Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1905-06-03
THE EXCITEMENT IN COTTON.
From the Times-D Democrat.

From the Times-Democrat'
The cotton market. after q period OF
deadly dullness, IL now entering upon
one Of the furores which must needs re-
cur. 90 long as wind and weather are
uncertain. There has already been a
rise OF two cents from the figures estab'
lished when the Rings were reeling
under the actual and sentimental weight
of a bumper crop. Many shrewd OBJ
servers believe that this substantial adj
vance roughly discounts the undoubted
change in conditions; other observers no
less shrewd declare that values must
mount to very much loftier levels. In
such matters. prophecy is idle. Expert
ence teaches that the pendulum almost
always swings from extreme to extreme
Of the arc. Within the last five years,
July contracts have oscillated betweeL
5. IA and IS. 81 on the New Orleans OK
change. There were eager sellers in
the depth of the depression. aud there
were buyers no less eager at the height
Of the boom.
The broad facts Il the present case
are reasonably clear. The trade was
appalled, when the Census Bureau put
forth its final report, showing the crop
of 1904 to be somewhat in excess of 49,,
500, 900 bales. As the consumption had
eve come with two millions of this
huge total. pessimists jumped at the
conclusion that a crushing burden would
rem ain for speculation to carry. Short
sighted people proposed that the torch
be applied to the vast quantities which
spinners could not use and this course
was actually pursued in a small way
before the sober second thought came.
A convention assembled in this city. to
deyise ways and means of meeting the
crisis. Resolutions in favor of reducing
the acreage were adopted and farmers
were urged to hold all they could against
the coming of the dawn. The latter
part Of the programme was instantly
put through, and the South gave over
whelming evidence of itsiinancial pow
err in that direction. Five years age
the tack Of banking the colossal reserves
would have been far beyond this sec
tons strength; but times have changed
and it 1901 became manifest that hun
dreds of small institutions, scattered
oyer the lenghth and breadth Of the lane
were both willing and able to do tht
work. In the meanwhile. Secretary
Hester's weekly statistics revealed the
all .inportan fact that the mills were
absorbing the abundant supply on ar
unprecedented scale. and one needed NJ
great discernment to see that the surplui
was mere imaginary than real.
1t may be doubted whether the reduc'
tion Of acreage would have been accom-
plished if nature had not interviewed II
decisive fashion. Torrential ard con
t%inuous rains fell over large districts o.
the belt. Texas being especially afflicted
in this regard. II thus became impos'
sible to plant hundreds Of thousands o
acres which were originally allotted Il
cotton, and a large proportion of tn
land actually planted was overrun b.
weeds and grass. A wet May is usual.
thought to be fatal in this respect
Speculation accordingly took the hint
when it wac seen that the ~floodgates o
heaven were open from week to week
The improvement was slow at first, bu
the momentum WAS greater and create
and greater as the deluge went on, Dur
, ing the session OF yesterday, heartene,
bulls and frightened bears CO operate,
in lifting October to s CO. Times
Democrat.