The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1909-04-07
COTTON PRICES HIGHER.
TEXAS DROUGHT ASSIGNED AS
ONE CAUSE.
Many Believe That Continued Lack of
Rain Will Counteract Comparative
ly Light Demand.


New York. April 2.--Prices of cot
ton have advanced under the stimulus
partly Of the stock market Rightly
or wrongly the big rise in stocks is
taken by many people here as mark
Ing the return of better times. Stock
exchange houses have been buying
October, December and January cot
ton. SO have Chicago people fired
with their success in stocks and
wheat. Liverpool has been undolng
May and October straddles. The SPOT
markets In the main have been
strong, exports large and spinners'
takings liberal. Meantime the New
York stock Is steadily decreasing and
Is expected to go on doing so. The
Balkan trouble Is settled. British and
German trader reports are more
cheerful and there are some signs of
Improving business In this country.
And there is the Texas drought. 1t is
supposed to be most severe in the
southern part Of the State. but from
all accounts that big cotton field is
supposed to need a good drenching In
the near future. If this does not oc-
cur. 1t is contended. the effects OF the
winter droughts and comparatively
scanty spring rainfalls thus far must
be serious.
The speculation has been as rule
quiet. but on Wednesday and Thurs
day there were Indications of a
broadening tendency when II was seen
that predictions Of rains throughout
Texas were not fulnlled. Thereupon,
shorts in Wall street houses became
good buyers for ''long' account under
the spur not only Of the buoyant
stock market. but also Of the Texas
drought The weather in the South
west will continue no doubt to be one
Of the most important factors in the
whole situation. On the other, hand
business In most dry goods is COM
parativeiy light. The tariff question
still hangs over the country and II is
insisted that the big stock IN Liver
pool must soon become burdensome
unless the demand for the actual cot
ton there increases materially. 1t has
been light during the past week. The
South has been a steady seller most
Of the time. Some large spot inter-
ests have sold considerable May and
October. Crop conditions east of the
Mississippi seem to be improving.
Floods are subsiding and 1t looks as
though feld work from now on will
be pushed n,ore vigorously.
But TO many cotton looks cheap al
present prices. especially as all the
chances and uncertainties Of the sit
aation are still to be faced. Some
contend that with cotton cheap and
prices for grain. mules and hogs rul-
ing high. there 10 at least the possi-
bility OF some reduction in the acre.
age. Others prefer to count on the
normal area being planted but they
think that the start will be late; that
Texas, the biggest cotton field in the
world. Is already handicapped. and
that II will take remarkably good
conditions during the rest OF the sea-
son to produce even q fair crop. Be-
fore long the tariff will be out Of the
way and the stock market is supposed
to be already anticipating the bene-
hcial effects OF a settlement of that
question. That the counry has had
Its panic and 10 now on the upgrade
Is the reasoning Of a large proportion
Of the cotton trade. That is why
buying the new crop months is
becoming increasingly popular. large
ly on the Texas drought.