The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1911-08-08
WORLD WILL BUY
ALL OUR COTTON
Theodore Price, Bull 0p-
orator Enters Market
and Talks to N. Y. Sun

New York, Aug. 5.-The New York
Sun prints the following important
statement about Theodore H. Price,
the noted cotton bull operator:
Theodore H. Price, whose successes
and reyerses as a leader of cotton
market speculation made him a figure
in Wall street in 1908 and the several
years before, got back into the market
yesterday. He had been out of it en-
tirely for two years or more. In the
meantime he has been busy with a
new contemplating machine.
He seemed glad to be back. When
the reporters filed in yesterday to ask
him about it he laughed a pleasant
laugh and twinkled an eye that
seemed to see the price Of cotton
mounting right up and the shorts
scurrying to cover, and said that yes,
it was true, he had bought some cot
ton for the first time in two years or
more, and that he reckoned he was
within the Sherman law and that no
body would say him nay for doing it.
i've been abroad" he said. Got
back Friday after a three months
trip. l found that the world needs
cotton and is going to buy all it can
especially because of the two snort
crops that have preceded this one.
L IIOSS II are I'LL ohoAN
fear, will not be able to buy back at
anywhere near the present prices
when it comes time to deliver
Then. in order to be ready for any
inquiries the curious might make
about his buying of the day, Mr.. Price
said that he had prepared the follow
ing statement:
I have bought cotton today for the
first time in many months. At pres
th> world nnn60
and will Immediately contract for, an
American crop of 100000 bales.
There is no assurance of this produc-
ton, and if produced it is doubtful if
it can be picked. The short interest,
in my opinion. is larger tina ever be-
fore in the history of the cotton trade,
and the financial condition Of the
South renders it entirely improbable
that spots will be sold to liquidate
this short interest at anything like
present prices. The slightest sugges-
ton of crop damage will result in a
whirlwind advance.
The government cotton report, is
sued Wednesday, indicated that the
Weld OF cotton will be between IA
$780, 900 and Is, 900, 600 bales. about a
million bales more than the record
crop Of 1904. On the strength of the
good reports for the coming crop the
market has fallen in the last month
more than $50 points and there has
been large short selling. Eugene
Scales, the other spectacular figure in
cotton mark ct speculation. is thought
to be heavily bearfsh. though up to
the decline in price he was thought TO
be steadily buying for advancing
prices. Should Price and Scales be
operating or opposite sides OF the
market cotton might get to be inter
esting. The market yesterday showed
a rise of from 30 to "a points over the
previous days close.
Theodore. II. Price in his cotton
operations was one Of the best in
formed men in the market. In 1900
the failure of Price, Mccormick & Co.
of which he was the head, having
liabilities Of SIS. 900, 600, was sensa-
tional. The Indebtedness of the COM
pany was wholly wiped out after Price
had recovered himself in successful
s~ubsequent market operations. An in
Gictment in 1908 against Price. when
charged conspiracy in getting advance
information of government cotton re-
ports. was GuaShed in 1910.