CORNERING COTTON.
rJtOSECUTIOX OF SPECULATORS
United Press Association—By Electrio Telegraph—Copyright. NEW YORK, April 19. Tho Attorney-General of New York State is proceeding against Messrs kSuyne and W. Brown, who were members of Mr Patten s 'bull" pool, in connection with nn agreement to purchase 150,000 bales of cotton tor delivery between March and July. The AttorneyGeneral alleges that the operators combined to buy ail the unused cotton of the United States crops of 1906-1010. Tho proceedings have caused a sensation, tho Attorney-General's action being unprecedented.
"Do you know,' , said Mr James Patten to an English interviewer recently, "that the demand for cotton today i*s enormous, and that it- is growing every day? Do you know that 350 ; 0CO bales of cotton went into motor tyres alone last veir? And for motors used up more of it. They even make blankets of cotton. I had a tine pair on my bed at a. leading hotel in -New York the other night, and I met the man who makes them. He is going to send mc a pair. Do you know that the Southern States use up three-fourths or aU the cotton they produce? Where is the cotton to come from ? The area in Egypt cannot be enlarged. You cannot grow cotton in sand. India is the only country where the area of cotton can bo increased, and the quality is not hne. Take the United States crop. Last year it was 13,800,000 hales. This season it is 9,800,000. During the coming year American wants 13,000.000. Cm it get it? You have heard of the boll weevil.'' You are going to hear a good deal about it soon. The boll weevil (lava ot a moth which destroys the cotton plant) is extending its territory. It is now all through Texas, Louisiana, and iSouth Mississippi, and it is going to spread all through the cotton country, but especially in the wooded country east of the Mississippi, because it hibernates in rotters wood. They cannot stop it, and I don't know what the end will be. I tell you there are possibilities ahead in the cotton trade that will astonish the spinners. America has got to raise 14,000,000 bales this year to keep the price down to 12J cents per pound. If there is more drought than usual or excessive rains, there is going to be a strange market in cotton. Yes, I'm in cotton, and have been for many years."
CORNERING COTTON.
Press, Volume LXVI, Issue 13713, 21 April 1910, Page 7
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