The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1909-10-20
COTTON PRICES SOARING,
BULL SIDE STILL POPULAR WITH
SPECULATORS.
Reports of Damaging Weather and In
crease in Activity OF Cotton Goods
Market Were Factors.

New York, Oct 15.-Prices of cot
ton have advanced under the stimula
tion of big and broadening specula-
ton. Killing frosts in half a dozen
States have whipped it into greater
activity than has been seen for some
time. Also exports have been very
large this season, being more than
haif OF the quantity brought into
sight, counting the quantity on ship
board, and Northern spinners who
have hitherto been for the most part
doubling Thomases on the subject of
crop and impending big prices have,
according to many reports, been more
anxious Of late to buy. Temperatures
as low as 28 to 80 degrees have been
officially reported in the big Memphis
district and in Alabama there have
been copious rains on top of frost.
Bulls think such conditions have put
the quietus on growth. James A.
Patten. Frank B. Hayne, Eugene
Scales and VIM. P. Brown, with var
ious outside interests, including people
in the tobacco and metal trades and
Waldorf-Astoria group, have been
buying. Many Chicago operators have
recently neglected wheat for cotton.
Some reports are to the effect that
ginneries are already closing for lack
OF cotton. Spot markets have been
advancing under the stimulus of
better demand. At Fall River print
cloths have advanced 1-S of a cent
and some other cotton fabrics have
also risen. Yarn quotations at Bos-
ton and Philadelphia have been high
er. 1t Is true, on the other hand, that
the receipts at the ports continue
heavy. There is a powerful incentive
to market cotton rapidly with prices
over $40 bale higher than they were
year ago. Some advices from the
South say that damage by frost has
been exaggerated. Spot sales in Liv-
erpool have on the whole decreased.
Bears insist that consumption will be
greatly reduced by existing prices and
that the crop Is being underestimated
and speculation unwisely stimulated.
The New York stock is steadily gain
ing. The short interest here has been
largely reduced of late and it is be-
l1eved that certain operators who
have vigorously attacked the market
from time to time during the last few
months are only waiting an opportu-
nifty to repeat their tactics of the past
"h1ch Tor time at least were sue
cessful in bringing about sharp down
ward reactions. Heavy realizing of
profits has taken place, the South is
selling heavily as a hedge against ac-
tual cotton, Liverpool is selling freely
to undo straddles, and as already inti-
mated, some important interests are
opposed to an advance, to say moth
ing OF the generality of spinners. But
the Sonth is evidently in funds and in
dependent. 1t has already marketed
about 3,5e0,000 bales Of cotton, it is
computed. and probably got some
thing like seS0, 900, 900 for it. Three
years ago the cotton crop of the South
sold for s71S, ,000, 600. and although
the present yield is believed by many
to be small, prices have risen to such
point that it need occasion little sur
prise if the yield should sell for well
over $7S0.oe0,O00 this year. The bull
side in cotton is still the popular one
from statements made by the man.