The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1910-04-27
COTTON MARKET EXCITED.
FROST AND SNOW KILL YOUNG
CROP.
AS a Result of the Gloomy Outlook
For This Years Crop, Prices Go up
With a Rush and Bulls Have Their
Inning.

the Dig break OF January last has the
New York cotton exchange experi-
| enced so much activity and excite
| ment as today
1T was time Of triumph for the
| bulls, whose already strengthened
position as regards the old crop was
| sensationally stimulated by reports
| of disastrous weather in the South,
| affecting the coming crop. This led
to rumors that the bull campaIgn was
| 70 be carried on through to the end
of the current season and, possibly.
| into early new crop deliveries, as it
was in the season of 19O2-'O3, when.
| after Sully's successful deal in May
contracts. Messrs. Brown and Hayne.
who are prominently mentioned in
connection with the present bull
| movement. carried the bull campaign
through into July, August and Sep
| tember.
1t is urged in this connection that
even If the South finds sufficient seed
| to replant the entire area reported
damaged, the cold snap has made it
look like a late crop and that mills
consequently will be dependent upon
old crop supplies for a correspond
ingly longer period.
Meanwhile preparations for MAX
ing enormous deliveries in May con-
tracts are steadily going forward.
1t is said that the inspection bureau u
| of the New York cotton exhange had
| a larger force of men engaged in pre-
| pairing cotton for delivery yesterday
than ever before and according to the
official figures the stock of certificat-
ed cotton at New York which was re-
ported at $1,000 bales toward the
end of March, had mounted up to
161, 900 bales by the close of business
at Saturday with predictions that be-
tween 10000 and 100000 bales
would be ready for delivery by May
1. Moreover, the May shorts have
until the end Of May to secure cotton
for delivery on contract.
So far as the market learned, moth
ing further developed during the day
in respect to the Federal grand jury
proceedings against the bull clique
nor were there any further disclos-
ures with reference to the affairs of
Knight. Yancey G. Co., the Southern
spot firm whose failure caused such
widespread cnsternation last week
According to latest estimates New
York firms are creditors to the extent
OF over 100000. It is rumored that
those fms which hald sold May
against shipments expected 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 advances, if the cot
ton does not materialize. It is re-
ported that the three English spot
cotton men who arrived here today
from Liverpool sailed before the
Knight Yancey failure was announc-
ed, with view to Investigating the
firms condition. They declined to
be interviewed today.
Seldom has such a flood of crop
damage reports poured into the local
trade from so wide an area as today
and for the time being it seemed that
the excitement in new crop months
was Over-ShadOwing the old crop sit
uatiCn, possible legislation at Wash
ngton. the government Investigation
and even the Knight Yancey failure
While the inference was that the
reports of damage were more or less
exaggerated, they were effective in
the market on the theory that the
sleet, snow and freezing temperatures
found an unusually large amount of
cotton up for the last week in April,
while ultimate damage from a new
crop standing was predicted by re-
ports of an insufficient supply of seed
for replanting.
1t was believed around the local
ring that the bull leaders were selling
the near positions at times during the
day in order to prevent too rapid an
advance, or to reduce their holdings,
and it was the new crop which chief
" reflected the brOa of brlliSb
sentiment.
October cotton sold at 1924 or 81
points above the closing price of last
Saturday while at the best point of
today May touched 1892 or a gain
of only Il points from the closing
price Of last week. The market clos
ed at practically the best point Of
the day SO far as the new crop was