Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1902-09-18
THE FOES OF COTTON.
EFFORTS TO UNDULY DE.
PRESS THE STAPLES
VALUE.
False Reports Circulated By Con-
Germs Buying Cotton For
Export In Order to Get
1t Cheaper.

New York, Sept. 1O.-Since tn,
publication of the monthly report
Of the United States government OF
the cotton crop, the most vigorous
subtle, and insidious efforts have
been made to nulify the effect of that
report, and unduly depress the value
of cotton. These efforts have ema.
mated for the most part from brokers
and manipulators identified with
concerns whose business it is to pur-
chase cotton in the South for ex-
port, and it has been plain that their
efforts were intended to depreciate
the price of spot cotton in the South
by artificially depressing futures in
New York, they have had the au-
dacity to attempt to discredit no less
an authority than the United States
Government. They have circulated
false reports that [ was selling out
the cotton which I have bought and
acting in bad faith towards the PEG
pie of the South by advising them to
buy while [ was selling. They have
endeavOred to stampede the market
by emphasizing the fact that re-
celptS are large while it is well
known that large receigts early in
the season are in gariably Indicative
OF a small and drough-shortened
crop.
The cours of the market to-day
shows that their efforts have failed,
and [ now feel confident that a fresh
advance is impending, which will
probably carry prices much nearer
to 9 cents than they have previously
been.
The following propositions with
regard to the cotton situations [ hold
be self-evident.
The indicated crop, according to
accepted authorities, is decidedly
less than last year. J
The indicated consumption, ac-
;ording to all accepted authorities, is
Il ,250, 900 bales.
The certificated stock of cotton in
New York available for delivery on
contracts is this evening only 5000
oaies.
Futures in New York at present
9rices are 10 higher than the prices
IT middling cotton in almost all the . ,
southern markets tributary to New
ork, while the cost Infringing such
.otton to New York and delivering
t on contracts is not less than half a
emit a pound. +,
The short interest is enormous and :
Primers I practically bare Of !
took for their immediate require :
=
The consumption Of Southern +
chiefly located in the States of +
1lrginia, North Carolina, South i
and Georgia, for the current :
ear Will not be less than two mil
bales. The production of the
,ates in which these mills are To-
ated viii be only about $500, 900
ales.
The difference Of 500, 900 bales is d
luch less than was last year export 7
d from the port Of Savannah alone. +
he relation Of the New York mar :
ct to the Southern markets and the a
'ade at large is becoming more and F
lore artificial each year, and those T
-hO permit themselves to be short O
the New York markets are, in +
~ opinion, making a serious mis- $
Ike. n
The Southern holder and producer O
ill do we'll to disregard the mani '
ulated fluctuations of an artificial g
1arket, and governing himself by q
he commercial law of supply and 4
emand, is justified to demanding 7
nd receiving at least 9 cents per +
Ound for their crop oil cotton.
THEODORE Ell. PRICE. f