Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1911-07-21
FURRY IN COTTON.
Looks Like the Bears Have the Bulls
on the Go.

on the Go.
There was a heavy break in the
speculative cotton market on last
Tuesday, and the decline continued
Wednesday. A new York dispatch OF
Wednesday night described develop
ments up to that time as follows:
A renewal of the heavy selling
movement in the cotton market today
seemed calculated to remove whatever
doubt may have existed following the
big decline of Tuesday, that at last
leading bull interests, including Eu-
gene Scales, Col. Thompson. the New
Orleans operators, and others who have
figured so prominently in the market
reports of the last two years as having
taken fortunes out Of cotton, had
largely thrown over their holdings.
Various estimates were ventured dur
ing the day as to the probable losses
of the bulls and their friends, all of
which ran up into the millions.
The impression appears to be that
the bulls, emboldened by the successes
of the last two years, have maintained
their position on the market owing to
the strong statistical position of the
old crop and an expectation that
weevil in the central belt would cause
another partial failure Of the crop.
With trade reports unfavorable, the
drought in Texas relieved, new crop
cotton already beginning to move and
promising an unusually heavy addition
to old crop supplies during the sum-
mer. it is supposed the bulls found
themselves practically the only sup
port of the market at a time when
southern offerings against prospective
yields were likely to increase steadily
and that the heavy selling of the last
few days has reflected the practical
abandonment Of their holdings.
In spite of a feeling that rallies
were to be expected after such drastic
liquidation as that of several days
past, local sentiment still seemed Of a
very bearish average after the close
of business here tonight and there was
talk in some quarters of IL and even
l0-cent cotton owing to the eXpecta-
tion of a very favorable August con-
dition report and the decentralization
of the bull party.
Trade interests, however, had been
heavy buyers of both old and new
crop deliveries during the day and
many traders who had sold before the
big decline started appeared to be
taking profits on their short cotton,
possibly to wait for further reports
from the crop, which, however bril-
liantly it may promise, is admittedly
not yet assured, and for better idea
of the attitude of the southern planter
with reference to marketing his yield
at the lower prices.
After the early sensational break, a
lull in the liquidating movement to-
wards midday permitted rally of to
points, but the market soon weak
ened again under selling that was ev-
cry bit as active and as urgent as any
noted since the beginning of the bear
movement, and for the first time in
nearly two years January contracts
broke below the 12-cent level. August
was relatively weak on this decline,
selling at 1888 or $2.25 per bale under
the closing figures Of yesterday, while
new crop positions showed a net loss
of about 20 to 90 points. Trade inter
ests were again heavy buyers and in
connection with covering by shorts
checked the break, but some of the
old bull brokers continued to sell and
rallies were limited.
The final tone was very steady, how
ever, at the net decline of II to AZ
points, with August closing at 1892
and January at 1906 after that month
had sold at 1l.99.