The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-12-30
JUST BEG|NN|G TO
MOVE UP
That's What SuIIy TeIe-
graphed Here Yester-
day About Cotton.

A wire was received here yesterday
from Sully saying that cotton was "just
beginning to go up
AS was to be expected, only few
bales were received on the local market
yesterday. These brought from 10 IL
to 10 IL. The highest yesterday was
Christmas eve, the last market day, which
was ID Is. So it still scars, and Sully
says 1t is only beginning. Well, We shall
sec what we shall see That's the only
safe thing to say about the cotton market
that this writer knows of. Cotton men
say there will be nothing doing on the
spot market for the next few days, or
until after the first OF January.
The future market well sustained it's re-
cent jumping reputation. 1t went up
half a cent yesterday. March closed at
13 60 on Christmas eve, and yesterday, al
ter three days holiday, it closed at 14.17,
an advance of 81 points. May closed
Thursday at 1870, and yesterday at 1925,
a gain of Sc points.
Fifty to sixty points fluctuation day
makes a mighty ticklish market, one the
small man don't want to get too close to-
prominent farmer of Wake county
told me the other day that he was firmly
convinced that cotton would be just as
high, if not higher, next season. He
bases his conviction upon The growing
scarcity of farm labor and the existence
OF the Texas boll-weevil. He holds that
it will be impossible from those two
great reasons to produce anything but
hn1l IL
weevil, he claims, cannot be exterminated
at once and is bound to spread and intes
cotton in other States He says cotton
products will be bound to go
in price, merger or no merger. It's moth
ing but the old story, he declares, Of
the relation between demand and sup
ply.
Messrs j. M. Aver and Co., write in
terestingly of the present state OF affairs
in part as follows
Every day is full of rumors, tips end
more or less confusion. People are be-
coming interested in cotton who have
heretofore only heard of it in vague
way. Orders accompanied by ample mar
gin come in with something like the fol-
lowing comment:
They are expecting a big advance,
81 hear there will be a big upward
rush. Put me in for -, and similar
remarks
I'm all probability these investors were
never before fully conscious Of the exls-
tence of such a thing as cotton. How they
got their tips and the source of them
are a mystery, but their information
proved to be absolutely correct.
Cotton has never before attracted the
attention it is receiving now, and it seems
that people in every station of life are
watching and talking about it. Any sug-
gestion of an investment that may come
from this new contingent invariably
considers the bull side. With such 4
craze as this, and with some probability
of its continuance for a time, there may
be a buying power that could temporarily
bull 12,0O0,0 900 bale crop. 4
ct is therefore follows, that any opin-
ION of a logical charter is absolutely use.
less and worthless.
''The fact that cotton is five cents per
pound higher than it was last season about
this date the fact that receipts are heav-
:er than they were last year at the same
time, and the fact that there are Dispute
ing and ominous reports of war trouble
actors would, under normal conditions,
lepress prices) are absolutely ignored now,
particularly by the contingent which is in
control of the market.
""Tips' as to what the next ginners' re-
port will show are freely current and the
bulls have clearly succeeded in creating
A belief that this report will be decidedly
bullish.
1.-THE Texas crop has come to be a mat |
ter on which opinions are more conflicting
than ever. The travelling man. OF one
cotton concern expresses firm conviction
that the yield there will be 100000 less
than last year, while travelling repre-
sentative of an equally prominent concern
goes on record as saying that the crop will
be $780, 900 more All widely polished re-
ports serve to add to the bullish senti-
ment, and it looks now as though the mar
ket will continue to advance until a point
is reached that can make a disastrous
crash easily possible. That this point is
we do not undertake to say. The predlc |
tons of the big bulls up to date have
oeen fulfilled. They talked of fifteen cent
cotton more than two months ago, and un
Ter existing bullish speculative tenden-
cies that price seems to be in sight,
SECRETARY WILSON'S LAME APOL
OGY.
It will be remembered that Secretary
Wilson, of the Agricultural Department,
n discussing the evils Of cotton specuIa-
lion, declared that he would apologize
~ ex-senator Butler of South Caroline,
who had taken exception to his remarks,
cotton did not fall below nine cents
when the farmers were ready to market
It. Secretary Wilson makes a rather
lame excuse for his failure to apologize
as is noted in the following interview
with the Washington correspondent OF
the Houston Chronicle.
''ln todays interview the secretary de-
clares that the boil weevil in Texas is
mainly responsible for the short crop |
He considers the spread of this pest a
great menace, and asserted that he will |
do all in his power to have the weevil |
eXterminated. He says it may take $780, |
300 or more to do the work, but believes
hat Congress will appropriate whatever
is necessary, as the commercial interests |
rot only of the South, but of the entire |