The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-10-10

positive speech, short and crisp
and following a question with an
| abrupt finality that makes one have to
| axe the leap to another subject. He
has none of the wies of the inter
| viewee. One might hint about for an
hour and never get the story of his
| i;fe. If he had been cast away on
| I desert island and lived on shrimps
| until he was six years old, and learned
20 read from a tract that came in
| with the body of a dead missionary,
| md made a million before he was
sixteen, he would never tell it. About
| cotton, however, he will talk as free
| " as his nature will permit. 1t per-
'nits that he feels that he knows what
| he says to be true. He says it and
| S done.
1t is this assurance, perhaps, which
| s Sully'S most marked characteristic.
| t is not opinionated. 1t is merely
nan stating what to him is the self
| evident. Physically there is nothing
remarkable about the man. except his
| ayes. These are set broadly on his
forehead. They are large and Of
that blue which denotes at once fear
| leSSness, initiative and self confidence.
l may so speak it is an administra
i've eye. 1t shows the system of the
,rain behind it, The system is all
light. If outside influences upset the
| FOrOOrudl1leO results Oh the SYSTEM, So
much the worse for those forces. The
| system remains intact and the eye
ever loses its faith. II am here" it
GEMS to say, Ito remain. Come to
me or get from UNDER Possibly this
$ why Mr.. Sully is not chastened by
Experience. He has that magnificence
| of determination which is hypnotic.
| lis failure, it is plain to see, was but
| he tickle of a fly. He has forgot
| EN- it.
We passed pleasantly or. so.
Your idea, Mr.. Sully. is to advise
he farmers to hold their cotton?''
"Of course: they can get twelve
cents for it if they want to-"
| Here | had expected a discursive
ecture from which l could pick the
| alient features.
| There was a dead silence.
IL have heard a good deal about
| 7our fund, explain it to me, please D.
| well. it's just this. A man puts
SO much money, say a hundred or
| thousand dollars. He shares in any
{ profits that are made. In the mean
! ime. he has protection. He can stand
! my reasonable decline in the market,
! Hes iscsnDt like. a fellow that puts up
| 1 few dollars on a trade and Who" IS
| wiped out on decline. The fund is
IN idea to protect the farmer and
| axe advantage of the right situation
| Whatever is bought will be purchased
It a figure and on margin to pre-
lude the possibility of complete loss.
| t will be large enough for that and
| will be managed so as to attain that
'esult."
Each SUBSCRIBER will then have
| merely so much stock?
| Exactly" said Mr.. Sully.
What is the limit of the fund-the
ime limit?''
"Oh. should think March the first
| Vill be long enough. BY that time it
Till be either monumental success
| )r a monumental failure"
Then Mr.. Sully commenced to talk
about the price of cotton. The de-
line, said he was attributable to only
ne cause and that was the disap-
continent over the government con-
lition report of 71-2. The spinners
we're elated over that, said he and
we're using it in the absence of sup
| oort to bear the market.
But" he asked Fwhat does that
| Export mean? All over the country
otton has been opening with unprece-
| Tented activity. That is the condi-
ion of? If it means the plants which
| ire yet unopened--and that is all it
| AN mean--it means next to nothing.
| There followed a week after that re-
| bort a weather bulletin which took
he wind out of the condition report
| md yet that has been practically I'M
'oticed. That report is significant In
his: 1t showed that sixty-Sx per
| ,ent of the crop was already opened
| md picked. In the face of that show
| ng, what does the condition report
amount to-"
We went on to talk some more as
| % the course of the market The
Co., Il GILL.
| 0r not as they saw fit. He hoped that
hey would hold. If they did they
ould get from twelve to thirteen cents
| f they didn't, of course they would
| out down the markets still further
| ind the spectators would get the high
| prices. That would be the only diff
ference, he declared. for the higher
| prices were surely coming.
'The world" said Mr.. Sully "cor-
| sumes twelve and a quarter to
'welve and a half million bales. 1t
| will need every bale of this crop. Say
| hat the crop is eleven million bales,
! FOR the sake of argument. Cotton
! will still sell for eleven cents. The
| ,pinners are now selling their goods
| IN a basis of twelve and twelve and
I half cents. OF course they want
heap cotton but 1 think that they
| IRE making a mistake. If cotton con-
| tinues to go down, they can't longer
| make sales at present prices
What about the crop brought
! over?'
"That is the greatest mistake you
| ever made" came the reply, "a mis-
| take that is widespread and that the
bears harp on What does the crop
| eft over mean? Simply that there
are so many more bales sold subject
TO spinners demand. They are figured
in the visible supply, but they can't cut
any figure. This years crop will be
attended to by the demand. If the
farmers sell out early, they will simp-
| MISS the high prices which will
follow when the mills begin to bid in
earnest Talk about visible supply
There were four hundred Thousand
bales of this sort when the mills had
| to shut down for want of supplies for
/ three months.
AS to the heavy receipts Mr.. Sully
| attached little Importance to them OF