The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-03-02
PRICES OF COTTON
At HIGH-WATER MARX
Record for Ten Years, Ex-
Cept in 1901.
BULL CROWD IN CONTROL
March and May Sell at New High Lev
els in Present Market-South-
ern Planters Jubilant.

NEW YORK, March 2.-The highest
prices for cotton seen in two years, and,
with the exception of 1901. the highest
prices in ten years were reached on tho
floor of the cotton exchange Saturday
morning March cotton sold at 1O.16c
and May at 1O.13c or ? TO points higher
than Fridays extreme prices. a half
cent higher than the level on Wedne5-
the level a month ago.
March cotton sold in the summer at
about TIC. and the present price repre-
sents gain of 2Ac pound in the value
Of cotton. This advance has rendered
Southern planters jubilant. and those
holding cotton are asking 1Oc and 10lzc
a pound for it, Five years ago they
were glad to get &c and SIZE for their
cotton
Bull Crowd in Control.
The bull crowd is still in control of
the market and will be until weather
in the South improves so that cotton
can be moved.
According to reports received in this
city. the South has seldom experienced
such rains as have prevailed for about
three months now. The roads are in
such condition that cotton cannot be
moved TO market from plantations A
report from the Galveston weather bu-
reau states that at Waco the Brazos
was twenty-seven feet and still rising.
The danger mark is twenty-four feet.
The Colorado River is also on a boom
and plantations along the bottom lands
are threatened Warrington. Tex. states
that rain there has been the heaviest
since 1875.
An Authority's View.
D. J. Sully. whose extensive operations
in cotton have brought him into promi-
hence at the exchange, has this TO say
on the cotton situation:
The primary cause of the advance
in cotton is TO be found in the COM
paratively short crop this season. The
explanation OF this sudden and sensa-
tionaI advance in the price Of cotton
in all markets of the world is the fail
ure on the part of spinners TO have
purchased their supplies early in the
season.
In two months prices have advanced
like 2 cents pound simply
because the cotton was not on hand and
spinners had to have the raw material
to keep the mills running. This active
demand for spot cotton IS due 10 large
and even with a crop OF
IL 900 900 bales there would hardly be
cotton enough to go around. spinners
today are paying from 10 cents to 1917
cents for middling cotton in about every
market Of importance. and this
is higher than any future market Of the
world
Causes of the Advance.
Many say that weather has been the |
cause of the advance. OF course. the
heavy rains have retarded the movement |
TO a great extent, but the advance must /
be explained by something more than
weather II the cotton had been in the /
interior planters would have taken ad- I
of the high prices in January. ,
The fact OF the matter is that instead of 4
as was the case in the
,O's. we have overconsumption of cotton,
and prices can hardly be expected TO re-
ain the low level OF a few years ago.
'"Ten-cent cotton al the present time
5 not high, because every bale will be
needed to go into consumption. II is
ny Delef thaI SpinneES Will COnLuuS 70
pay present prices in order to keep mills
going Consumption will not cease IN
I'll there results some overproduction OF
goods. With the present boom in the !
Try goods trade in this country there Is
10 surplus stock anywhere, and mills
AN hardly keep up with the demand.
AS long as the spinner can sell his
output he will continue to manufacture
goods. because his mill is built for tina;
,urpose. and 1O-cent cotton is not likely
o stop him.
That this is the case can be seen
rom the fact that while spinners hold
ONE 400 900 bales more than last year,
hey are the buyers OF cotton, actual
otton, at the high price of the season.
nd every spot dealer in the country will
ell you the same story. They will buy
ntil they have supplied their needs for
he season. II there is not cotton
nough to go around, the end of the ad-
ance has not been reached"