The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-01-09
COTTON IS WILD.
1t Jumps About in a Fash.
ion Wonderful to
Behold.


scribe the condition of the cotton mar
ket, and that word is wild"
| The prices are now up, now down, ana
even as the bull rejoices he retreats Tor
the bear takes his vantage ground.
In the future market both forces seem
to be drifting. The bears get an ad-
vantage, but lose nerve and retreat. The
bulls come to the front, prices go UP.
but then the bulls give way.
1t is regular game of battledore and
shuttlecock. but out of the shifting to
and fro the cotton farmer is stlll getting
big price for his cotton Inc ngures
keep around thirteen cents. and that is
good money.
Time was when ten cent cotton was the
desideratum, but now the figure is above
that 1t is 13 cents and over that is
called for now and the farmer has been
getting it and has sold much cotton at
that big price.
| What is the market going to do? No one
can tell for no one can say whether
there is to be war between Russia and
Japan or not. The rumor of a possible
conflict has sent cotton down. The be-
ginning of actual hostilities will send cot
ton lower.
The spot market here was strong in
tone yesterday and the rs bales sold here
brought prices of from Is to Is Ia cents
, a pound. year ago yesterday cotton
was selling at from s IA to IL cents
pound and 40 bales were sold here on
that day. i
Here are some extracts from the cotton
letter of ]. H. Parker & Company, OF New
York. The letter is dated the second of
January:
Only five years ago, prices were under
| 5 cents per pound, and the change
wrought in the fortunes Of the cotton
planter by the phenomenal advance reads
| like fiction. The present cotton crop, with
it's auxiliary supply of cotton seed, rep
resents in found figures an increment OF
500, 900 900. Unlike other agricultural
products, cotton is not used for any do
nestle purposes on the farm. Every
pound of it leaves the place where is
raised and the equivalent is paid to the
producer in cash-in gold, The gold
which foreign nations have poured into
our Golfers during the past three months
has been mainly the returns from the
heavy purchases of high-prieed cotton by
| foreign mills. Thus the good fortune OF
the South has Injured to the benefit of the
whole nation, and in special way has
helped Wall Street, by preventing the
money stringency so common every tall.
| Since the big advance, which rea "0
| it's maximum last Monday, there
been a reaction of little over CT
pound, due principally to the unse
political situation in the Far East, TT
ening a conflict between Japan and
STA. Under other circumstances, the
possibility of a war between two
powers would have brought about
mendous collapse from such prices
| have lately seen, but the American
| er of cotton realizing his impreg
position, in view of the insufficient
ply to meet the worlds needs, refus
be moved by the sentimental dechl
| the speculative markets. Instead Of
| eagerness to sell, which was expected as
result of the weakness IN futures, 1t
was found that holders showed stolid
| Indifference to all pessimistic news and
seemed determined to get full prices Tor
what they have still on hand.
! Spinners and exporters who thought
their opportunity had come, and that
they would be able to secure what they
needed at a handsome concession from the
prices recently established, were sadly DIS
appointed, and it looks now as II the de-
cline will prove reaction and that the
old level will soon be re-established. This
"consumation devoutly to be wished o.
course, depends upon actual Prostitutes be-
ng avoided, and, owing to the earnest Ell
forts of France Gas an ally of Russia) to
| prevent a clash, there is ground for the
hope that an outbreak will be averted.
Never before has the producer or cotton
occupied such an enviable position, and
there is every prospect now that the bal
ance of his crop will be disposed of at
prices which will be highly remuneratiye.
| zone of the largest cotton firms in New
York, Atwood Violet & Co., have been
bulIish all the year and have been very
| important factors in keeping up the
price said one of the largest cotton men
| in North Carolina yesterday. He called
my attention to the following letter OF
January 5th., issued by Atwood Violet
Co, containing an analysis of the Census
Report of the Cotton Crop OF January
9Th 1t is as follows:
"This report makes the total number of
square and round bales ginned to the 18th
ult, SS4S,747 bales, against 9,311 1886 to
same date last year.
"The round bales being half bales bales
brings the total number of commercial
bales ginned to the 18th ,ult., S,526.244.
against S,9O5,5O3 commercial bales to De
cember 13. 1902.
GAS the commercial crop OF last season
was 10, 72S, 900 bales, according to Secretary
Hester, of the New Orleans Cotton Elk
change, there was ginned after December
I 10, 1902, 1922. 900 bales. or II per cent. OF
the crop.
"Our belief is. because OF most careful
Investigations. that the unglnned portion
of the crop on December 13,1903, was not
10 per cent, which added to S,526. 600 bales,
foreshadows crop of such extreme short
ness as to indicate disaster, and not
merely a small yield for the present sea-
son.
"That prices are going to an extremely
high level, goes without saying.
Fifteen cents in this market, for
March, May, and July, is entirely on the
cards, and how much higher than that
price. depends upon the willingness or un-