The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-12-23
A SMALL DECLINE
Cotton Market FIuctuates
and drops a Little.
The Decline Comes With the Varia-
tions Anticipated But it is Not
Expected That this is
Permanent One.

| TCIiIdHCht OiiC.
There was a small decline in prices on
the cotton market yesterday. In common
with the rest of the world Raleigh expert
cnced this.
On Saturday cotton had gone as high as
IS 1-16 cents a pound. Yesterday it fell
| to 1878 as the highest price The range
of prices was from 1914 to 1875 cents
pound, the average price paid being 1924
cents In New York spot was quoted at
| 13 cents.
There were sold here yesterday but g.
bales, as against 149 the same date last
year, when cotton was selling at from Is
to SIS cents a pound. This puts the short
age this season at 927 bales there having
been received here 10, 72O bales as against
11,647 the same date in 1892.
The drop in the market was caused by
parties taking profits, much cotton being
thrown on the future market. The sit
uation was a trying one to parties short
of cotton The bull leaders are still hold
ing on and show no signs of giving up,
this indicating a higher market.
In addition to this, despite the heavy re-
ceipts the mill people are recognizing that
| there is really a short crop and that IN
January the receipts will materially de
crease. If this is true, then when the de
mand for cotton comes, the price must
again start to climb up, and it is expected
then to pass safely beyond rs cents.
| The market closed steady yesterday, but
there is nothing to do but guess at the
course of prices today. In any event spot
is not expected to be at a figure much less
| than yesterday, while there is Il feeling
among some that the price will go back
| to 13 cents. Yesterday was a day OF fiuc
tuations, and today the same is expected
my opinion is that we will never again
| see low-priced cotton" said Mr. William
| j. Willard, a prosperous manufacturer OF
Utica, N. Y, at the Arlington, his re-
marks being printed in the Washington
| Post. He said:
"The worlds demand, combined with the
really limited area in which the plant can
| be successfully grown, Will henceforth and
| forever keep up prices equal to or approx
| mating the present market figures. This
| is as it should be; the cotton planters are
entitled to good prices, and after manufac>
turers get used to paying more they will
not find their profits reduced. The rise
| in manufactured goods will be so light as
not to be burdensome, for a difference of
8 or cents a pound, which is of enor-
nous consequence to the cotton planter,
only makes a pair of sheets worth five
cents above the old price. The world has
| got to have American cotton, and it will
| pay for it, no matter what the cost"
Tho Mop,,fo pnoord of palti-
more, in review of the effect of the pres
ent prices of cotton on the prosperity OF
the South, points out that in the last five
years, during which there has been
gradual rise in the price until the present
very high figures have been reached, the
excess in value of the South's cotton crop
| over the preceding five years is $500, O00,-
O00 The magnitude Of this excess and the
| influence which it must have upon the
prosperity of the whole country, especial
ly upon the South, is illustrated in the
fact that it is nearly twice as much as the
entire capital invested in all the cotton
| mills of the United States in 1900, it is
about equal to the present market value
of the entire property OF the United States
| Steel Corporation, it is more than the
| market value of the Standard Oil Co.,
and more than the entire capital OF the
national banks of the United States. For
| the first two or three years of this five
year period the Southern farmers used
| their increased earnings to pay up debts;
| then they began to accumulate a little,
and this year they will be in shape to
spend more freely than for many years.
| Commencing with 1891, there was very
heavy decline in the price CT cotton, con-
| tniung until 1S9S-99, when the average
price in New York for twelve months was
six cents yound. The crop of that year
of 11,274,O 900 bales, the largest ever pro-
duced was worth 1882 900, while the crop
| for the present year of about 100000
bales will be worth about $500 100000.
The value of the seed in each year was
about $50,000000. SO that the total in
come of Southern farmers from their cot
ton and cottonseed this year will be not
| less than $3.50, 100000, or at least 1920, 000,-
COO more than the big crop of 1898 yield
| ed. TIE total production of cotton for the
last five years has not been very much
| in excess of the total production for the
preceding five years; but for the last five
| years the total value has been $2575 ,000,-
coo, against Sits, 0OO 900 for the five pre-
ceding years, much of the great gain be-
| ing during last year and this.
| RALEIGH SPOT COTTON. MARKET.
| Receipts yesterday, 81 bales.
| Prices yesterday, 12%012Bc.
Receipts year ago yesterday, 149 bales.
Prices year ago yesterday, SOS 3-16c.
| RECEIPTS last week sos bales.
| Receipts same time last year 55S GALES
Receipts this season, 0,720 bales
| Receipts same date last year, 11,647
bales.
| Shortage this season, OPT bales.
| The market went off slightly yester-
day, but this is regarded as a reaction
of slight nature without the mark
ct being materially affected.