The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-02-12
COTTON CLIMBING
Spot Advanced Fully a
Cent on the Raleigh
Market Yesterday.

the advancing line, and the forward move
ment seemed to be steady one.
On the Raleigh market not one bale OF
cotton was bought, as there was not
bale brought to this market. The cotton
men were ready to buy at an advanced
pIce on that offered the previous day.
The quotations for that day had been
13 to 10 IL cents a pound. Yesterday
the Offering would have been L 10 IA IL
cents pound, but not one cotton farm
er came in to offer his bales for sale.
year ago twelve bales w2re sold here
at from IA to 3-8 cents a pound.
Gould you squeeze the price to 10 cents
pound on some extra fancy cotton?'
was asked OF a cotton dealer here yes
terday. He hesitated a moment and then
said, Il might dc, but today it would
b, pretty tight squeeze to get 1t to thai
figure and it would have TO be extra
faEcy.
The market has advanced vigorously II
thu Fast few days and among some it is
thought that Japanese victories in the Far
East has helped the market, this be-
cause an Ultimate victory for Japan
would mean many more open doors for
trade in that country while the success
OF the Russians would mean crcurn
seribed market. 1.-The success OF Japan il
the best thing that can happen in the
way of helping the price OF cotton said
student OF the situation yesterday.
The advance. OF vest arday was equal to
about cent a pound, and by some it is
ccnaidered that the tide OF cotton prices
is again rising. Whether or not the
pieces will continue is a story that must
ccme from day to day, but the small re-
c pts in all sections emphasize the dt
termination of the holders Of spot cotton
to have more money for their goods than
is now offered.
The future market advanced yesterday.
tho average net advance on the New York
market being from So to Y points, and
til. close of the day lound Inc market
Am with the hint OF a strong hV!l move
mint egain being behind cotton. Today
nay give possible information as to whetn-
q the advance in the last two days is
Just a squirt, or the beginning Of d steady
advance.
VIII cotton return to the sixteen cent
Irice reached? That is the question which
everybody who is holding cotton asks
Bus nobody answers. ]. H. Parker & Co,
in their last letter, seem to indicate that
the holders of cotton intend to hold for
higher prices than those now prevailing.
The following extracts are taken from
Parker G. Company's latest cotton letter.
Corners and squeezes have frequently
taken place, but, with the exception OF
n small squeeze in this market in Janu-
ary, 1900, entirely local in its effects and
a very small thing in Importance, ell sue
cessful bull manipulation has taken place
in the summer or early fan when there
abco Inf for in
or the small stocks were in the hands of
a fzw people who controlled them abso-
lute1y. Such thing as steady ad-
vance OF over cents a pound during the
period of heaviest movement and market
ing of the crop, is simply marvellous And
although a combination OF circumstances
las interviewed to check the continuance
of the rise and to set back prices to
what in another season would be an alb
normal extent the farmer, the producer,
have already reaped the benefit of the high
prices, and the money received by him
VIII stay in the country, wei or pros
perity for years to come.
~ viii be remembered that last Sum-
ner when the consuming world was first
forced to pay prices commensurate with
the scarcity of supply, the Secretary Of
Agriculture, Mr. Wilson, declared that
the level OF prices then established was
az olutely fictitious and without founda-
ticn, %nd that the farmer who ploughed
The soil and raised the crop would not
receive over 8 cents for the cotton then
beng grown. No one can appreciate the
humor CT this prediction better than INC
lalmer himself when he goes over the re-
turns OF his yield for the past season, now
turned into hard cash. OF things bought
N;tt it, No matter what the final our-
come may be OF speculation, OF whether
20 cents may yet be seen Or only u, the
producer has sold his cotton at prices
never dreamed of in past year, and he
is happy and the country is safe. Among
he several causes of the collapse were.
1st-a disposition on the part of some
ndlis TO sell some OF their cotton at the
extreme level established; 2nd-morai
pressure by banking interests to prevent
the panic among shorts from proceeding
further; 3rd--the liquidation by the lead
inc local bull OF mis- long holdings, thus
.privingthis market of its aggressive sup
porter and lastly, and probably the most
Important, the dangerous situation in the
Far East, which ct any momel.t seems
likely to burst forth into state Of war
The speculative markets, as we have