The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1903-07-08
The COTTON CROP OF 1908.
New Orleans Brown, the Leader Of
The Bull Movement.
CITES HIS VIEW OF The SITUATION
Says Price Has Not been Driven
Up by Artificial Means---In-
crease of Manufacturing.

turers' Record published this week a
dispatch from it's correspondent at
New Orleans containing an interview
with ". P Brown, the leader of the
great bull movement in cotton, in
which Mr.. Brown talks as follows,
| about cotton prospects
This is not matter Of Speculation.
Wesare merchants of cotton and have
been for good many years. ! have
been a bull on cotton ever since it was
selling at ~ cents. Cotton has SIM
ply gone up in common with other
values. Whe1 cotton sold at AZ cents
other things were low. Iron has gone
from S. ton to as much as S26 In
this period and iron is not subject to
drought or to boil weeviL All you
have to do is 20 dig the ore from the
ground and turn it into pig iron.
Cotton is selling at its present price
because it is statistlcally worth it.
Last fall predicted that this crop
would be about 10, $50, 600 bales, and it
is being demonstrated that my predic-
tion was about right. The require
ments of trade are very much more
than that. Conditions entirely war
rant present prices, for cotton has
never failed to sell around present
prices with the statistical condition
anything like as strong as the present
one. There is not only famine IN
cotton, but there is famine IN dry
goods now. Il the mills shut down,
OF course that will add very. much to
the present scarcity of dry goods sup
plies. Although manufacturers and
jobbers Of dry goads complain that
they cam sell goods on the present
basis of raw material, this will even
tually regulate itself. Consumers
must pay the prices or go without the
goods, and we know they won't do
Shat. Trade all over the world was
scarcely ever better and the consum-
ing world is in condition to pay high
prices. It is mistaken idea that
cotton has been forced to present
prices. A legitimate demand and the
strong statistical position have put
prices where they are. If this were
not the case wouldn't be bulling cot
ten at present prices; in other words,
if prices had been forced up, and the
actual stuff could not be sold at pre-
sent I would say that cotton was
dangerously high.
8 As to the new crop, it is exceeding
II late. This adds very much to an
already strong situation, as We cannot
expect much new cotton now until late
in September. AS to the size OF the
new crop, it is entirely too early to
say much, though We know Late crop
is subject to great many more neces-
sites than any early one. For INST,
ance, there are three things that could
make this crop failure, a great deal
of rain during the next few weeks; or
a severe drought during July
and August or an early frost. On
the other hand, If none OF these things
happen and we have perfect conditions
all the way through and a very late
fall, we might make an average crop.
But it is easily to be seen that the
odds are against this years crop turn
ing out an average one and the world
needs big crop, a very big crop.
Eleven and a half million to twelve
million bales would not be any too
much. In fact, with q crop OF not
over Il, 5oo.00O bales, / think prices
will range nigh all during next sea-
son. The whole truth of the matter is,
consumption has overtaken production
and there is not much of either raw
material or manufactured goods on
hand
In spite of the temporary effects of
high priced cotton southern Capital
and capital from other parts Of the
country are finding steady inVestmet
in southern textile enterprises, the ad-
ditions to established mills as for some
time passed exceeding the investments
in new mills. Reviewing the second
quarter of the year, The Manufactur-
ers Record says that while there were
no especially large individual enter
prises announced, several $500, 900
companies were organized with all the
required capital secured. During the
three months Is new mill companies
were organized with total Of 1i9, 500
spindles and 2,S40. looms to be install
ed, indicating an expenditure of about
50, 800, ,0CO, and 10 established mills
announced their intention to add 172-
554 spindles and 2, 1853 looms, indicat-
ing an expenditure OF about s., 45O, 600
The total of additions is 292,054 spin
dies and 5, 1919 looms, requiring an ez-
penditure of about S., $40. 600. OF the
additions Georgia is to- have 50, ~
spindles, South Carolina 95, 600, North
Carolina Is, 942, Alabama $4,000 and
Virginia 5000.
Dnrino the first half of the year