The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1909-09-28
COTTON PRICES
WENT UP NEARLY ONE CENT
PER POUND LAST WEEK.
A New York Dispatch Says the
Rise Came Like Thunder Clap
From o Clear Sky.

Rise Came Like Thunder Clap
From Clear Sky.
A New York dispatch under date
of last Saturday says the rise OF
eighty points in cotton and a sud-
den upshoot of speculation have
come almost like thunder clap
from clear sky. The tropical storm
with tidal waves, high winds and
heavy damage in Louisiana, Missis-
.sipui and Arkansas as well as Ten
nessee and alabama, has stirred the
cotton world from centre to cir
,cumference.,
Justus Patten has given out bull
lish interviews and is long of the
market. Some Of his holdings OF
December and January he is under
stood to have reduced on the sharp
rise, but he Is credited with buy
ing distant months like March and
May. Other buyers have included
Eugene Scales, Frank 3. Hayne.
william. H, Brown and John w.
Gates, as well, it appears, as promi-
nent tobacco interests. There Is a
story, too. that very prominent cot
ton men have bought heavily of cot
ton yarns. ~
It is rare to see the price OF cot
ton above 13 cents SO early in the
season. Even 10000, which saw
the inception and wind-up of the
Suily deal, did not record SO early
In the crop year prices as high as
they have been. In September, 1903
middling upland cotton ct New York
ranged from 11.20 to 1880 cents
and the extraordinary prices of the
season were not reached until about
the middle of the following March,
when. 1856 cents was touched here.
futures at the same time mounting
to about 1880. -
In September, 1904, middiing up
land here was 1915 to lilo. In
the same month of 1905 it was 10.75
to 1895; In 1906, $40 to $50 and
In 1897 I1.75 to 1885, the highest
prices in September seen up TO that
time. But on Thursday OF the past
week this quotation was overtopped:
On that day 1885 was reached. Some
of the more, radical bulls are pre-
dicted anywhere from Is to II cents.
Eugene Scales has predicted 20
cents. That" was the price which
Daniel ]. Sully aimed at in the spring
of 1904. He got within about 2 1-2
cents of 1t.
Whatever may await the cotton
speculative world, it is enough to
say now that speculation has greatly
broadened within the last week. 1t
should be borne in mind, however,
that the receipts have been very
large. The movement into sight is
even larger than that of last year
in the high record crop. Bears think
present prices discount all the bull
arguments. But it is insisted that
the big crop movement is merely a
hurrying forward of prematurely op-
en- cotton under the stimulus of at
tractive prices.
Briefly, the bull argument is
that the crop Is not more than TO-
100000 to 100000 bales and
that the worlds consumption Of the
American fibre is likely to be 49,
100000 to .13,5o0,o0o bales. The
spindles IN the South have nearly
trebled within 10 years. The census
figures showed that consumption in
the United States last season end
ing August 81 was 5.0S5.3S0 bales
against 4,53s,o90 in the. same time
last year and that the number Of
active spindles in this country, North
and South. reached 27,7S3,4S1,
against 27,505.4 for the same time
in the previous year.
The stock at New York Is stead
lily decreasing and October. which
was recently at a discount of 10
points under January has overtaken
that month. Some think the specu"
lation, however. is getting too wild
and the market overbought and
would not, be surprised to see at
least a temporary sharp setback
through the liquidation of long cot
ton.