The herald and news. [volume] (Newberry S.C.) 1903-1937, 1910-04-29
COLD KILLS COTTON;
SEED VERY SCARCE.
Day of Triumph for Bulls in New
York Cotton Exchange-MOre
Excitement Than Since
January Break

has the New York cotton exchange
experienced so much activity and
excitement as today.
It was a time of triumph for the
bulls, whose already strengthened
position as regards the old
crop was sensationally stim-
ulated by reports of disastrous
weather in the South, affecting the
coming crop. This led to rumors
that the bull, campaign was to be
carried on through to the end of
the current season and, possibly, in
to early new crop deliveries, as it
was in the season of 1902-'03, when,
after Sully's successful deal in May
contracts, Messrs. Brown and
Hayne, who are prominently Hell
toned in connection with the pres
ent bull movement, carried the bull
campaign through into July, August
and September.
1t is urged in this connection that
even if the South finds sufficient
seed to replant the entire area re-
ported damaged, the cold snap has
made it look like late crop and
that mills consequently will be de-
pendent upon old crop supplies for
correspondingly longer period.
Enormous Deliveries.
Meanwhile preparations for max
ing enormous deliveries in May
contracts are steadily going forward.
It is said that the inspection bureau
of the New York cotton exchange
had larger force of men engaged
in preparing cotton for delivery yes
terday than ever before and accord
ing to the official figures the stock
of certifcated cotton at New York
which was reported at $1,000 bales
toward the end of March, had
mounted up to $4,000 bales by the
close of business at Saturday with
predictions that between 100000 and
100000 bales would be ready for de-
livery by May /. Moreover, the May
shorts have until the end of May to
secure cotton for delivery on con-
tract.
So far as the market learned,
nothing f~rther developed during, the
DAY iE respect to the federal grand
jury proceedings against the bull
cliQ,,e nor were there any further
disclosures with reference to the
affairs Of Knight, Yancey & Co., the
Southern spot firm whose failure
caused such widespread consterna-
ton last week. According to latest
estimates New York firms are credl-
tors to the extent of over S60O,0OO.
It is rumored that those firms which
had sold May against shipments ex-
pected here from the failed Southern
house are finding little difficulty in
adjusting their contracts around
present prices and that they will be
out little more than their actual ad-
vances, if the cotton does Lot ma
terialize. 1t is reported that the
three English spot cotton men VINO
arrived here today from Liverpool
sailed before the Knight-Yancey fail
ure was announced, with view to
investigating the firms condition.
They declined to be interviewed to-
day.
Reports of Crop Damage,
Seldom has such a food Of crop
damage reports poured into the To-
cal trade from so wide an area as
today and for the time being 1t SEEM
ed that the excitement in new crop
months was overshadowing the old
crop situation, possible legislation
at Washington, the government IN
,yestigation and even the KNIGHT
-Yancey failure.
While the inference was that tne
.renorts Of damage we're more or less
exaggerated, they were effective III
the market on the theory that tne
sleet, snow and freezing tempera-
tures found an unusually large
amount of cotton up for the last
week in April. while ultimate DAM
600 from a. new crop standing was
nredicted by reports OF an lnsu1n-
cient supply of seed for replantlng:
It was believed around the local
ring that the bull leaders were SELL
ing the near positions at times our
ing the day in order to prevent roc
rand an advance, or to reduce 1nelr
holdings, and it was the new crop
which chiefly reflected the Oroaoen-
ing Of bullish sentiment.
october cotton sold at lz'S4 ol
II