Fort Mill times. [volume] (Fort Mill, S.C.) 1892-current, 1909-11-11
WILL GO HIGHER
Frank Hayne Says Fifteen Gents is Too
Little for Cotton
The CROP VERY SHORT
The Big Cotton Man, Who is Ma
tive of This State, is Optimistic.
and Reviews Recent Market Hi -
tory and Deduces Strong Belief
i'm Yet Higher Price Levels.

tory and Deduces Strong Belief
i'm Yet Higher Price Levels.
Mr.. Frank b. Hayne. South Caro-
linian now living in New Orleans
who has labored consistently for
higher prices for cotton this season,
has outlined his reasons for saying
that fifteen cents is too little for
cotton as follows.
when the government bureau
report, issued on August 2, showed q
condition of 71.9 per cent. I felt con-
vinced the crop could not possibly
reach 100000 bales. and that cot
ton was selling far below its real
value. When the government report,
Issued on September 2. showed a con-
dition of 63.7 per cent, felt salts
fed that 11,50O,OOO bales was the
maximum possible for the crop and
at that time received telegram from
Mr.. j. n. Wisner of New Orleans.
asking Mr. w. p. Brown and myself
to telegraph him in full our views
on the situation. Mr.. Brown was
absent. SO l replied to Mr.. Wisner
by telegraph as follows:
We look at the situation as fol-
lows: Discounting every favorable
condition that can arise until Decem-
| ber l. the government report indi-
Gates maximum crop of 11,25o,0OO,
and with unfavorable conditions
might easily be- 100000 bales less
! Consumption last year, 100000.
IN spite of short time in England
and continent. With largest Ameri-
can crop ever produced the price
advanced $50 a bale while being
marketed and the visible supply is
| far less than two years ago. With
a certainty that $500 900 will real
| ly be needed by the country and that
probably less than l1,500.000 will
be grown. an eventual advance is
simply unavoidable. Under normal
conditions the market should have
certainly advanced to l3 cents yes
terday. but WAS kept down by the
| enormous selling of the bear clique
These sellers base their action on
the supposed belplessness of the
South, thinking the South will be
| forced to sell its cotton at any price
| the spinners are willing TO take il
at. We consider that the compe-
tition between spinners who will
| certainly require 100000 bales
monthly will take care fthis SO.
called distressed cotton If the
| bankers of the South will help the
farmer to market his cotton slowly.
we firmly believe il will be worth
. cents in the next GO days. The
weakness in our opinion of the
| bears argument is that. although the
| producer may be foolish enough to
be willing to sell his cotton far be-
low its actual value. We hardly think
that the spinner will be foolish
enough. when he fully realizes the
facts of the case. not to start buy
| ing freely ut these prices and thus
avoid the scramble for spot cotton
that will surely take place some time
during the season.
| The Southern farmer has sold at
| least 100000 bales of cotton on
which he realized probably $3.50
| 600, 900. II was very hard to con.
vince the farmer that IL cents was
not an extreme price for his pro-
duct. but through the efforts OF n
lew Southern men, they finally rea-
| liZed the fact that they were sacri-
ficing their cotton, and believe that
at least $50.00O.0OO more has been
obtained for the cotton marketed
to date than would have been il II
| had not been for the efforts of this
| small coterie of Southern men.
My prediction on September OF
come true. but at that time I thought
the crop would be from II ,25O,0O0
to 100000 bales. I now feel con
fident that the maximum for this
crop is 10.75O,0 900 bales. The prob.
ability is that II will be under TO-
100000 bales; and there is pos
sibility OF its not reaching 10000,
600 bales. Under the present con
ditions now feel that l5 cents is
as much too cheap for cotton as |:
l2 cents seemed 10 me on September
3.
"In 1903-'0i. known as the 'Sully
year the crop was 1901 900 balc'
and the consumption only 1O.0S3.
900 bales. and last year tho con
sumption increased 3.074.000 bales
or 30.49 por cent The visible sup
ply on the 1st of September. thi
season. was 1,472.000 and on the / s
of September. 1903. was S17.00t
bales or only 9S5.000 bales less
therefore in the 'Sully year. with
visible supply on September o
$1,000 bales and a crop OF 10.
oil. 900 bales. the world had 10.
$4,000 bales OF cotton. OF whicI
,, they used 10.0S3.000 bales. Th
visible supply on the 1st OF Sep
tembe this year was 1.472. 90
bales. II the crop should only prov
l0.500.0 .00O bales. the world will hav
supply OF only 1872 900 bales
while last year it, actually consunns
In spite OF short timo In Englau
1000 bales. or a deficit of 1
1S5. 900 bales
why. IL In the 'Sully year th
crop had only been 1900 600 To &