The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-12
COTTON FAMINE
IS PREDICTED
Views of a Practical Cot
ton Man.
STILL AT SIXTEEN
Cotton Rolls in as Present Prices
Tempt Holders Who Were Fright
ened by the Recent Heavy
Decline From Big Figures
Early in February.
STILL AT SIXTEEN

The sixteen cent magnet pulled more
cotton to Raleigh yesterday and the price
kept up.
There was no advance of the market
here, the price for the variou grades rang
ing from Is cents till the best grades were
looked at and then 16 cents pound was
paid
Several bales were sol dhere Yesterday
at these figures, the majority of the sales
being at from 1878 cents pound to Is
cents. A year ago, when cotton was sell
ing at from 9B to 81 cents a pound
twenty-five bales of cotton were sold in
Raleigh.
Though the receipts of cotton here late
" have advanced from nothing to figures
of respectable size. this is regarded as
only a squirt because big money is being
paid, and it is felt that this section is now
about bare of cotton, except that held Tor
greater advance. This would indicate
that hereafter, till figures advance, ii they
do so, the receipts will be light.
Over the country at large the receipts
are small and upon this basis, and the
active demand in Liverpool, the prices for
spot have advanced. The men who talked
a big cotton crop have reduced their fig
urges to LIS, 900, while Neal, the Liverpool
statistician has come from II ,1000 900 to TO-
800 900. These figures the bulls expect to
be even less than ten and a quarter mil
lion bales when the returns are all in.
The marget is steady at the figures
quoted as prices for yesterday, and seem
to hang fire, as these have stood still for
some days, both in New York where the
top figures are 1866 and in Raleigh, where
16 cents pound is the best that has
come. While all indications are that an
advance is due, yet there may be reac
ton before the figures get higher.
There is another phase to the cotton
that is worth consideration, and
this is to the effect the present buying
policy of the Southern mills and the act
i've buying of cotton factors and shipment
on order to Liverpoolis going to have.
Having this in mind, an interview was
had yesterday with Mr., Charles f. John
son, Of the firm Of johnson & Company,
cotton dealers. He is man thoroughly
versed in cotton affairs, and his remarks
will be read with interest. They are GER
"How is the demand for yDot cotton?"
was asked of Mr.. Johnson, and he replied:
1.-The demand from North Carolina mills
is very poor, but demands from abroad
as good as it has been this season. We
are doing almost as much business in
cotton abroad as we did in Sep
TENDER last. We shipped 500 bales today
and have engagements for 1,700 bales to
go forward next week
"The receipts have been very liberal
the last few days in Raleigh and there
has been considerable offering III the last
few days from small towns in North Caro-
lima and upper South Carolina"
How do you account for this increase
of receipts and offerings?" was the next
question.
1--WE take it that the holders having
been frightened by the recent heavy de-
cline are anxious to secure the present
handsome figures they are getting. This
we believe will about clear out the hold
ings, both in the hands of merchants in
the smaller towns and in the hands of far
mers We look to see practically cotton
famine in the South this spring and sum
MGR"
These remarks of Mr.. Johnson are om-
nous to the Southern mill menA They
mean that at present they are holding off
hoping that by keeping out of the market
the price of cotton will be held down But
while they are doing this the little cotton
that is left in the South is going North
or is being exported.
The English spinners is buying, and the
cotton men here are getting higher fig
ures abroad than are even offered here
It is known that mill men in this sec
ton will not pay even 15% cents pound
for cotton, while it is being sold on the
streets of Raleigh by the farmer to cotton
ern mill men reach point where they are
short on actual cotton, they will have to
bring it back at increased figures, from
either New York or Liverpool
1t is believed that many mills who de.
dealers at 16 cents a pound. If the South
clare that the yhave stock on hand are de-
nendinr on futures bought, and these
NAV never be turned into spot. In some
cases they may depend upon cotton deal
ers for cotton bought for future delivery,
but ,f these dealers have hedged, the day
NAV come when a little profit in cotton
may have to take the place OF the actual
stuff. and then the mill will either have
to nav the money demanded by people who
have the cotton. or shut up shop till the
new crop is available