The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-10-06
The VISIBLE $4,000 LESS
Middling Higher in South Than Con.
tract at New York.
LOWEST ESTIMATE YET MADE FOR TEXAS
Those Who Seek to Bear the Market Young
Operators Who Haven't Learned That in
Opinion Versus Fact, Fact, Fact
Generally Prevails.
Especial to News and Observer

Especial to News and Observer
New York, Oct. 5.-The salient features
OF the cotton market today have been the
strength of the American market, futures
in New York closing at practically last
nights prices, with the advance estab-
hshed after the Government report was
issued, held. Notwithstanding decline of
some five points in Liverpool today
Private cables attribute this decline to
desperate effort of the Liverpool bear
contingent to break the market and still
longer dissuade spinners from purchasing
and higher market is generally expected
in Liverpool on Monday in view of the
strength shown here, and especially in
view of fact that nearly all the Southern
markets are firm and some OF them re-
sport higher quotations than were current
yesterday. There is every expectation
that receipts will continue light during
the coming week, although naturally some
increase may be expected as a result
of cotton sold at the advance.
Middling cotton in nearly all the South
ern markets is now higher than the price
Of contracts in New York. The position
in this respect is absolutely illogical and
seems to leave little room for any de-
cline in New York.
The facts developed in todays news and
most commented upon are, first: The visi-
bic supply OF American as made up last
evening is now so 900 bales less than it
was last year; and second The stock of
American in Liverpool and afoat for that
port is practically the same as last year.
Under these conditions cotton sold in Liv-
erpool at I cents per pound and in New
York at over 10 cents pound last sea-
son.
The agricultural commissioner of the
State of Texas today publishes an esti-
mate putting the crop in that State at
2,450,O0O. This is the lowest estimate that
has been heard of from that State from
any we'll known authority.
Attention has been drawn, to the fact
that the United States census shows that
the local mills in North Carolina last
year consumed 100000 bales more. than
the crop of that State while the local
mills in South Carolina consumed within
900 bales of the entire production of
their State. This fact is hardly appre
ciated abroad Southern spinners are re-
ported to be buying up the receipts in their
home markets eagerly, recognizing the
conditions which confront them.
The talk of a strike at Fall River is
generally discredited A strike in view of
the advancing prices for goods and the
light stocks on hand would be an indus
trial paradox. 1t is a matter OF remark
on the cotton exchange that the Older
heads in the trade are generally bull
ish. some of them extremely so.
The bearish opinions and the vigorous
efforts made to depress the market origi-
nate for the most part with group or
younger operators who have not yet
learned that in a test of opinion versus
fact, the latter generally prevails. Some
very recently elected members are con-
spicuous.
THEODORE H. PRICE.