The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-01-22
Cotton is Now Just a
Quarter of a Cent From
That Figure.

Cotton has not stopped advancing yet,
and yesterday it kept up the record of a
shady movement towards fifteen cents.
The market held steady during the
morning hours and it was late in the
day when the price advanced over that
of he previous day On Wednesday the
highest figure paid was 145sc., while yes
teTday the threequalter mark was
reached.
There was sold here yesterday fifty
bales at prices ranging from 49, cents
to 14M cents = pound, and if there had
been more cotton on the market this
price would have been kept up. 1t was
not the few bales sold here that affected
the price, for cotton is needed and the
demand for it is keeping the price NOV
ing. A year ago eighty-tow bales were
sold here at figures ranging from S7s to
9 cents a pound.
The cable advices from abroad are that
the demand for spot cotton is excellent.
ard any cotton offered on the cables
brings above quotations TIE demand is
good and Continental Spinners seem to
be doing good business and to be willing
to buy cotton freely at the present prices
The best information available from
well ipforrned sources is that the cotton
mills of North Carolina are very poorly
supplied with actual cotton, and this APP
plies in the main to all the cotton mills
Of the South Some mills are known to
have not more than thirty days supply
on hand, and no engagements for further
deliveries Most of the mills said to be
supplied till the summer months have not
the actual cotton on hand and in store
but have engagements with reputable
firms for delivery.
It can readily be seen from this that the
demand for actual cotton is likely to
prove in excess Of the supply and this
being so, when the call for cotton comes
and competition for it becomes fercer, the
price must go UP.
Talking of the cotton mills laying in
supplies ahead, it was said here yester-
day that the Rocky Mount cotton mills
made it a rule to buy full suply early in
the season when the bulk of the crop
was in the hands Of the farmers, as the
management held that at this time the
prices were apt t. be smaller than later
on. It is said that in nine years this
idea had proved wrong only one time.
Parties in the city last night said that
in various pants of the county cotton in
small quantities could be seen standing
in the fields. and that this was because
there was not labor to be had to pick it.
ith cotton near to fifteen cents a pound,
it would seem that every stalk would be
made to WELD UP every ounce of the
Geecy staple.
Today or tomorrow another advance
in the local spot market is looked forward
to. and it is the opinion of many that be-
fore the week closes cotton will be sell
ing at fifteen cents a pound. it seems
certain that this will some in the next
few days, and already there is talk Of six
teen cent cotton end seventeen cent cot
ton. though a we'll informed cotton man
said Yesterday that before the coming OF
seventeen cent cotton he expected the
price to drop to thirteen cents.
p. SIN this connection it is proper TO
append here somewhat enigmatical re-
mark made by cotton man yesterday,
who said: "The pitcher may go to the
we'll too often Put that in big let
tors." said he. The point Of his advice
of course, lies in the application. Is it for
spot cotton buyers the planters. dealers
III futures, SPECTATORS. or the mill men?"