The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-08-26
Cotton Causerie.

The following is ]. H. Parker & Cos
cotton letter.
"The market has been nervous and ir.
regular throughout the week, but has
shown underlying strength and a grad
ual advancing tendency, and prices are
now about 40 points above the low level
reached two weeks ago. The slight reac-
lions have been due mainly to profit TAX
ing. The reports of crop deterioration
have become more pronounced from day
to day, especially in Texas, where no
rain has occurred for three weeks The
temperature in that State has averaged
about 10 degrees and is stated to be
causing considerable deterioration, which
will result in severe damage to the crop
unless rains occur there very soon. Rust
and shedding are reported from nearly
every State.
1.-THE Weekly Report on Tuesday to a
great extent confirms private reports
and on the whole was unfavorab BILE. 1t
stated in substance that cotton had i'm
proved in the Carolinas, Mississippi and
Louisiana, while in Alabama and Florida
a light crop was indicated and in Geor-
gin crop conditions ranged from excellent
to almost complete failure. 1t further
stated that the Texas crop had deterior-
ated on account of excessive heat, she'd
ding and ravages of boil worms and wee.
wills and that rust and shedding were
very generally reported over the belt,
with premature opening in many sec
tions. At this season of course an allow
ance must be made for exaggerated crop
damage and the fact that the crop always
suffers some deterioration in the month
of August, yet these reports constantly
received have their effect and are the
main cause of the recent advance.
I'm reply to large number Of inquir-
les sent out yesterday we are in receipt
of number of replies today which en-
phasize the public and private reports
previously received of crop damage in
every cotton State, with the possible ex-
ception OF Arkansas. We are disposed
to place considerable faith in these re-
ports we are receiving and believe that
the crop is suffering more or less dam
age. Receipts are quite liberal, but we
understand that the demand is very ac-
tive, and that prices will hold steady,
owing to the demand during the early
part of the season and on account of the
exceedingly small stocks in this country
and abroad. In fact we regard the sta
tistical position one of the strong factors
in the situation favoring present, if not
much higher prices. AS we now view the
situation we do not believe the cotton
territory exclusive of Texas and Ar
kansas will make much if any more cot
ton than was made last year. In other
words any increase over the crop of last
year must come from the two States
mentioned. If we are correct in this con-
clusion we believe the present level OF
prices fairly safe and that much higher
prices will prevail during the season. The
course of prices may continue irregular
pending further development of the crop
| in Texas, but we advise buying at the
present level or on any recession. 1t is
| generally conceded that if the crop does
not exceed eleven million bales, that
much higher prices will prevail. We car
see nothing in the present condition Of
| the crop indicating a larger yield, ano
| are therefore disposed to advise pur-
chases.'
Il