The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-03-11
Cotton Causerie.

The News and Observer has been n
| steadfast believer in higher prices for
cotton ever since the maturity of the
| crop in October last. 1t studied careful
| ly the statistical situation in general
and collected and compiled facts and
| figures as to the crop in this State, which
| showed this years crop in North Caro-
| lima far short of last years crop, and
| every day since the publication of these
| estimates the actual facts as revealed by
| the receipts has been practically veri-
| ficaticn of our figures. Those farmers
| who held their cotton are now reaping
harvest, and while cotton is high now as
| compared with values three months ago
| we believe that the man who has the
| actual cotton Of good quality will be
| in the language of the street urchln-a
| 'cat bird before the next crop Is avail
| able mo matter" as prominent New
Yorker remarked, what the spectators
do with futures, the man who has the
real cotton has the grip on the situation,
and there is not spot market in the
| South today where cotton can be bought,
tract without a loss of from two to four
dollars per bale, nor can the mills spin
| futures"
All the cotton section is thinking about
cotton and talking about cotton. The
weekly letter of J. II. Parker & Co., dated
March eth, is as follows:
Speculation has broadened materially
and there has been great activity in the
market throughout the week with the
trading on a larger scale than for many
months past. The tendency has been up
ward and at the close of the week further
advance seems indicated There has
been heavy realizing but new buying has
appeared to absorb all offerings. After
the May and July options passed $50 a
reaction was expected, but the reactions
have been only temporary and the re-
bounds quicker than the declines. A
| strong factor favorng further advance is
the strong spot situation as indicated by
the firm prices at all Southern towns,
This is emphasized by the fact that the
July and August options in the New Or
leans market are on the same level as in
New York. The Liverpool market has
also been active and prices show hard
ening tendency there, and this in the face
of larger stocks than in many years.
Receipts begin to show a decided fall
ing off, but many claim it is due to the
bad spell of weather the past week, but
our advices are still to the effect that the
movement will be sensationally small for
the balance of the season as compared
with last year AS stated I'm previous
letters we believe there was good cause
for the rapid marketing of this crop, and
we still think it will not exceed ten mill
lion bales. Last years crop was under
estimated by the professional element
and the Southern spot dealers, while in
our judgment this years crop has been
over estimated owing to the very heavy
movement since the first of the year. The
advance has been fought, point by point,
but as now appears to little advantage.
1t must be remembered that the move
ment of the crop last year from March lst
to the end of the season was the largest
on record and il Is not fair to make COM
parison between the two seasons. More
over trade conditions are vastly improved
over last year, and there Is every prospect
of making a new high record in consump-
ton. which has not been given due con
sideration pending definite information as
to the size of this crop but 1t VIII be-
come a most prominent factor in the
situation If a crop of not more than ten
lxau aul u! poMopeqsoIoJ 81 s9Iuq uo!IIIm
few weeks.
1--WE believe the holders of the remnant
of the crop are in a position to demand
much higher prices. The speculative in
torest in this market is in strong hands,
and viewing the market from any stand
point we regard conditions as decidedly
bulish. Aside from speculation, we think
active demand will carry prices to a
higher level. Stocks are rapidly decreas-
ing at all interior points, while the ship
ments out Of the country continue on a
large scale and at the expense OF interior
stocks. At the close of the week de-
termined effort has been made to keep
prices from breaking through &c, but the
market shows underlying strength, ana
while reactions may occur, and the mar
ket fluctuate around the present level Tor
few DAYS, we look ultimately for much
higher prices. and should receipts con-
tinue to show falling off, as they have
this week, further advance is likely I'M
mediately. In fact the future of prices
denends entirely upon whether the large
or small crop estimates are approximate
ly correct"