The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-10-04
A LIVELY DAY ON
THE COTTON MARKET
General Rejoicing Over Rise
in Price.
MERCHANTS MAKE HAPPY
The Local Market Responds to Ad-
vance in New York.
A P2EDlc ZION Os TEN CENT COTTON
MERCHANTS MAKE HAPPY
A PaEDIc ron Of TEN CENT COTTON
The Gossip Of the Local Exchange Yesterday.
Purchasers Of Futures EARLY in the Day
Realized Handsomely. The Gov
eminent Report.

Yesterday was an exciting day on the
staple jumping up thirty three points
from the opening as the result of the
governments unfavorable crop report.
The increase in the price Of the staple
on the New York market had the effect
OF. advancing local prices, and before the
day was over the best cotton brought
Is. The price offered early in the day
was IA, and soon after the New York
market began to respond to the govern
ment report local prices advanced. The
receipts yesterday were 123 bales.
There were some purchasers of futures
early in the day, who anticipated dis
NAL report of cotton conditions by the
government. They got in at the lowest
prices and realized handsomely on the
investment. But aside from this feature
of the rise in prices, there was general
rejoicing among cotton men, because the
advance in prices means SO much to
farmers and MERCHANTS alike. The bust
ness pulse Of the South is represented
by cotton conditions. With a bad crop
and poor prices, business is bad, but good
prices can go long way towards making
crop. Cotton is the artery of the South's
business.
The government report yesterday which
estimated the crop at GA per cent. is the
lowest ever made before. we'll known
cotton merchant said yesterday that if
Liverpool responded as did the New York
market yesterday a wild market would
result today A prominent cotton mer-
chant said that he believed yesterdays
advance was the beginning Of the break
which will result in ten cent cotton.
Practically all the cotton that is being
received on the local market is of this
years yield. There is very little old
cotton offered. Old cotton commands
about three Fights of a cent more than
the new staple. The receipts in Raleigh
are nothing like what they were last
year, and farmers say that they will con-
tinue to be light. The quality of cotton
this year is not so good, the recent rains
have discolored and injured it, The sta
pie is declared by cotton samplers to be
even better than it was last year. The
recent rains lowered the grade of all cot
ton in the fields.
Mr.. John ] Daniel, of Halifax, who was
here yesterday, stated that Halifax would
yield two-thirds of a crop. He noticed
that the cotton along the Seaboard be-
tween Raleigh and Weldon was nothing
like as good as it is in Halifax. On the
stiff lands in Halifax the crop is said to
be very good. Mr.. Daniel says farmers
are not in position to hold their cotton,
but are Offering it on the market because
they need money.
Ex-Sheriff Rowan Rogers was here yes
terday from his farm and he says that
he has been farming since 1867 and that
this is the poorest crop he has ever had.
Usually when cotton fails corn is good,
and with poor corn the cotton will be
fair. hut in his section both corn and cot
ton are failures this year.