The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-03-30
Cotton Causerie.

]. H. Parker & Co.'S Cotton letter is
sued under date of March 9th, is rs fol-
lows:
The decline which commenced the
latter part of last week continued the
first two days of this week, and resulted
in liquidation of weak holdings. On
Wednesday the decline eliminated and
the market again displayed strength and
steadiness, and the professional opera
tors who had sold and used every effort
to dislodge long cotton became active
buyers. The main long interest has,
however not been liquidated and Is held
by strong parties who are still confident
Of their position and higher prices, and
regard the decline as only temporary,
and due mainly to the continued heavy
movement, which created uncertainty
and for a time prevented fresh buying.
Aside from the liberal receipts there
is no change in the general, situation. and
in fact receipts at interior towns have
shown a falling off for the week. Elk
ports continue liberal End prices in
Southern markets have declined only
fractionally. while our advices lead us to
believe that prices will not yield. There
is a unanimty OF reports from the South
as to the rapid marketing of the crop for
reasons stated in our previous letters.
THE New York Journal of Commerce of
this date tabulateS over LOO replies re-
ceived from the cotton belt of average
date March 22nd, giving the total STOCKS
at the town mentioned as 226,3S0 bales,
as compared with 500, 1923 bales the same
date last year, or So per cent. decrease.
The only conclusion to be drawn FROM
these reports is that the crop will hardly
exceed ten million bales, and that tho
movement will be exceedingly small by
comparison for the balance of the season,
and if this result is not reached, it will
be useless in the future to place much
credence in the detailed reports from
Southern centers as to the size or move
ment of the crop, for it cannot be denied
that the movement to date by compari-
son with recent years would indicate Il
crop of ten and three quarter million
bales, and this furnishes the principal
bear" argument
aside from this uncertainty as to the
volume of receipts for the balance of the
season nearly every factor is bullish in
Guiding good trade conditions, especially
in this country where it is admitted that
the mills are prospecting to a greater cX-
tent than two years ago, and that the
consumption will be the largest on
record In this connection it NAV be
stated that the United States Census
Bureau gives the number of spindles in
the United States in 1S99-1900 as nine
teen millions, while the Financial Chroni-
Gle gives the number on September list,
1901, as q, $50, S35 spindles, showing IN
increase of 1859, S35. Our reports are still
to the effect that both New England and
Southern mills have not yet in hand suf-
ficient cotton for their requirements for
the balance of the season, and it is
thought that much of the cotton at the
counted towns is held for shipment to
the mills.
THE market may continue irregular
and unsettled pending developments rs
to the movement, but we see no basis for
further decline, and should receipts fall
off, as many expect, we look for a quick
advance again. In any event. we regard
the recent decline as placing the market
in very strong and healthy position
and advise conservative buying at the
present level or on any further recess
sion