The Sentinel=record., 1909-11-07
THINKS COTTON
 WILL STAY HIGH FRANK B. HAYNE THINKS THAT THE COTTON WILL NOT
 REACH 12,ooo,ooo.
Consumption of Cotton is Gradually Growing Larger and Has ln- creased Over s,ooo,ooo Bales
 in Six Years.

Mr. Frank B. Hayne, who has lab ored consistently for higher cotton prices this season has outlined the reasons why he is bullish on the mar ket at l5 cents, as follows
 When the government bureau re- port issued on Aug. 2, showed a con oiton or n. per cent, l felt convinced the crop could not possibly reach l2'o0O.0O0 bales, and that cotton was selling far below it's real value When the government report, issued on Sen lember ?, showed condition of 63.7 Fer cent, l felt satisfied that Il 800 GOO bales was the maximum possipie for inc crop and at that time received d telegram from Mir. J. N. Wisner of New Orleans asking MT. w. P. Brown and myself to telegraph to him in full our views on the situation. MT. Brown was absent so I replied to MT. Wisner by telegraph, as follows:
 We look at the situation as fol lows. Diseounting every favorable condition that can arise until Decem- bales,r 5o.49 per cent shrdlu etaoinrh Gates maximum crop of 11.2ou,1ue. and with unfayorable conditions might easily be 100000 bales less. Con. sumption last year 13,l00,000, in spsss Sff -silurt time in England and continent. With largest American crop ever produced the price adyanc- ed s20 bale while being marketed and the visible supply is far less than two years ago. With certainty that 13,500.000 will really be needed by the country and that probably less than 1l,500,000 will be grown an eventual advance is simply unaboidable In. der normal conditions the market should have certainly advanced to B cents Yesterday but was kept down by the enormous selling of the bear clique. These sellers base their ac- ton on the supposed helplessness of the South, thinking the South will be forced to sell its cotton al any price the spinners are willing to take it at. We consider that the competition be- tween spinners who will certainly re- quire l,l0Q,000 bales monthly, will take care of this so-called distressed cotton. If the bankers of the South will help the farmer to market his cot ~rUn slowly, we firmly believe 1t will be worth 15 cents in the next sixty days The weakness in oiir opinion of the bears argument, is that, al though the producer may be foolish enough to be willing to sell his cotton far below 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 buying freely at 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 5,000,O0O bales of cotton on which he realized probably $35O00O,- 900. It was very hard to convince the farmer that l2 cents was not an extreme price for his product. but througl the efforts of few Southern men, they finally realized the fact that they were sacrificing their cotton, and believe that at least $50,000.000 more has been obtained for the cotton marketed to date than would have been if it had not been for the efforts of this small cotetie of Southern men.
 My prediction on Sept. of fifteen cents in the next sixty days, has now come true, but at that time 1 thought the crop would be from fl.250,000 bales to li.500,0OO bales. now feel confident that the maximum of this crop is 10.75O.ooo bales. the probabl- ity Is that 1t will be under f0,500,000. bales; and there is a possibility of it's not reaching i0,006,000 baies. Under tie present conditions.I now feel that 15 cents is as auch too cheap for cot ton as twelve and half cents seemed 10 me on Sept. ].
 give below some figures that may