The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-11-06
THE COT TON MARKET
IS SOARING ALOFT
Got Close on to Eleven Gents
Yesterday.
Is WILD AND BOOMING
Unless The Unexpected Happens the Market
Has Every Appearance Of Going
ill Higher and That
Shortly.
is WILD AND BOOMING


Il see no reason why, with the short,
Eess of the cotton crop aid the demand
for cotton by the mills, cotton should not
So to II IL cents by or before the sprlns.
I'VE are 100000 bales short of this
time last year, counting receipts and all
cotton in sight. English spinners who
have been idle for months have now
sumed operations. Mills in this country
are very short cotton. They have
been waiting to buy, expecting big Nove.Il-
Der receipts to press down the price OF
cotton. Instead of the price going down
on big receipts, it begins to look like
a scramble for cotton.
Better prices are warranted by pres-
ent conditions. Last year she farmers
got no benefit from the rise in the price
because they disposed of their crop De-
fore the price was put up, after the
shortness of the worlds supply became
known. This year the farmers ought TO
get the benefit. They should not break
the market by rushing their cotton TO
the buyers. They should sell it as the
spinners need it. Farmers can get ad-
vances on cotton from the banks and hoe
it. There is cotton held in Raleigh now By
farmers who did not take the IL cents
sell at an advance or hold for further
advances. The farmers arc now in better
condition than ever to hold their cotton
They have made their supplies.
''For the first time in It's history. the
South is now spinning mere cotton thar
all the balance of the United States. In
the next decade, we will be spinning fifty
per cent more cotton than now. The
manufacture of cotton is steadily comins
South"
Thus spoke Captain J. ]. Thomas, prest-
dent of the Commercial and Farmers
Bank, in Raleigh, yesterday. There is
10 man in Raleigh whose opinions about
cotton are entitled to more consideration
than those of Captain Thomas He has
been in the cotton business all his life
and in Raleigh and Baltimore has made
great success. If any man in North
Carolina may be called cotton expert
that man is Captain Thomas. Therefore
his views were solicited for publication
for the benefit of the forty thousand reai-
ecs of the News and Observer.
The cotton market got wind in It's
sails yesterday and the prices went soar
ing up.
At one time with the increase here and
looked as if eleven cents was coming,
but the market fell short of this. though
for a few bales ten and seven eightns
was paid; yet this was for fancy cot
ton.
The market opened yesterday at 10 IL
cents and then pushed steadily up till
10 rs was reached, finally dropping back
to 10 ga at its close. This change DIR
ing the day was caused by the fluctuations
in New York, where cotton scared W
q points on the opening but dropped back
20 points on the closing. What the mar
ket will do today is prohlenatical, but
if there is any drop it will be only a
temporary one, and the appearance is
that 10 IL to 10 ga may safely be counted
on. One cotton buyer last night made III
offer of 10 SIS for five bales to PC deliv-
cred this morning, being shy an eighth
on giving 10 3D.
In some quarters there is feel ne
that eleven cents may be reached today.
though there is always an "if' behind Ii
aud the fluctuations in New York are
feared. Despite all this it is clear that
cotton is going to push up, and the
outlook is that before spring t will DC
bringing twelve to twelve and a half
cents a pound perhaps more.
brokers' here term it wild" market.
while others say it is booming. No mat
tex what it is called, the prices are de-
lighting the farmers.
The opinion of the Wake county farmer.
may well be summed up in these words
ifem a prominent cotton grower: The
crop in North Carolina is a small one as
compared with the average; when prices
made a slight jump the farmers rushed
in cotton and then it fell back Now, the
matter has been clearly presented that
the farmers realize the situation as well
as the brokers and it is known that the
crop is short perhaps rs per cent of last
years. The mills need cotton and must
have it or close down, and the mill sup
PLY is now short. The farmers feel that
they can get 10 cents as a minimum
price and think. as they have right 70
think. that cotton is going to eleven, 70
twelve and perhaps even above twelve
cents. Hence they are not rushing IN
cotton but are watching the market.
There was sold on the Raleigh market
yesterday 236 bales of cotton, at from
10 - to 10 rs as against So bales sold
in 1902 on the same date at from 1916
to cents a pound.
Barring panic, cotton will go to
fifteen cents" said Mr.. James H. Po,.
las: night Mr.. Pou is cotton grower,
cotton mill owner. and studies TIE
cotton situation.
Talking about the price of cotton"
said Clerk of the Court w E. Stevens.
who was in Raleigh yesterday, Smith
field is raging the highest prices. on
Wednesday our market was fO.67-the
highest in the State
Mr.. W. III, Meaderis Tead