The Marlboro democrat. [volume] (Bennettsville, S.C.) 1882-1908, 1905-05-12
TURNS BULL.
Theodore Price Give Reasons For
His Change Of Heart.

a1b VuauBe OF heart.
He Believes That There Will be a
Material Reduction In the
Cotton Acreage.
Theodore Price has become bull
and Is now endeavoring to make up
for his wanderings from the light by
the distribution of bullish literature.
For instance, he sends out the follow
Ing letter explanatory OF his change of
heart:
New York, April q, 1905.
Dear Sir: For over a year have
been persistent and consistent bear
upon the cotton market, believing as
l did that the relatively high prices
OF 1904 and 1903 would reduce con-.
sumption.
The comparatively low prices Of
late current have, however, reversed
the trend Of trade. The world, in INV
opinion is about to witness tremend-
GUS expansion in the cotton industry
and the prospect Of another large crop
next year Is exceedingly doubtful, as
shown by my crop report, issued to-
day.
Under these conditions, believe
that cotton can and should be now
confidently bought by all those likely
to require it during the next twelve
months.
Should prices decline still further
on the marketing OF this years sur.
plus, purchases will, in my opinion,
become only the more attractive.
'TnEO. II. PRICE"
Accompanying the above Is his
monthly crop report, which comprises
a compilation OF 2,243 replies of an
average date Of April 18th, from 1 1,499
out OF total Of 2,340 towns in the
cotton belt to which the subjoined
queries were addressed:
Is the crop late or early In your sec.
tion, and to what extent?
What percentage Of increase or de-.
creass will be shown by the cotton
acreage In your section?
What proportion OF the proposed
area has been planted up to dateP
What percentage Of Increase or de.
crease will there be in cotton ferti.
lizer used in your section?
From the replies received to these
he obtains an average Indicated acre.
age decrease of IA per cent.
He then goes on to say:
My previous report was issued
March 10Th and Summariz ed or an
average date Of March 18th. In that
report the indicated decrease in acre
age, az estimated by my correspon
dents. was 49, 4 per cent.
The decrease now indicated is IA 2
per cent, which would seem to sup.
gest that as the season has progressed
the disposition to reduce acreage has
become less pronounced.
1t is noteworthy, however, that
the Indicated acreage on the basis OF
the figures as reported is now I,686,-
600 acres less than the acreage of
19O4-03 which produced crop of ap-
proXimately 10. 200, 900 bales.
My correspondents adhere to their
previous report as to the reduction In
the amount Of cotton fertilizer used,
many of them stating that the In
crease in the fertilizer tax tag sales
reported by the state authorities. is
due to the increased quantity of ferti.
lizers sold for use on the tobase.s a. = Z
truck acreage, which has been largely
extended this season.
The most important feature OF
the crop report, In my opinion, how
ever, Is the fact that the crop is re.
ported on an average twelve days later
than the normal, while the proper
finn nf 1oct
fully twelve days earlier than the
normal, 1t is plain that the growing
crop Is at least three to four weeks
later than last year.
a notable though unforeseen fea-
ture was the recent heavy frost, and
l have separately tabulated the re-
marks OF my correspondents In refer
ence thereto. Killing frost occurred
in:
South Carolina-Aiken, Charleston,
and Orangeburg counties. The CO...
ton reported planted in these counties
prior to the frost averaged 60 per
cent, much OF which has to be re-
planted.
Georgia-C Columbia, Hancock, Mon
roe, Harris, Troup, Cobb, Burke,
Screven, Washington, Coweta, and
Dooly COMMITTEES. The cotton reported
planted In these counties prior to the
frost averaged 25 per cent Much re.
planting necessary.
Alabama-Marshall, Wilcox, Talla-
poosa, Lamar, Hale, Chambers, Bar.
bour, Calhoun, Montgomery, Lime
stone, Dallas, Perry, Gilmore, Bibb,
Bullock and Lee counties. The cot
ton reported planted in these counties
prior to the frost averaged SO per
cent. Much replanting necessary.
Misslssippi-Chickasaw, Oktibeha
Clay. Cotton reported planted in
these counties prior to the frost aver.
aged 10 per cent. Much replanting
neces ary.
Assfar as present conditions afford
any iuiicatio1, the prospect of
bumper crop for the season Of 1906 06
is not brilliant, and in view of the
fact that whatever the consumption
this year may be 1t is probable that
the world will require a crop Of at
least IL, 600, 600 bales next year, l am
OF the opinion that policy Of con-
servatism on the part of spinners sug-
gests the advisability Of protecting
their commitments as far into the
future as possible by purchases Of cot
ton on the basis OF present prices.
My reason for this opinion as de-
veloped from close study of the