The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-11-01
COTTON CLIMBS
TO HIGHER PRICE
Reached Ten And A Quarter
Here Yesterday

4-COTTON 30 60 etaoin etaoin shrd
Cotton is on the upward move and yes
terday it reached still higher notch IN
Raleigh.
After fine opening at the beginning of
the season it dropped till it had gotten
down below nine cents and there was a
blush feeling among the farmers.
But in the past seven days the staple
has clubed. going up slowly, but surely,
till yesterday some bales were sold on
the market here at ten and quarter cents
pound. and this on a steady market,
not induced by local demand
The receipts for the past week were
about five times In excess of the receipts
for the same week IN 1902 when cotton
was selling at from ~ to cents. Last
week while the market was low here The
receipts were only 290 bales, though the
fact that it was Fair Week and that a
some receipts.
That the farmers are pleased is only TO
be expected and it is expected that there
viii be large receipts again this week. ii
the cotton is in the country, but many
u
be brought, and expect no further rush TO
the market.
The market is surprising to the general
trade, for the market in this country Is
going up as against that of Liverpool,
which Is lower. The advance in New
York is a heavy one and Liverpool does
not seem ts figure in the results. The
advance in New York and New Orleans
seems to be caused principally by the
growing idea that the crop will not be as
large as that Of last season, and some of
the conservative houses figure 1t at ten
and a half million bales This means that
higher prices will inevitably prevail
The local market in Raleigh has showed
the effects of this opinion, and it has
gone up at a good rate. yesterday being
practically an eighth above the figure OF
the previous day The sales were steady
at from ten to ten and sixteenth, while
the fancy cotton brought ten and a quar-
ter, figure which is expected to be reach
ed steady early this week,
prominent cotton dealer said yester-
day that he thought the North Carolina
spinners were pursuing the wrong policy
in allowing the cotton to go out of the
country, as with short crop and prices
advancing they would either be caught
without q necessary supply, or would have
to pay fancy figures at an early date.
Messrs. j. NJ. Aver and Company, cot
ton brokers of New York, in their letter
of October 29th, say among other things:
Manipulation alteration and sensation
have been the characteristics of the mar
ket for the past week More than sus-
pecting the first named factor but not be
ing able to gauge its effect we have re
of
The pronounced victory of the bull
cliques in manipulating the summer
months may be inspiring the undertaking
OF similar tactics in options of the cur
rent crop; and certainly there is nothing
to prevent the success of such an effort
when the amount of spot cotton at de
livery centres is small. Big deals arc
the order of the day, and with less than
one hundred thousand bales in New York
on the last delivery day for any option,
Corner may be considered COMPARE
lively easy.
1t is probable that the annual frost
scare is permanently cut of the way. 1t
was absolute monarch for twenty four
hours, but during that time its greatest
effect was perhaps, fully discounted
Guesses and opinions as to production
range from less than 10, 900 to 11,75c,
600 bales and estimates" as to consump-
ton cover any amount from 10,500,000
to 12.000G00 We are not yet committed
to any figure for either.
Such conclusions as We are able to reach
are about as follows:
/. The record of the current crop as to
planting. development, weather conditions
"top crop and frost periods very nearly
parallels that of 1898 99-the bumper
year.
9 Prospects indicate a yield in excess
of any OF the past four years.
s. Current demand from manufacturers
is not so active as to be the most poten-
tisl factor in establishing the present crop
level.
T. A ten cent basis will undoubtedly act
as checy on consumption and, if main
tanned for any length of time a crop of
100000 will be more than will be dc
marded.
5. Ten million bales would probably be
consumed on basis of 9h to 10 cents,
and if the pressure of cotton should be
no heavier than it has been so far this
season, such a basis can be maintained
until ten million bales are marketed. With
such November movement. however as