The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-01-19
FORWARD THE CRY
Cotton Market Answers
Marching Orders.
Fourteen Cents and Over Paid Here
on Strong Market With All
Conditions Favorable to a
Hiqher Price.

Cotton. that beautiful staple that is
proving a regular gold mine to the farm
ers these days, held to its high mark
steadily yesterday and went up little
over that of Saturday.
1t has once before this season sold at
Ii 1-16 cents, but the average was below
il cents. Yesterday the figures We're
from II cents to Ii Lie, so it was g
regular IA cents and over day on the
market.
The amount Of cotton received here yes
.~,tcrday was forty bales at the prices
named. Last season eighteen bales were
received, the price paid being cents u
pound cents below the figures which
ruled yesterday.
Cotton is certinly getting scarce in
this section, said a planter who was
here yesterday. THE people are just rak-
ing and scraping to get all that they can.
L seems to me that the price is going for
ward and that it has its marching orders
to go higher The South is certainly
in the saddle and cotton is the race
horse that is galloping and racing along.
The price is now glorious one and from
what 1 learn is going to be more
glorious"
The tone Of the market is steady and
strong. No sensational advance in the
price Of cotton is TO be expected under
present conditions but steady move
r.cnt forward is to be looked for.
Yesterday the future market moved up
between % and 80 points. Last week it
was a nervous market, being irregular
with fluctuations of from ten to twenty
five points. There was large liquidation
CT small holders and this has lett the sit
uation, from the standpoint OF the bulls
in a far more satisfactory condition for
II advance.
j. H. Parker and Company, OF NeW
York, in speaking of the healthier condi-
tion of the market has the following in
their letter of the 18th:
1T is also to be noted that many who
were bearisn two cents lower are now
disposed to take the bull side on the
theory that the smaller movement Will
cause. an advance of prices into new
ground, but there has been an absence OF
ggressive buying by outsiders, which was
SO noticeable on the advance from 13 tc
lie. The circulation OF sensational war
rumors, and the uncertainty OF this sit
uation, has tended to restrict speculative
buying, as the impression is very preva-
lent that a declaration CT war would
cause a serious decline, although it might
be only temporary, and We believe it
would be If the crop is as short as We
think it is. q.
The principal bear argument con-
tiEues to be the high price as compared
with recent years. II the crop is less
than ten million bales, this argument is
easily answered by referring to the crop
eI last summer. The law of supply and
ed last summer The lw of supply and
demand viii regulate the price tbs year
as in the past, and with short supply
the price vii advance to a point where
consumption will be curtailed. The fur-
Their we advance into the season, the
proof becomes more evident that this crop
is much shorter than last year, and that
it is in the power OF holders OF the rem
nant of the crop to exact higher prices
than have so far prevailed.
Our recent advices from the Carolinas
ard Georgia state that there is little cot
ten left in first hands, and that the 10
cal mills are competing for it. Accord ng
to our most reliable information we are
led to believe that American mills are
rt;ll on the average considerably short OF
their supplies for the season, and, if SO,
tins s.lua.4on wal become more acute as
the season advances. As we view the
cotton situation it is bullish from almost
any standpoint, and while hesitation
and irregularity may continue at present,
pending more positive developments as TO
the movement and the Eastern war quos
tion, we can see no basis for more than
temporary declines, and believing that
prices will advance to higher level, we
advise purchases on the recessions.'
J. NJ. Aver & Company. OF New York
while stating that the yield, as widely
published, will probably be small one
state that they do not believe the cotton
crop will fall under 100000 bales, ant
in 4 letter of the 18th, SAYS:
Last season spinners took about 10,
SG0,0C0 bales. This. together with what
ever may have been on hand, was not suf
ficien5 to prevent numerous shut
downs during the year. If it may be as