The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-01-03
Parker & Co.'s Cotton Letter.

The following extracts are taken from
the weekly letter of j, II. Parker &
Co. cotton men of New York:
THE week has been a short one
owing to the holidays, and the feature
of the weeks trading has been the
liquidation of January contracts and the
exchange into later options. Some de-
cline was naturally to be expected, but
the market has displayed surprising
strength and while local opinion is very
much mixed as to the outcome of the
crop the belief is growing that the crop
is short one. Receipts at both ports
and interior towns have been on lib
eral scale, but we think the large move
ment is due to free buying of spot cot
ton and the rapid shipment to ports, as
all reports we are receiving from South
ern points indicate rapid marketing of
the crop, and it is now claimed that
there is less cotton held by farmers and
middle men in Texas than on the first of
March this year. 1t may be recalled
that receipts were unusually heavy in
Texas during the spring months as COM
pared with previous years. In fact the
movement over the cotton territory last
spring was about the largest on record.
Our reports further indicate that the
rapid marketing has been compulsory
to large degree owing to the short corn
crop, and the pressure brought to bear
on planters by merchants and factors.
The principal bear argument, however,
is that the crop is late one, and there
fore has not been marketed as early or
as freely as usual and that receipts are
likely to continue liberal in the next
month, but we can get no information
to confirm this view.
''As previously stated all our informa-
tion from the South is to the effect that
the government estimate is approximate
ly correct We are also in receipt of
many reports stating that the acreage
will necessarily be curtailed the coming
year and this will undoubtedly have
some influence on prices later in the
season Receipts for the first two weeks
in January will compare with a light
movement last January A liberal
movement now may possibly cause some
decline, but we believe such decline
would be quite limited. and we unhesi-
tatingly advise buying, if any decline
takes place. The foreign, and especially
our domestic consumers, have not Sc
cured their requisite supplies and it
may become a serious matter with
them on fuller confirmation of a short
crop. The movement up to date is still
behind that of last year and is more than
one million bales behind the large crop
year of 1898. So far the advance has
not been sufficient to cause pyramid
speculation, and there has been liquida-
ton on large scale during the past ten
days, and in our judgment many who
were bullsh realized prior to Christ
mas, and are hoping and expecting to
repurchase on some recession, and to
this extent the market is in a stronger
position. Private cable advices state
that trade conditions are gradually i'm
proving on the continent.
"We do not regard the interest in the
market at present large one, and there
is still an absence of anything like broad
speculation. Hester gives the amount
coming into sight for the week as 1855
as compared with 357 ,697 in 1900. 253,357
in 1899 and 447 ,157 in 1898, and since Sep
TENDER !, 6,361 ,21S as compared with
6,416,592 in 1900, 5,7S6,99O in 1899, and
7,431 1876 in 1885,"