Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1909-09-28
COTTON STILL HIGH
AT SATURDAYS CLOSE

NEW YORK, Sept. 25.-Cotton continues
high, the market closing firm with prices
net two points lower to i've points high
er. The closing price was 1890.
The tropical storm. with tidal waves.
high winds and heavy damage in Louis
lana, Mississippi and Arkansas, as well
as Tennessee and Alabama has stirred
the cotton world from center to circum-
ference. James A. Patten has given out
brllish interviews and is long of the mar
ket. Some of his holdings of December
and January is understood to have re-
duced on the sharp rise, but he is
credited with buying distant months like
March and May.
OTHER BUYERS IN MARKET
other buyers have included Eugene
Scales, Frank B. Hayne, William p.
Brown, and John w. Gates. as WELL It
appears, as prominent tobacco interests
There is a story too, that very prominent
cotton men have bought heavily of cot
ton yarns. 1t is rare to see the price of
cotton above 13 cents so early in the
season. Even in 1903-O4, which saw the
Inception 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 11.2o to 1880 cents
son were not reached until about the mid
die of the following March. when 11.65
cents was touched here, futures at the
same time mounting to about 1850 In
September. 1904, middling upland here was
1880 to lilo
In the same month of 1905 it was
1915 to 1895, in 1906. $40, to $50, and
in 1907, 11.75 to 1880, the highest price
in September seen up to that time. But
on Thursday of the present week this
quotation was overtopped On that day
1885 was reached. Some of the more
radical bulls are predicting anywhere
from Is to II cents. Eugene Scales
has predicted 20 cents. That was the
price which Daniel j. Sully aimed at
In the spring of 1904. He got within
about 2 LIZ cents of IL. Whatever may
await the cotton speculative world, II
is enough to say now that speculation
has greatly broadened within the last
week. 1t should be borne in mind,
however. that 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 for
ward OF prematurely open cotton, I'M
der the stimulus of attractive prices.
Briefly, the bull argument is that the
crop is not more than 10000, 900 to H.
900, 900 bales and that the worlds con-
sumption of the American fibre is like
Iy to be 10, 200, 900 to 13,5OO,OOO bales.
The splndles in the south have nearly
trebled within 10 years. The census
figures showed that consumption in the
United States last season, ending Au-
gust 81. was 5OS5.SSO bales against
$4,000 in the same time last year and
that the number of active spindles in
this country, north and south, reached
27,fSS,491, against 27,505,422 for tie
same time in the previous year. The
stock at New York is steadily decreas-
ing. and October, which was recently
at a discount OF 10 points under jan
uary, has overtaken that month. Some
think the speculation, however, Is get
ting too wild and the market over
brought and would not be surprised to
see at least a temporary sharp setback
through the liquidation of long cotton