COTTON " CORNER."

Dominion, Volume 3, Issue 797, 21 April 1910, Page 5

COTTON " CORNER."

A STALE PROSECUTION IN NEW YORK. By Toleerapa—Press Assoclatton-<3oDyrlrtt. New York, April 19. The Attorney-General of New York State is proceeding against Messrs. Suyne' and W. Brown, who were members of the Pattens'; "bull" pool in connection with an agreement to purchase 150,000 bales of cotton for delivery; in March and July. .

The Attorney-General ■' alleges that operators are combining to buy all the unused cotton in the United States of the crops of 1909-1910.

The proceedings hav« caused, a sensation. ■' The Attorney-General's action is unprecedented. .

PATTEN ON HIMSELF. Here is Jas. A. Patten, the central ■figure of cotton and wheat corners, as he appears to a-"Daily Mail" writer: His frame is large—the body of a man born to the soil—his manner sympathetic, his ruling passion a desire to treat his fellows honestly and be rightly understood by the world. . . . He takes great pride in his wheat "deal" of last year. He disclaims'• the character of the gambler, declaring that he bought wheat on knowledgo that came from a lifelong acquaintance with the .trade. He knew, wheat Was going to be scarce, and he bought at prices that other men thought foolish; bought, and saw it rise and rise; and sold before it reached top price, because he would not play Shylock to the millers who wanted the wheat. His Justification. Here is his justification of what some men called his "gamble with the food of the people": "I cornered wheat with less than 10,000,000 bushels—other men have tried it with; 40,000,000 bushels, and. failed. I succeeded, because I was right. If I had hot held up wheat, do you know whatwould have happened ? The country would have gbne'.tfry. They would have , sold wheat to' ? the' last /bushel. ". That's : what they ; did in Kansas City—sold'out, -drained themselves dry. They said 'Give Patten all the wheat he wants,' and I took it—all they had. They had to buy back. Yea, sir, I actually shipped wheat back to Kansas City—like coals to Newcastle. They, paid freight on it both ways." "Did they thank you?" "They were not what you would call grateful.' '.'But they acknowledged the merit of my position. They saw I hadn't been exorbitant.", Cotton Must Rise. That prices are going to be higher all round is an article of Mr. Patten's faith. The world is growing extravagant. The level of civilisation is rising. "If s the old story of supply and de- - mand. If you ask for more than the world can supply prices are bound to go up." "Does that apply to cotton?" "Cotton!" Mr. Patten nearly shot out of hia chair at the word.. "Do you' Know that thu demand for cotton to-day is enormous, and that it is growing every day ? Do you know that 350,000 bales of cotton went into motor tyres alone last year? And hoods for motors used up more' of it. They even mode blankets of cotton. I had a fine pair on my bed at a leading hotel in New York the other night, and 1 met the man who makes them. He is going to send me a pair. Do you know that, the Southern .States use up three-fourths of all the cotton they produce? -~.... "Where is the cotton to come from ? The area in Egypt cannot be enlarged. Yon cannot grow cotton in sand. India is the only country where, the area of cotton can be increased, and the quality is not flno. A Spreading Pest. • I "Take the United States crop." Last year it .was 13,800,000 bales. This season it. is 9,800,000. .During the. coming year America wants 13,300,000. Can it get it? You; have heard of the boll weevil? You are going to hear a good deal about it soon. The boll weevil (larva of a moth which destroys the cotton plant) is extending its territory, It is now all through Texas, Louisiana, and South 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 rotten 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 tho spinners. America has got to raise i 14,000,000 bales!" this year to keep the price down to 12} cents per pound. If there is more drought than usual or excessive rains, there is going to be a strange market in cotton.