The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-11-09
MILLS NEED 100000
New Orleans Man Who, in September.
Predicted Fifteen Cent Cotton With.
in Sixty Days, Now Gives Reasons
Why He Thinks Cotton Will Go Still
Higher.
Especial to News and Observer.)

B. Hayne, who has abored consist
entity for higher cotton prices this
season has outlined the reasons why
he is bullish on the market at Is
cents as follows:
When the government bureau re-
port, issued on August End, showed q
condition of 71.9 per cent. 1 felt con-
vinced the rop could not possibly
reach $4,000, 900 bales, and that cotton
was selling far below it's real value.
When the government report, issued
on September End, showed a condition
of 63.7 per I felt satisfied that
10000 00 ales was the maximum pos
sible for the crop and at that time re-
ceived a telegram from J. N. WisDtr,
Of New Orleans asking Mr.. w. ?.
Brown and myself to telegraph him
in full our views on the situation. Mr..
Brown was absent, SO [ replied to Mr..
Wisner, by telegraph as follows:
I'VE look at the situation as
follows: D~iscounting every ia
vorable condition that can arise
until December I, the government :
report indicates a maximum crop
of11,250,000 and with unfavora-
BILE conditions might easily be l.
100000 bales less. Consumption
last year, 100000 in spite OF
short time in England and Cont
mem With largest American
crop ever produced the price ad-
vanced $40 a bale while being
marketed, and the visible supply
is far less than two years ago.
With a certainty that 13.5O0,O0o
bales will be really needed by the
country and that probably less
than 1900, 900 will be grown an
eventual advance is simply I'M
~avoidable. Under normal condi-
tons the market should certainly
have advanced to - cents yester-
day, but was kept down by the
enormous selling Of the bear
clique. These sellers base their
action on the supposed helpless
ness of the South, thinking the
South will be forced to sell its
cotton at any price the spinners
are willing to take it at. We con-
slider that the competition be-
tween spinners, who will certain
1y require 10000 bales month
1y, will take care Of this so-called
distressed cotton. If the bankers
of the South will help the farmer
to market his cotton slowly, we
firmly believe it will be worth
fifteen cents in the next sixty
days. The weakness in our Opin-
ion Of the bears's argument is
that, although the producer may
be foolish enough to be willing to
sell his cotton far below 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 free
ly 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 100000 bales Of cotton on
which he realized probably $3.50, 000.-
600. 1t was very hard to convince the
farmer that twelve cents was net an
extreme price for his product. but
through the efforts Of a few Southern
men, they finally realized the fact that
they Wkere sacrificing their cotton.
and I believe that at least S50,000,00
more has been obtained for the cot
ton marketed to date than would have
been if it had not been for the efforts
of this small coterie of Southern men:
My prediction on September 3 or
fifteen cents in the next sixty days. has
now come true. but at that time L
thought the crop would be from IL
$50 900 bales to 100000 bales. L
now feel confident that the maximum
for this crop is 1Or750,OO bales the
probability is that it will be under TO-
Continued on Page Thirteen,)