The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-10-25
TEN CENT DEMAND
If Farmers Hold Cotton
Will 1t Come?
Prominent Cotton Buyer and Big
Farmer Say An Advance Will
Come While Another Farmer
Doubts This.

What is cotton going to do? We
expect ten cents pound and over.
/ think it will decline" are some o.
the expressions heard about the pres
ent situation in the cotton market.
The receipts thus far this season
have been very large and the price
has after the first of the season come
close up TO ten cents and then stopped
Many farmers have sold their COZ
ton in Raleigh and many bales are
stored waiting for ten cents and over.
The great crop reported does no;
favor this, but the expressed deter>
mination of great number of farm
ers not to sell for less than ten cents
makes things look brighter.
For nearly a month past the figures
for spot on this market have been
chasing up and down from IA cents
to 8 1916 cents, but the ten cent
figure has not come. though there
have been indications at times.
The heavy receipts thus far would
indicate a record breaking crop. but
it is pointed out that the crop has
matured quickly. has sold rapidly III
many sections, and that later on there
will be big decrease in the receipts.
Expect an Advance.
Messrs. j. H. Parker & Co., of Men
York. i'm their weekly letter say tina;
the favorable weather is bearish, bun
that a frost will change this and that
two-thirds of the Texas crop is gath
cred. They expect a crop of no;
more than eleven million bales and
do not expect any further permanent
decline in prices. In this connection
they say:
1.-THE course of prices in the imme-
diate future will be governed largely
by the attitude of the farmer and
merchant in marketing the crop. anG
we believe it is in their power TO con-
troll prices. 1t is generally conceded
that an eleven million bale crop justi- |
fies hiphar prices than now prevail |
ing. and if the crop is gradually mark |
eted, there would seem to be no ba-
sis in our judgment. for further de-
cline. 1t has been noticeable through
out the week that the declines are
reached point by point, While the up-
turns have been quick and rapid. The
movement of the crop has been very
heavy. and we must conclude that the
reports of cotton being held back have
been exaggerated. The Ginner's Re-
port to be issued within the next ten
days is expected to make a showing
of about million bales ginned up to
October 18th. This will no doubt be
considered bearish, but We think it is
being discounted at the present de-
cline"
\ Bearish View.
Messrs. j. NJ. Aver & Co. of New
York, suggest that indications are for
a record breaking crop, that the man
ufacturcrs know this, and will pursiS
a bearish policy. In closing their
"bearsh" letter they say:
THE crop of 10000 was 10.3S4, 900
bales. The price of cotton in October
of that season, was around 1880. il
was reported from all quarters that
planters were then holding cotton fol
higher prices. In the spring OF that
season, those who had held cotton
were glad to dispose of it at around
s cents. This crop of 10, $4,000 bales
was preceded by a crop of 9.430,000.
1--WE do not care to offer a positive
opinion at this time. but those who
find IL interesting to speculate on CON-
lions might remember the old adagc
that History repeats itself, ana IL
is possible that those who are now
holding cotton, in face OF a prooa doo
production of more than 11,0OO,OOO
bales. may find it advisable later on
tn dispose of it at prices consider
ably lower than now quoted
\ Ten Cent Estimate.
Mr.. A. T McKimmon. of Maxton,
n well known cotton buyer, VINO was
kept from attending the recent Cot
tan Growers Association" meeting
held i'm Raleigh, speaks interestingly
of the cotton situation and holds the
view that cotton will advance 10 ~
cents and stay there. Here is an IN
tcrview with him given in the Char
lotte Observer:
well what do you think of the
cotton situation?" was asked.
Il think the speculators are Wag-
ing a great fight both in contract cot
ION and the manufactured product,
against the price of cotton; they are
irving to break the farmers faith IN
higher prices.
"If the farmers give way and sell
their cotton, why the mill man VIII
not establish the price of his goods
and therefore it will be hardship
for aim to have the price for cotton.
But if the farmers stand for ten cents
and refuse to sell bale of cotton
until it brings that price. there VIII be
NO trouble i'm the world about es-
Publishing the price of ten cents for the
raw material, and it will be no troupe
rot u