The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-02-10
COTTON AND WAR
Ginners Report Did Not
Stop the Break.
Cotton Goes Off Again in the Face of
Fighting in the East and the
Ginners Report Did
Mot Aid.


Cotton was again On the downward
slide yesterday and when the day closed
in Raleigh the cotton buyers were say
ing that 12% cents a pound was the best
they could do Oh the local spot market.
The day previous the figures had been
from 1871 to 1917 cents, SO the drop was
from half to three quarters of a cent
a pound. The buyers did not get a chance
to buy much of the staple, as only three
bales found their way here yesterday and
these sold at from IL to IA cents during
the morning
The market here is still about 312 cents
in advance of the prices paid at this time
in February, 1908. On the same day last
year % bales OF cotton were sold here at
from 7-16 cents to SIS cents pound.
The government ginners report was is
sued during the day, and the figures were
not as low as had been expected by the
bulls. Before closely studying these the
market went down, the bear forces being
very active, but later the bulls regained
some confidence and prices advanced Il
little. The report showed the ginning TO
this time to be 9,859277 bales. or count
ing round bales as half bales to be 9,465,-
537. The bulls had expected the latter
figure to be about 5000, GOO.
These figures, it is held by some, mean
that the crop will be inside OF ten and a
half million bales, while others put the
figures lower than this, holding that the
crop is well nigh exhausted now. and
that there is not million more bales to
be had. They say that even with these
figures that natural causes will again
send the price of cotton up again, that
there is not sufficient cotton for the mills
to operate upon beyond the first OF July,
end chat as they would need cotton, which
woald be scarce, the staple would again
advance.
In view of this they call attention to
the condition of the spot market over the
country. They say that nobody is trying
to sell spot cotton, simply because spot
cotton is not here to be sold.
That is certainly the condition in the
section in which the cotton buyers of Raj
eigh 10 business. One prominent buyer
said yesterday that he did not know
where to go to buy cotton, that this &C.
ton had been we'll worked already.
Only three bales en- the market yester
day was an indication of this, and with
a break in prices that usually brings out
timid holders of cotton for fear Of a per-
manent decrease the cotton fails to make
its appearance here.
On top of the moderately bullish tone
of the Ginners Report came tee news
that the Russians and the Japs had come
to blows and that the war long talked OF
and rumored had really begun. This re-
port sent prices down with thump and
drove away any strength which might
have come from the Ginners Report.
Cotton has done remarkably well TO
hold as high as it has with all the things
it has had to fight against, said cotton
buyer yesterday. There was the insist
cnce that there was to be q big crop, the
report that the advance was merely spec
ulative, the cry of the mills that thew
would curtail, the report that the bull
CLIQUE had surrendered, the continued ru-
NOR of war, and now the certainty that
the fight is on, as well as tight money
from the Baltimore fire All these things
and yet spot cotton is bringing good
.T!2es."
The crop is small and is about eX
EauSted or the holders would be sell.nG |
rapidly | expect an advance IN cotton |
even if war is on. 1t will be remembered |
that in 1898 the Spanish American war
made q demand for cloth and put the |
mills on their feet. There is TO war but |
that it makes demand for clothing. The |
Russ and the Jap. have got to be clothed |
and our mills will make the cloth They |
will need cotton and it is going to ad-
vance, as figure it out.
You will notice that the Baltimore |
fire has cleaned out many houses which |
USED the products Of cotton mills. These |
firms have orders ahead which they must |
fill. They will so into the markets Of |
New York and Philadelphia and will be-
come new buyers. The new trade started |
making an increased number Of buyers, |
is certain to advance goods. In fact the |
drummers on the read have already been |
instructed TO advance prices. With the
demand for goods more must be manuiac |
tured. To do this requires cotton, anG i
TO get the cotton means that competition |
for the raw material will send it forward
again"
Putting all these things together, you t
will sec why | say that I think cotton |
will advance again. If it doesn't am
greatly mist aiken man.