The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-07-13
COTTON REVIEW.
sharp Advance Attracts Attentio,
the StapIe-Stimulated by Cover
menC p and Continued Phi.
by the Associated Press

ment Report and Continued Painr
(By the Associated Press
New York, July "a sharr a
vance in cotton recently has attracts
general attention TO the staple. ~r.
rise was due largely to the ra.
government crop report putting ~
condition lower than ever beforc IN
July report. Excited speculation h.S
lifted prices to high level prices t.~
the season. Of late the specula-t,.
trading has been stimulated by he.z.
and continuous rains in the Atlar-.,
States, notably in Georgia, and by hot
dry weather in Texas, where max
mum temperatures have prevailed in
many sections day after day of 100 to
102, and in some cases 1O4 and 10e
degrees, n latter in Ellis ounty the
the latter amer cotton cOunty uf
Texas. The soil of Texas was gtrr--
ally fortified against July and Angus
drought n hot weather by normal
rains during the winter and sprtrs
The result is that many sections uf
that State are sending complaints of
the high temperatures n the lack
of the needed showers and rains In
the Atlantic States rains have been So
persistent that the crop, already pret-
ty badly in the grass, cannot, it is
said, be cleaned fast enough. Trade is
i'm proving. Spinners have been buy
LIZ d1luol LII NIcISiI 1
Some dealers Who had sold Futures
against the actual cotton have cover
ed their hedges at losses rather than
part with their supplies.
Chicago and other western centerS
have at times been active buyers. The
South and Liverpool, Wall Street and
New England AVE also bought.
Enormous liquidation at the tempting
advance has been rapid and to all
appearances easily absorbed. The
spot markets have been active at riS-
ing prices.
AS futures reach new high levels
the bulls aspirations mount. FOR
merly ten cents was the goal, then
eleven, then twelve and now il is
thirteen to fifteen cents, They pre-
dict a record breaking price which
will be brought about by the unusual
consumption. America has practi-
cally a monopoly of the worlds cot
ton future. The spindles in the world
have within q few years enormously
increased. Cotton, as helping to sup
ply one of the three primary necessl~
ties of mankind, must, it is commended.
advance With wool and silk, the de
mand for which, like that for cotton,
is annually increasing with the
growth of the worlds population and
the spread of civilization to the re
hottest corners of the globe.
In other words, the bulls flushed
with success, are confident and az
gressive. Yet there is no present
scarcity Of cotton. A good crop may
vet be raised. The outlook for the
WELD has latterly improved. Europc's
trade is indicated as still poor. Cot
ton has advanced nearly $40 a bale
since last October. There is no short
interest, or next to none, and Of late
the speculation has zone wild and be
comes more or less dangerous. On
all good in prices, however,
market has absorbed the offerings
with a readiness which must be con
fessed has made many of the veter-
ans stare. On Friday. though the
tone was steady, the market seemed
g trifie tired. Wall Street and Chi
have latterly sold heavily.