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

his Change OF Eeart.
He Believes That Thcre 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 O; his change of
heart:
New York, April q, 1905.
Dear Sir: For over a wear I have
been a persistent and consistent bear
upon the cotton market, believing as
l did that the relatively high prices
OF 1904 and 1908 would reduce con,
sumption.
The comparatively low prices of
late current have, however, reversed
the trend OF trade. The world, in nv
opinion is about to witness tremend-
GUS expansion in the cotton industry
and the prospect Of another large crop
next year La 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.
"THEo. II. PRICE"
Accompanying the above is his
monthly crop report, which comprises
a compilation Of 2,243 replies of an
average date Of APRIL 17th, from ,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.
llZer used In your section?
From the replies received to these
he obtains an average indicated acre.
age decrease of ii per cent.
He then goes en- to say:
My previous report was issued
March 25th 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.
Ihe decrease now indicated is Ia 2
per cent, which would seem to sug.
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 1,686,.
900 acres less than the acreage OF
l9O4-O3 which produced crop OF ap-
proximately 200, 600 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 tobasse1aa a =
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
tion OF last year was an average OF
fully twelve days earlier than tie
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 cot.
ton reported planted in these counties
prior to the frost averaged so per
cent, much Of which has to be- re.
planted.
Georgia Columbia, Hancock, Mon
roe, Harris, Troup, Cobb, Burke,
Screven, Washington, Coweta, and
Dooly connties. 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.
Misslssippt-Chickasaw, Oxtibeha
CLAY. Cotton reported planted in
these counties prior to the frost aver
aged 10 per cent. Much replantlny
neces ary.
Asafar as present conditions afford
any Ia iicltiol, the prospect OF
bumper crop for the season of 1905. .06
Is not brilliant, and in view Of the
fact that whatever the consumption
this year may be it is probable that
the world will require a crop of at
least II. 900, 900 bales next year, am
OF the opinion that a policy of con-
servatism on the part of splnners sug-
gests the advisahility 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.