The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-02
YO HO! for COTTON
Fifteen Cents Here With
Indications that an Ad-
vance Expected.


on the streets of Raleigh.
The advance in the last two days has
been seventy points, and it was just a
few days ago that II ga and Is cents
were ruling figures.
But by a steady advance for the past
four or five days the spot market has
bulged forward without break and yes
tcrday the Raleigh buyers were paying
fifteen cents a pound. A big lot OF pref
ty cotton might have brought more, as
the market was advancing and New York
was marked up to 1886, an advance OF %
points over the report on Saturday.
Seven bales of cotton reached Raleigh
yesterday and the prices paid for this
ranged from il "a to Is cents a pound.
A year age twenty-five bales were sold
here, the prices paid being from 81
TO rs, the market at that time having
dropped from 10 lie cents.
The future market was active and the
movement on it was bullish. This added
to the daily showing that the crop is a
small one, as indicated by the receipts.
aided to boost the spot market From
Liverpool the cables brought the report
that Is cents a pound was being paid
there for cotton, and this had its effect
on the American market.
The reports sent out from New York
yesterday were that it was expected there
that cotton would go higher before the
end of the season. This has been and
Is the feeling of the cotton farmers, and
many oil them have held on with teeth
clenched as prices went down. They are
feeling easier now for cotton is getting
within close range of the highest figures
paid when it was sailing way up yonder'
The highest figure paid on the Raleigh
market has been 16 IL cents and with
IL cents paid yesterday it is within cent
and half of this figure
Cotton letters from New York yester-
day state that the outlook for an ad-
vance is encouraging, that there is little
cotton now available and that it looks
as If there would be famine in cotton
before the new crop came in.
The local condition remains unchanged
as to reports concerning the dearth of
cotton ii this section. The seven bales
coming in yesterday only came after no
receipts the last two days of last week.
and during that week there were only
eighteen bales sold here as against 900
the same week year ago. What cotton
there is in this section is being held for
all advance.
But cotton is high again, for Is cents
is pretty neat figure. 1t may go high
er, who can tell, or it may drop, and
those who get Is cents a pound can feel
that it was mighty good money, no at
ter how much higher the market may
soar.
Sheriff ). A. Salmon, of Harnctt coun-
ty, was in the city yesterday. He has
some cotton to SELL say about sixty bales,
and during the morning he turned down
an offer OF ii "a cents pound for his
holdings. He feels that cotton is going
higher than the top mark of yesterday
and feels this so much that he is hold
inf on to tie bales that he has on hand
-
1.-THE late spring means cotton fam
Inc in September said we'll posted cot
ton man yesterday Ordinarily by this
time the bulk of cotton has been planted
in the far South This year, not only has
none been planted but the weather has
retarded preparations for planting"
How will that make a cotton fam
ine,' l asked.
The crop will mature late. / have
known cotton picked in North Carolina in
August. Texas often has lots of cotton
on the market i'll August. This year, with
the late planting, there will be no new
cotton till late September. That means
high cotton until the new cotton is mar
keted.'
From the weekly cotton letter of J.
II. Parker and Co.. the following OK
tiact is taken:
1T is very plain that spinners are not
only willing to pay present prices for
raw cotton, but can do so and make
Handsome profit on the basis OF the pres
ent market for goods. Here we have,
therefore, legitimate demand based on
sound foundation. Against the re-
quirements of spinners stand the hold
ers of the balance of this crop. Know
ing the prices which these have OBJ
tanned for seven-eights OF their product
already marketed no one would venture
to claim that they are in, need of money,
Oh forced by poverty to part with what
they have left. 1t follows, therefore.
that the mills must be content to pay
prices which may be satisfactory to
holders, and trust to make themselves