The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-05-15
COTTON

New YORK, May IA strong and
pcen met by heavy sales on the MARI
or those who had the foresight to grasn
the possibilities of the situation when
prices were lower. and who. with the
fatuity of the ordinary speculator. are
content to realize small profits out OF =
situation that promises enormous pos
sibillties. po'-
as l said yesterday, believe the
advance IN the cotton market has ONLY
commenced, and before many DAYS
twelve cents Will seem as chcnp for
cotton as ten cents did yesterday. We
Know In part, and prophesy in part but
bic us to prophesy. with undated CON
hdence. probably the greatest convll-
sion in the value OF cotton that has
been seen since 1903.
In the period which has elapsed the
world has enormously increased in
wealth and In its textile requirements
1t is generally recognized that cotton
fabrics are the cheapest form of clotG
that society has as yet discovered, and
the uses for cotton cloth are contin-
ually increasing. AS a single instance
OF this fact, | may mention that | am
reliably informed that the cotton duck
used in connection with the manufac-
ture of automobile tires during the
present year. will be the equivalent OF
over 100000 bales of cotton. There IS
movement on foot amongst the plant
jute bagging. previously used in baring
cotton a cotton bagging made of low
grade cotton. If this plan Is realized.
it will Increase the consumption OF
cotton by fully q million bales
In regard to the next crop. I cannot
do better than quote the following let
ter this morning, received from very
conservative member of the New York
Cotton Exchange.
Have just returned from over q two
months trip South, and found condi-
tons much the same as | did in 1906
at the same period. Towards the end
of my trip, visited ALBANIA and Ten
nessee, and the same conditions OBJ
tanned there as In Georgia. Replanting
was going on all over. whenever the
ground was sufficiently dry to permit
succession of rainfalls. all over, farm
ers were having hard time of it. and
this, together with the scarcity OF seed,
which is of poor quality, has created a
mand for cotton and cotton goods. is
nothing less than alarming All mills
visited recently are sold up to jan
uary l. 1905 and many into June. In
Anderson, S. c., l found the largest
mills sold into June. and in other
places, the larger mills had advanced
prices to prevent buyers from making
purchases further forward. Mills in
carry them into July, and have con-
| tracted through large spot houses for
the balance of the season, but there is
scarcely a mill that will not have to
buy during the summer months. In
| hundreds OF towns in the Carolinas
Georgia, and Alabama one cannot fnG
u bale of cotton. while In larger mil,
towns, stocks are not one-sixth as
much as at the same time last year
| All old cotton, as far back as 1904, has
| been sold from plantations, and much
| of the cotton in warehouses every
where, is two and three years old.
made particular inquiries regarding
mill commitments for goods and the
stock of cotton. in every town l visit.
ed. and what L am telling you, arc UNI
disputed facts.
II don't believe the country can make
| 100000 bales this season, and 1t is
bound to be n late crop, and an insect
crop. l guessed the last crop as 49,.
100000 early In the summer, and the
previous crop at 100000, and dc
: not think this one can be over 10000.
600 with average conditions from now
on For your information l will also
state that only last week dry-good'
men informed me that they cannot gel
| shipments on new business before mex
| December. and on some lines they can.
not get shipments at all. made these
inquiries In every town visited and the
.Iinformaton was the same all over.
believe you are absolutely correct II
your views Of the market, and crol
conditions, and am satisfied your 1udg
ment will be moro than vindicated be
fore tho season Is over"
/ (Signcd) THEODORE Fl. PRICE.