports from pri-
vate sources when the government
lit the match which caused the ex-
plosion. One report in particular es-
timating the percentage at 1858, an
nounced but day before, had set the
traders in a ferment. Prior to that
the professional statisticians had re-
NSlSO III I1du
the governments been along little
more conservative lines, the trade in
general would have been satisfied
even the more coverous ones, who
could we'll digest 100 points profit
overnight and cry Justify for more.
"The 12-cent Rubicon has been
crossed and the distance to the 13-
cent barrier more than half covered.
What Tuesday has in store for the
market is any mans guess. Atten-
ton is called to the fact that buying
orders are bound to accumulate in
the double holiday. The mill men
are fully aware Of the situation that
confronts them. They were confident
of Scent cotton not many months
ago. Now they realize that they may
have to pay IA cents and possibly Is
cents before Christmas.
Yesterdays news began with a
pressed the men Of figures that the
yield could not exceed 100000
bales, and was more likely to go be-
low 11,500,000 bales. Spinners could
easily handle a crop of 13,500,000
bales so that provided normal de-
mand for finished goods sets in, a
shortage can be figured to the satis-
faction Of the most bullish.
yesterdays news began with a
glance at the board as the bureau re-
port was read. The advances OF Thurs
day had been held and additional ad-
vances up to 6 points shown by the
distant months, on the opening. Trad
ing was more or less Indifferent as the
brokers preferred to get in line on the
fate in store. 1t was case or TO
unload or not to unload" before the
holiday.
"The report threw the ring into a
condition of excitement not equaled
in years. A bid Of 20 points over the
last quotation was merely signal for
each and every man to bid what best
he could afford. In consequence 12-
cent cotton was recorded before some
of the men had made a bid. All hands
were confident that heavy liquidation
would follow such situation, and
they were not far wrong. But instead
of prices declining they did the re-
verse and reached high levels within
the hour The gains up to this time
ranged from 81 to 63 points or about
s3 a bale. With the heavy selling
that followed, these advances were
affected somewhat, but before the af-
ternoon was we'll under way, the old
order returned and with the close, net
advances of 81 to 55 points.
"The total sales of the day must
have exceeded 100000 bales. Close
observers of the trading were conn
dent that more 5,0OO-Dale lots were
disposed of than were 1OO-bale lots
the day before A visit to the COM
mission houses later in the day devel-
oped the information that total sales
of from $4,000 to 100000 bales were
not infrequent. A gr" big share W
this cotton was boubnt by Chicago
and other western interests. New Or
leans, Memphis, and in fact the en-
tire south, sent in buying orders all
afternoon. The fear seemed preva-
lent that yesterdays closing figures
would appear as bargain prices on
Tuesday, Liverpool in the meantime
expressing it's views of the situation
in most bearish of cables"