The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-11-25
J q Parker and Co 8 cotton Letter

The absorbing interest in cotton-ttc
matter Of prime Importance to all as
well as of particular interest to cotton
growers and cotton spinners-causes
everything that may throw light on the
cotton situation to be read with avidity.
The weekly letter of J. H. Parker & Co
which appeared on Saturday is as fol-
lows:
After periods OF recurring strength
and weakness, at one moment apparently
ready 10 take the long promised boom
to 12c., and at another wearing all the
appearance OF the collapse so ardentty
prayed tor, the market closes the week
tamely at loss of about 80 points from
last Friday night. Holders and spinners
have kept apart throughout the week,
and it must be confessed that the farmer
has Played his hand well SO far, so that
whoever wanted his cotton had to pay
the full price demanded. Exporters seem
to have filed their most urgent engage
ments. but about the time they were
ready to withdraw from the market,
Southern and New England spinners took
IL hand, and the bulk of the last trans
actions have been for their account. Re-
ceipts have poured In at rapid rate.
the movement for the week being equal
to the seven-day record of 1898. month
ago the amount in sight was 100000
bales below last year. Tonight the
shortage is only 250,0aQ bales. and it is
claimed that by the middle OF December,
all the shortage viii have been caught up.
OF, course where the figures OF move
ment of two years keep approximately
parallel. there is room lor the claim that
the crop in one year should be about
equal to that OF the other, but before
that situation can develop, the Burea
Report will have been published and the
trade will have something like definite
basis to work on. In addition to the
Agricultural Bureaus estimate. the Cen
sus Department will publish an estimate
based on ginuers' returns, some tirc
during the first week In December. This
will be based upon the amount of cotton
ginned up to Nov. 14th and the estimate
of ginners as to amount remaining to
be ginned. Last year the financia, re-
ports of these two departments were
strikingly close, and both of them very
accurate in forecasting the total yield.
1t will be interesting to see how they
will compare this year. At any rate.
there will be no lack of official pro-
Inducements on which the public may
hang its opinion.
Comparison with last year in. other
directions are rapidly getting closer. AS
| already pointed out the amount IN sight
is only 100000 bales less than last year
| The visible supply stocks at Liverpool
are already about equal to last year.
Only at the u. s. ports and interior
towns is there any shortage II must b.
remembered. however, that the supply
of cotton everywhere at this time last
year was by no means ample and only
the belief In estimates then current 81
1l1A TO 111a millions kept prices down
and prevented them from seeking the level
which they reached when the true short
age of the crop became finally too plain
for any doubt. The details OF Mr.. Eli
| sons revised estimate of CONSUMPTION
shows that he claims the world will use
! 500 900 bales less than first estimated
as result of the higher prices estab
lished during the past SO days. He goes
| further and figures that 100000 bales more
of East Indian cotton will be utilized
TO replace high priced American cotton
and American mills are put down IN his
statement as requiring 100000 less thar
last year. owing to the industrial Gle
preston in some parts of this country
Perhaps he is doing wisely IN cuttlnf
/ his suit to fit the cloth, as unless
crop of 1850 900 Is made. 1t cannot b.
spun up and the problem of the MZ'
of the crop is yet in serious DOUBT