The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1919-11-22
COTTON CONDITIONS
ARE MORE BULLlSH
Spectators Caught and Con.
tracts Switched From De-
cember by Holders at a
Tremendous Loss

Columbia NOV. 17.-"Thc condi-
tions bearing on the price of cotton
are more bullish than they have beer
before in the last sixty years. said
J. S. Wannamaker. president of the
American Cotton Association III a
statement issued tonight.
Mr. Wannamaker declares that
bear spectators in the North and
South arc caught for tremendous
losses, that New York has Liverpool
caught for shockingly large sum,
that manipula.ors who have been per-
time to time are HOW seeking to
switch them from December and Jan
ary, both of which months are ter
IDLY overloaded, to March and May
ind tha: one Of the largest specula-
ors in the South who WAS caught re-
emily made an offer of s2,O00,000 30
cancel out his contract, which w2s
sold at much lower prices.
when the war broke out in 1914
he Liverpool spinners had the New
York SPECTATORS absolutely by the
leck.' says Mr. Wannamakcr's state
nent. The price Of cotton was fore
ID down to unheard Of prices The
exchange even closed and it was i'm
possible to sell cotton at any price
hey saw fit to pay. New Yc~k bGlls
VINO were caught by Liverpool were
forced to pay fearful losses. Today
the condition is the reverse except
that New York has Liverpool spin
ners caught for much larger amounts
than Liverpool had New York caught
Tor in 1911.
I'm addition to this certain large
bear spectators in the South and
North are caught for tremendous
losses on the New York exchange.
Both the Liverpool spectators and
he northern and southern specula-
tors have been permitted to switch
heir contracts from time to time at
tremendous additional losses for max
ng the switches These contracts ere
low switched. into December ana
January. Both of these months are
.erribly overloaded These manipu-
lators are now making desperate
>ffort to induce the New York bulls
to permit them 20 switch to March
and May. 1t is Very questionable As
20 whether this will be permitted orI
not. One Of the largest spectators
IN the South who was caught recent
" made an offer Of $2,000.0O0 20
cancel out his contract which was
sold at much lower prices. This OF
fer was refused. Under existing con-
ditions the New York spectators
who absolutely control the situation
claim not only tn pound Of flesh. but
the hoof. hide. hair. blood and bcne
Another matter of grave concern
to the bears is the fact that a ire /
mendous amount Of spot cotton was
sold to certain European interests last
summer when prices were lower. in
addition to this: there is n tremendous
amount Of cotton bought for May and
lower months The cotton now sold
TO the New York and New Orleans
Exchanges. and the cotton contracted
for by certain European interests.
For last summer is far in excess OF
the available cotton today including
the cotton ungathered in the fields.
IN their desperation to escape from
the trap the bears have used every
1nown means to break the market so
as to force the spot holders to sell
SPOT cotton with which to enabl"
hem to fill contracts. which they
made for something they did not own
and for something which they can
Tot now obtain. y