The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-12-31
HAVEN & SrOUTS COTTON LET
TER


The improvement in the financial po-
siton has had a due effect on the cotton
option market. Cotton prices about ten
days ago had a material decine, but prices
have now strengthened and recovered
lost ground ewing TO the rcassertioH OF
speculative interests in the commodity.
The urgency of the financial position OF
this country and Europe had no relation
however, to the question of supplies and
demands for cot-O y fUl 4 TINT, cut
of buying orders and catnr2'd the il
quotation of speculative hcllin@s. = his,
with the theory tn1t the holidays would
increase the movement, and tEat IL ap-
proach Of delivery day fnr the January
option would affect the market, led
20 considerable snort selling and TO talk
that 6la cents might be recorded for
nearby options ere the year closed.
This held the market in check while
the holiday season abroad kept the for
eigners out and added TO the dubious
character OF the outlook, while no posi-.
tive Indication was afforded as to the
course of foreign spinners. The market,
however now depends largely upon the
foreign demand. The advance of spots
in the Liverpool market this week would
Indicate that holders there believed that
spinners will have 10 buy ut the asked
prices. At the advance, sales have
been only moderate, but cotton mer-
chants abroad are apparently now firm
believers in the reduced crop and adj
vanced quotations, while at home the
spot markets are hardening, and holders
express every confidence in the
strength of their position.
Receipts continue light, the weekly
movement promising to be one-third less
than it was in the corresponding period
called that this diminished movement oc-
ours with cotton two cents al pound high
or than it was last year which would
undoubtedly bring out cotton If it has
been made. Many have abandoned the
large crop theories, and we now hear
OF aStonishingly small estimates from
PEOPLE who in former years were reliable
and correct the yield being placed at
rs low as s 100000 bales. Whether
these estimates are accurate or not, it
is well known that the South is in bet
ter financial condition than ever be-
fore, and that the bulk of the unsold
cotton is in the hands of strong people,
who fully believe they can obtain high
or prices. The reliance of foreign spin
ners on large crop estimates has un-
doubtedly kept them from buying their
usual quota. Stocks at Liverpool, and,
in fact, ait all points. are decreasing. and
the amount afloat very small. With
these facts before them. it is certainly
Il question whether I've English spinners
will hold off much longer.
Preparations for the new crop are,
however, not far off. An increased acre
age will be naturally talked of. In fact,
it is already mentioned, and this may
have some speculative effect. Never
theless. the market has proved a good
purchase on material declines. and at
present while subject to recessions, re-
covers very easily. With the opening
of the New Year, trade in all branches
presents indications of activity, while
as regards spot cotton, sitter prices may
I've anticipated should the foreign de-
mand develop on anything like the scale
THAT is anticipated.