The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-11-21

, shipments of cotton from Egypt. The
bales are much smaller than the Ameri-
ban bales and are bound by eight hoops.
Ihey are not only smaller but are much
heavier, averaging over 700 pounds each.
Samples OF the Egyptian staple We're
fingered yesterday by local cotton men
with much interest,
The Wadesboro Courier quotes Mr..
w. A. Pratt, of Cairo. who lives in a
country where the cotton crop is cut off
more than half as saying: 1.-The people
are in worse fix than they We're in 90,
and equally as bad off as the days of
Sherman's raid" But he added with
proper spirit: I'VE will do the best we
can and trust in Providence for results
From Fayetteville, Cumberland coun-
ty, Mr.. j. Fl. Currie writes that in his
section the cotton crop of this year is
but 90 per cent. of that of last year, th@t
picking and ginning are nearly done,
that less than half of one per cent. re-
mains in the field, and that the average
production of lint per acre is too small
to calculate.
The cotton firm of j. II. Parker & Co.,
of New York, composed of Messrs. j..
III. Parker, Richard I'll. Springs and VIM
D. Martin, is we'll known to North Caro-
linians The senior member is native
of Johnston county, this State, and by
his business sagacity has come to be one
of the richest cotton men on the New
York Cotton Exchange. Mr.. Springs is
member of the we'll known and sue
cessful Springs family in Charlotte.
Mr.. Martin married Miss Haywood,
daughter of the late DIR. Dick Haywood,
of Raleigh. Their close connection to
North Carolina and North Carolina folks,
gives additional interest to their views
on the cotton situation. From their lat
est letter, we quote:
There has been no material change in
the general situation and during the
greater part of the week the market has
been irregular and unsettled, advancing
and declining within narrow limits on
comparatively small volume OF trading
There has been no increase In outside
speculation and consumers are contlnu-
ing their policy of buying only for i'm
mediate needs. Local sentiment is
rather bearish than otherwise, but few
have the courage to sell short after the
recent decline, and the selling has been
mainly by exporters against spot pur-
chases Many still profess their faith
in a crop of eleven million bales, but
our private information is to the effect
that the crop will not exceed that of last
wear. Two hundred and three cotton
seed oil mills issued statement TO-DAY
in which they estimate the crop at 9,I64,-
900 bales. The Government Report to be
issued on December 3rd is looked for
ward to with considerable interest, and
Judging by the weekly and monthly re-
ports issued throughout August, Sep
TENDER and October, we fail to see now
it can estimate crop exceeding that OF
last year.
Frost has occurred in nearly every
section of the cotton belt during the
week, but had little effect on prices.
All of our reports state that there is
practically no top crop in Texas. Inc
crop in Texas, Arkansas and the terri
tories is concededly short and we do not
believe that the deficit can be made up
in the Gulf States. At the close OF the
week receipts show tendency to fall
off, and indications point to further de-.
creases next week. Should receipts de-
crease, it will, in our Judgment, prevent
further decline if it does not cause any
material advance in prices. Reports
from the continent show little improve
ment in trade conditions, and this is one
of the bearish factors. Spot markets
have shown no weakness and late re-
ports point 10 firm markets. We belleve
the producer will make mistake IN
marketing 40 the present level and
should hold kr higher prices, as in our
Judgment, e3sSy effort is now being
made by Shg issSng of big crop esti1
mates aud 3tha stipulation of bearish in
formation GENERALLY to depress southern
markets. Many well informed people
both heRs and at }the south take decided
issue WITH those putting out big crop es-
Inmates apd believe we will have re-
petition of 1859, when the crop esq
timators adhered tenaciously to their
opinion that the crop would exceed
eleven million bales when in fact it only
proved to be 100000 bales. The worst
factor at present against the market, is
the absence of general outside specula-
ton. The immediate course of the mar
ket hinges on receipts, and should they
fall off materially, we think prices Will
advance -