The sun., 1905-11-26
PRICE COVERS COTTON SHORTS
avs me- CAN'T FIGHT Politics
AND SECTIONALISM.
u.,,e,es. Nevertheless, That the Crop VIII
ne Mnch Larger Than the Depart.
mcnt VIII Estimate Hull Triumph
Follows Hardly on Imminent Disaster.

mcnt WIN Estimate Hull Triumph
FolIoss Hardly on Imminent Disaster.
Theodore II. Price, for many months
.0s the leader Of the bears In cotton and
,hs constant prophet Of a large crop, an
Sor,ced last night that he had covered the
lii of his big short interests yesterday.
" Price has repeatedly been accused Of
.nvarine his shorts In spite OF his frequent
.,,;n,ates OF n large crop, and he has as
sS,an unit yesterday. denied the reports.
NV reason" said Mr.. Price yesterday,
.,or taking this action Is my fear that the
,.rtbcoming estimate OF the Agricultural
nonartment will indicate a crop Of under
n 600 bales. While l personally be-
lieye in a much larger crop than this, and
vhile all my study Of the question supports
that belief. it is idle to ignore the fact that
,ha size of the cotton crop has to-day be-
nome a political and sectional issue rather
,han A statistical or a commercial fact, and
nolitcal forces are not among those that
sare 10 contend with"
Mr. Prices reference to the Agricultural
Deparment's estimate being influenced by
,artonal and political forces has to do with
,hs sFort which has been made to have the
Southern cotton planters hold their cotton
for bgh prices, 1t has been asserted that
the Census Bureaus ginners' report OF last
Tuesday. which showed so Unexpectedly
ANAL A return that cotton advanced SIS bale
In fifteen minutes, was very incomplete be-
cause of the ginners' partialty in making
returns and because Of the planters in
difference about having their cotton ginned,
due 10 their desire to hold out for higher
prices.
The bull leaders in the market and such
outside bull pool operators as Joseph H.
Hoadley together with Harvie Jordan,
president of the Southern Cotton Growers
Association, have been working hard to
persuade Southern planters to ho'd their
cotton for higher prices, Hoadley and Jor-
dan have even urged the planters to hold
for is cent cotton, and they assert that
a great number of the planters will do so.
Hoa iley says that 5000 mass meetings will
be held in the South this week to spread
I e propaga da.
Hoadley sal last week that he held
several hundred thousand tales, which
meant more than a million Of paper profits
for him The particular victory for Hoadley
and the other bulls which forced Price to
cover his shorts came on Tuesday with the
Census Bureau ginners' report.
Although Mr.. Price has been driven to
cover and the bulls are now on top, the
general cotton market situation for the
last couple Of months has been one Of sem
sational ups and downs, never before
equalled except in time of general panic
or big failures. Only a few weeks ago
the bears were on top, and cotton tumbied
day after day following the Government
monthly report. At that time it was said
that the many bull pools we're threatened
with destruction. remarkable feature
of the situation has been the wild fiuctua-
ton Of from 20 to 80 points from day to
day in addition to the few big movements.
The violent fluctuations, especially the |
extraordinary rise in the price of the staple |
during the last week, has had a very dis
turbing effect upon the cotton trade check
ing business to large extent. The CON-
dtions are so unsettled that buyers and |
sellers do not know what position to as
sumo.
An indication Of the rapidly growing
interest In the speculative side Of the cot
ton business is shown by the recent increase
Ia the cost Of Cotton Exchange member
ships. A few months ago they were selling
at $4,000. The last recorded sale, about
a week ago, was for 81 900, but it is known
that the only available seat now for sale
will bring at least $4,000 Only a few
years ago eats were selling for 81 900.