The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-09-28
(By the Associated Press. }

New York, Sept. PA rise Of so
points in cotton and a sudden upsnoot
of speculation has come almost like
a thunder clap from a clear sky. The
tropical storm with tidal waves, high
winds and heavy damage in Louisiana,
Mississippi and Arkansas as we'll as
Tennessee and Alabama has stirred
the cotton world from center to cir
cumference.
James A. Patten has given out bull
ish interviews and is long of the mar
ket. Some of his holdings of Deem
Der and January he is understood to
AVE On the sharp rise but
he is credited with buyinge distant
months like March and May. Other
buyers have included Eugene Scales,
Frank B. Hayne, William p. Brown
and John w. Gates, as we'll, it ap-
pears. as prominent tobacco interests.
There is a story, too, that very prom
1nent cotton men have bought heavily
of cotton yarns.
1t is rare to see the price of cotton
o 13 cents so early in the season.
Even in 10000 which saw the in
ceptlon and wind up of the Sully deal
did not record so early in the crop
year prices as high as they have
been. In September, 1903, middling
upland cotton at New York ranged
from 11.20 to 1850 cents and the ex-
traordinary prices Of the season were
not reached until about the middle of
the following March when 1866 cents
was touched here, futures at the same
time mounting to about 1850. In
September, 1904, middling upland
here was 1860 to lilo. In the same
month Of 1905 it was 1915 to 10. 95.
in 1906 so to $50, and in 1907,
I I TX 70 4 . S0 %ho I;ono~ --;o.- -
September seen up to that time. But
on Thursday of the present week this
quotation was overtopped. On that
dav 1855 was reached. Some Of the
more radical bulls are predicting any
where from Is to IT cents. Eugene
was the price which Daniel J. Sully
aimed at in the spring Of 1904. He
P~+ within o 2 IL cents of it.
Whatever ma await the cotton
speculative world, it is enough to say
now that speculation has greatly
should be borne in mind, however.
that the receipts have been very
large. The movement into sight is
even larger than hat 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 hurry
In orward Of p~rematurely open cot
ton under the stimulus of attractive
prices. Briefly, the bull argument is
that the crop is not more than 49,
5000 300 to 1900, 900 bales and that
the worlds consumption of the Amer
lean fibre is likely to be 10000, 900 to
13,500,000 bales. The spindles in the
South have nearly trebled within ten
years. The census figures showed
that consumption in the United States
last season ending August 81, was o.
085,380 bales against 4%,539,O9O in the
same time last year and that
number Of active spindles in this
country north and south. reached H.
7S3,491 against 2~7,5O5,422 for the
same time in the previous year. The
stock at New York is steadily decreas-
ing and October. which was recently
at q discount Of ten points under
January, has overtaken that month.
Some think the speculation, however,
Is ~etting too wild and the market
o~ver-bought n would not be sur
priced to see at least a temporary
sharp set back through the liquidation
Of long cotton.
Movement OF Cotton.