The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-08
IS BEYOND SIXTEEN
Cotton Sells for That
Here and is Half Way
Past in New York.

The balloon with cotton prices in it
is sailing high up again
Prices have lately advanced three cents
and over and the tendency of the market
is still bullish.
For four or five days last week in New
York spot cotton stood at 16 ii cents a
round 1t went forward yesterday for
25 points and the figures sent cut were
that spot cotton was at 16 II cents a
pound.
Raleigh has not yet reached those fig
ures, but is pushing them close yesterday
while the market was stated by cotton
buyers to be ranging from Is IL to Is 3-4
cents, there was one lot OF cotton that
sold higher than those figures.
Sixteen cents a pound was the price
for which Jailer o. l.. Parham, in charge
of Wake county Jail. sold five bales of
cotton yesterday and for the 1870 pounds
in the five bales he received $37J.20 OF al
average of 1854 a bale.
There was no cotton received here yes
torday at all. the five bales of Mr.. Par
ham being sold for delivery today. The
prices stated to affect the market were
L. IL to Is "a. A year ago sixteen bales
were sold here at from "a to 3 5-S cents
a pound.
The future market was strong yes
telday, and it advanced farther than did
the spot market. Liverpool started the
advance and spots reached II cents a
pound there, with futures up to II IL
cents The American market advanced.
but not to the English figures.
Here is the condition. Cotton has adj
vanced steadily Of late. In New York
the figures are within half cent of the
highest prices of the season and the same
is the case in Raleigh. The tone of the
market is strong, and barring all acct
dents or nlishaps the outlook is for an
advancing market this week.
The following is taken from ]. H.
Parker & Companys Weekly Section
Letter:
THE cause of the remarkable strength
recently displayed. by the market, is not
hard to find, but the impulse comes from
the least expected quarter. During the
Fast week. the sales OF Spots in Liverpool
have amounted to $4,000 bales, and on
the three last days they were 10000 each.
Such a volume of business at the tail
end of the season would be remarkable
under any circumstances, but when we
look further and find that prices there
Lave advanced, during the same period,
$500 a bale, we begin to realize the
urgent nature of the demand. British
sp:nners seem to be alone in failing TO
provide for the wants of their mills The
Continent long ago secured what it need
cd and, although our own people were
rather slow to fill their requirements, tie
lesson taught them by the late advance
to 1715 cents was not wasted, and lhey
were quick to take advantage of The
cheap prices brought about by The col
lapse OF the speculative boom. 1t is gen
orally acknowledged that American Mills,
North and South, are now thoroue1ly
protected against their wants by pur-
cEases of either Spots or Futures, while
the good demand at ruling high prices
for goods insures them a prosperous sea
son and full employment for their de-
mands. With the Continent and America
provided against their full requirements,
it follows that, with a crop less than
sufficient for the worlds needs, Great
Britain must be the sufferer. She can
only expect to get what is left, and if
her spindIes, they must perforce go idle
Business in Manchester has recently been
very good, the demand from India aud
China being especially active. The prices
now ruling for goods make spinning Pro-
table, and no master is anxious to close
down his works or even shorten time
while he is making money each is there
fore trying to secure the balance of his
requirements as early as possible, and
thu keen competition has caused the rise
to is cents. Whenever a round price is
reached there is always talk of a reac-
tion being naturally due. 1t is figured
that the Summer months have advanced
$500 a bale with practically no reac-
ton. There is no doubt that a hach-set
would make the market much more ac-
tive, as il would let in a number OF
buyers who have been waiting Tor just
such an opportunity to take the bull
side again, but so long as Spots continue
scarce and steadily advancing, there is
no reason why the shadow should not
follow the substance and Futures advance
hand in hand with Spots"
About dozen persons have been asked
what in their opinion was the number OF
bales of cotton still in first hands in this
county. With scarcely an exception ali
placed the number at 500. It would not
be surprising if these figures were much
under the actual number.-Tarboro South
erner.