New-York tribune., 1909-09-22
PATTEN A COTTON BULL
IN CHARGE OF BIG POOL
Hyyires IN Wall Street TO Engineer
.fnothcr Corner.

-, pa,,en. who last spring negotiated
,ucoessful corner IN wheat. arrived N van -. 80
yesterday 20 take charge of big huii poor =, - -,
con which has Just been formed by hlhseii %
hale q dozen other big men, Among thehn' II =
.ssd are William =. Brown. F. O. scales dll1
Prank r. Hayne, who are three ~ me la 80 80
cotton operators in the South ana no,e -.
consnicuors in former bull movements in the mar
tet here The pool, Il stated on the moor VI
the Cotton Exchange, holds one million paeS oi
cotton -.-o...r
Mr. Paften when seen at the Offices OF Carpenter,
Rargot a Co No IS William street where he VIII
make his headquarters while in this city frahRV
admitted that ne was member OF bun poor III
cotton He added that he had gone into the cou.on
market to stay. and that he expected 10 see ''e
pYsce OF he staple go II cents Oh the present
bulge and ultimately to 70 cents. The cause ol
the advance he declared would not be speculative
but would be due 10 the smailness OF the CROP
compiled with increased demand
In this connection he pointed out that the manu-
facturers of automobile tires alone now consume
yearly SJ0e0 bales OF cotton and that the IN
creased tariff or-woolens would result in greater
demand for cotton goods and consequent In
creased consumption Of cotton. Inc English spin
ners Mr. Patten said. We're already alive TO the
situation and buying all the cotton they
could get but the American spinners had not yet
awakened 10 the true condition of ahalrs as re-
yards this years crop.
IN explaining his entry into the cotton market
Mr. Pstten said that 1t due 10 the same condi-
tions and was based the same judgment that
had led him 10 embark on a bull campaign IN
wheat last spring. Cotton. he added. is like
everything else. It's subject 10 the laws OF sup
ply and demand II the supply Is small there's
bound 10 he a rise in prices. The demand is sure
70 increase also. have already pointed out
and that viii shoot the prices up higher. Cotton
sells on its merits and the annual consumption Of
cotton increases just the annual consumption Of
wheat and other staples increases. and with crop
below the average prices bound 10 20 up"
Speaking Of wheat Mr.. Patten said that he was
NJ of he rkff, ,ef;a and hat ese11th is
hrTn was carrying 100000 bushels of cash wheat
We have the actual grain he added, "in eIe-
vators. or the way there Mr.. Patten holds the
same IDEAS in regard the production of wheat in
fhis country James J. TTill IF things keep on
they are. hc said yesterday this country will
TO he wheat exporting country in twenty
Years. We are not going 10 import wheat this
wear next. hut the tinlo is coming when ne will
he getting part of our supply from abroad
The only thing that would enable this country 70
r7sintaiu its position wheat exporting country,
~ declared, would he greater Intelligence in pro
duction. Tho farmers. he said. must learn to take
Of their land fertilize it and practice rota-
ton Of crops
Nj SPatten's prediction that cotton VIII touch l :
cents on the present bulge tle Sllv pool in
February. 1903 when IT Went 70 1Ii2 cents after
several days excited trading and sensational ad-
zsnces The prediction also made at that time
that cotton would 60 10 % cents but instead prices
took tumble and the bulls never succeeded in get
ting them back to the high figures they had reached
during the operation of the pool
Cotton on the local market yesterday advanced
8 hale the active options crossing the l3-cent
mark for the first time this season While the ad
vent Of Mr. Patten on she scene tlay have fright
ened the bears extent. the principal cause
Of the advance was the news Of the severe Gulf
storm. which reported as moving up into the
centre of tho cotton belt The market failed 70
hold its advance, however. and in the late after
noon heavy realizing sales and a withdrawal OF
support carried prices down 10 TO Is points from
the top in the active options. The close was bare
" steady ct a net advance of from TO points.
There were reports the floor that Patten and
his associates had let go some long cotton during
the afternoon Mr.. Patten eTnphatically denied
fhis. He declared that he had not sold pound OF
cotton during the day, but that he had bought d
considerable amount. How much he refused TO say