The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1910-05-04
MAaAa. ''un1TIONS.
EEARS AND BUl ., ARE ALIGN
ING THEMSELVES FOR
CONTEST.
Bulls Stress Harm Done by the Cold
Weather and Latcness of Crop Re-
planting IL Necessary.

eNOi'ehheht over the May position In
great measure gone, the cotton
trade Is now in a more suitable frame
of mind for considering the situation
that confronts 1t and, In no small
way. concerns nearly every one in
both this country and in Europe and
To lesser extent all the people In the
rest of the civilized world, for every
one has more or less to do with cot
ton This week important interests
will seek an opening for a permanent
stand on the market, something that
they could hardly do with manipula-
ton In May always to contend with.
In taking position on the market
for what is technically known as
long pull" only the most carefully
trained spectators and traders can
lay aside the influence of their i'm
mediate subject. There will be those
who will take the bear side perma-
nently because they are associated
with spinning interests, while on the
other hand there will be others who
will join the ranks Of the bulls be-
cause they live in or because they
have sympathy for the South.
The coldly calculating speculator,
however. leaves such things entirely
out of his considerations and this
week this class will once more turn
to the questions of how much Of the
small supply Of raw cotton left in the
world the spinners will take If prices
are put to such level, what effect
the Federal investigation of cotton
will have on the holder of spots In
the South, whether the chances are
against or for the recent labor
troubles in Manchester, and so on
through the complexities of the old
crop situation until he arrives at the
question of the, new crop ITSELF for
1t Is now time that the old and the
new crops should be swayed by the
same factors, instead OF having their
that the stand will be taken for, as
student spectators know, the prices
of all things that are speculated or
traded in on a large scale move in
swings; the long swing, the swing
that Is more or less due to reactions.
and the short or scalping swing caus-
ed by the developments and features
of the moment. The problem now is
to determine the long swing and to
answer the question as to whether
the coming season is to be one of adj
vancing or declining prices. This
long swing will of course be determ-
ined by the new crop itself
Cold-blooded spectators In the
South, traders in England who want
to see English mill hands working a
full week spinning American cotton
and spinners who want cheap cotton
because cheap cotton goods sell fast
or than dear goods had about made
up their minds a week ago that the
market was in for long decline on
apparently the best crop prospects
ever known. But the cold wave upset
all this and caused a new estimate
of the crop to be made.
During the next few days all man.
ner of information will be gathered
In an attempt to find out If the dam
age can be repaired, always, however,
with the understanding that the crop
Is now two weeks late. Here is where
the bulls will present their argu-
ments; they will contend that the crop
because of it's lateness. will be more
than ordinarily susceptible to wealth
or damage and TO the depredations of
boil weevil and they will point to the
demand for seed for replanting and
the inferior quality Of seed that is
filling the demand
In the minds of the bulls the pos
sihlIlty Of the total yield this season
has been cut into anywhere from
Loco 900 to 100000 bales by the
set~harL the crop has received and
therefore they claim Ii is impos .r,,e
for the South this season to raise as
much cotton as the world will require
wnicn will naturally lead to another
season of high prices. Those specu-
l1'"rs whom they can lead into this
belle! WIZ take the long side Of the
rel
wa hc ar GHcd those who think the
c"n'agc has l"cn exaggerated.