The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-05-25
BULL|SH IDEA
IS DOMINANT
Review of the Cotton
Situation
BIC DEMAND IN CHINA
People Look for Il Small or
Moderate Crop, a Big Consumption
and 4 Further Material Rise This
SuFnn1er-Bullish Government Re
port Expected.
(By the Associated Press.)

49,
NeW York, May 21.-Spinners may
not care to buy cotton but the specu-
latNs world does ana prices have
further advanced with May and July
leaders. on the hope that there
is little likelihood that the next crop
will reach the required size. 1t is
is 10000 600 bales it will be regarded
as almost a failure. Tha is how the
bulls look at It. Bear assert that
even such a crop would be large
enough, seeing that the last one was
IN lhelr opinion nearer 100000
bales than the bulls are willing to ad-
nit and that q good surplus Will be
carried over to next season. But the
peIleVers in higher prices contend
that the consumption is likely to De
the largest one or record or certainly
very much larger than that OF last
wear Texas, they think, has compare
tlNely little moisture in the ground
after the winter and spring drought
and that unless it has good soaking
rains at short Intervals it cannot raise
more than 100000 bales if it can do
thai much. Some parts of that State
nave recently had beneficial rains, but
the western section is still supposed
to iced a good soaking. Meantime
Louisiana and Mississippi have had if
anything, too much rain. Certainly
some portion Of the late advance was
due 20 the fact that the delta has had
HI looked to many like an excess
Sivt precipitation. In fact the whole
eastern section Of the cotton belt dur
ing much of the past thirty days has
had rain 50 frequently as to mai. it
took like a wet May, something sup
posed TO be of bad omen for the crop.
Too much ain s supposed to inter-
tere with termination and to neces-
state re-planting. Indeed, some con-
tend that higher prices will be due
more to adverse conditions IN the
eastern section of the cotton country
thar in Texas itself. where they think
THAI the outlook has rpticeably i'm
proved. But nine out Of ten scout the
idea that anything like a bumper
crOp or ever a satisfactory crop can
keeping n mind the win'er and spring
droNght ir the southwest and the fact
THAI in any case two big crops are not
apt to come together.
LE~verpool's spot market has been
cuN if the spot business IN MS
country has U"en slow.
Manchester has reported q big de-
mard, especially from China. Mean
time, however, the roce pts in MS
country continue large, splnnerS nave
fO1ieht shy of the market and some
think there are too many bulls. chi
Gag, Wall street and the South have
solo freely. The most orthodox bulls
have latterly been looking for a re-
action and have advised their follow
ing % take profits. They look tor at
Iea~1 a temporary setback after the
recon- very rarid advance and think
that the market would thus be put IN
ali he bette< condit on. Bears con-
tend that h bulls are going ahead
too fast; that hey are ignoring the
legitimate side of the cotton business:
They lay stress on the OF
the cotton goods business in his coun-
try and the sluggishness in trade IN
the actual at the South. But t must
he sa'd hat the dominant sentiment is
buIllsh. Most people look for a small
or moderate crop, a big consumption,
AND a further and perhaps material
rise Of prices this summer.
the Government report to be is
Sued June 4, is very generally expect
I'd . be bullish, especially as is DATA
viii come down on later than May rs.