The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-12-12
The Market Made Steady
Advance Yesterday.
QUARTER CENT RISE.
The Undertone of the Market is Steady
and the Attack of the Bears on
the Prices Seems TO Have
Met Only Little
Success.

Cotton is not inclined to stay down
these days even if the bears want it 10
do so. It's like truth, for though crushed
temporarily it rises again.
And it rose again yesterday after
temporary drop the day before when the
bears were humping on it. The increase
yesterday on the spot market was on an
average OF about a quarter OF cent
a pound and the highest price reached
was 10 S-S cents a pound, except where
a few bales Of very fine long staple cotton
sold at 10 cents a pound.
The receipts here were III bales, the
prices going from IL ga to II 3S cents
a pound. A year ago the receipts were
115 bales and the prices were from rs to
cents a pound. The receipts thus far
this season are over 1900 bales short
OF this time year ago.
In New York the market advanced a
quarter of a cent over the prev'ous day,
ard the bears seemed to have exhausted
their ammunition without effecting very
much. Both Liverpool and New York
showed great strength yesterday. the uu-
dcrtone of the market being especially
strong after the onslaught of the bears.
The demand for cotton was good and
all offerings were promptly taken at full
prices. The 1-2 cent cotton predicted
SEINE weeks ago by the over confident
bears il still In the future ard from pres
ent indications is likely to remain So
Bets were freely made or the Raleigh
Exchange yesterday that May cotton con
tracts would sell for 1915 in ten days
from this date. This was made whom
May was selling at 1926 and May closed
yesterday at 1880 with the tone steady
in Liverpool New York and New Orleans
The Raleigh market advanced in SYM
patty with the New York market and
closed strong at IL IA cents. 1t started
in at IL cents, but later advanced to
12 Ia cents. There were some sales a.
IL IL cents pound but the bales that
sold at these figures were OF tinged cot
Ton.
The outlook for the next few days is
for steady market with the tendency to
an advance but sellers of cotton must
expect temporary setbacks as the market
is i'm an unusual condition.
Bnyin5 by spinners short on cotton has
aided in pushing me price up again. As
the market fell a few days ago to II
cents these went in and bought largely
SO as to rcplen sh their diminishing stock
This buying of spot cotton aided the re-
sistance shown in futures and has helped
to keep the market on the move forward.
Here is what President E. S. Peters,
ot the Texas Cotton Growers Protective
Association. says OF the cotton situation:
Il would like to convey to every cot
ton grower of the South this message:
RI
timating the crop at 1852, 900 bales IS
not only conservative, but is over rather
than under the indicated yield. l would
therefore earnestly urge all growers OF
the staple not to part with their hold
ings. except at their real value, which
Is not less than fifteen cents pound the
figure ] Ihave repeatedly predicted would
be paid Let future markets alone and
allow no middlemen and spectators 70
fixc the price of the fruit of your labors.
This is the opportunity of the Southern
planters If there is to be corner, let
them conduct it themselves and reap tie
benefits"
The Age-H Herald, of Birmingham, Ala
hama. says that mill curtai .ment is i'm
probable In referring to the meeting o.
the cotton mill men at Charlotte it says:
1T is plain that nothing will come from
this effort. MOI even the operators OF
North Carolina will act unitedly. and as
il is not proposed to begin curtailme7t
before next July it is reasonable to say
that the effort IS a flash in the pan. There
will be no organized national curtai!-
ucnt. Each mi. will continue TO stand
on its bottom. and the New England mills
must conform to the general condition
or shut down.
This effort is to go over until next
May, when a meeting will be held in