The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-04
OH! SWEET SIXTEEN
Spot Cotton in RaIeiqh
Nearly Reached that
Figure Yesterday.

Cotton yesterday came close up to
most enticing figure.
Somehow or other there's something
sweet about sixteen, and one always has
smile on the face and warmth about
the heart when that term is used
The approach OF cotton to that figure
IS bringing out the cotton, and yesterday
siXty-three bales arrived in Raleigh.
The prices paid for cotton here yester-
day ranged from Is IA cents to Is 11-16
cents pound. A year aso eighty-seven
bales were sold here, the price paid at
that time being from 3-4 to rs cents
pound.
The advance in the American market
has been somewhat influence by the ac-
tion in Liverpool. There was an in
creased demand for spot cotton, calls
being made from Manchester.
The high price again reached by cot
ton has given the farmers who held off
before chance to sell at big figures
again. That the figures may advance is
to be calculated on and in New York
yoterday spot cotton reached h6 IA
cents pound The market is once again
III state of tension and the action of
the big bull leaders is to be the dctermin-
ing factor. If they push forward, and
the mills find themselves compelled to
buy 10 keep going the price will advance.
It's a short crop, certain, and this is
the element of strength behind the spot
demand and the high figure again reached.
1t may be, and it looks as if it is to be
calculated on, that 16 cents will be paid
for cotton in Raleigh today, but the un-
expected may happen
It's big money that is being paid now
for cotton, and the farmers who get il
may feel satisfied that is a fine price khey
are getting for their offerings, even if
later it should so as high as 20 cents.
The cotton situation now remind; me
cf the situation in the spring of 1862
sald Maj. !. w. Scott, of Sanford, who
was in Raleigh yesterday. Il sold cor
ton III Raleigh that year for 251S cenrs
= pound By August it had gone down
TO ten or eleven cents. saw men who
refused 25 cents in April who had to
sell at ten and eleven cents in the early
fall. The previous crop had been short.
1t had been excessively wet That kills
cotton. Drought does not injurc cotton
much. The crop OF that fall was large.
j believe there is more cotton in some
sections OF the country now than last
year. Last week one man near Sanford
had seventy bales that he had not sold,
though | heard yesterday that he had
sold 1t at fourteen cents to the Sanford
Cotton Mills. few weeks ago lie would
have got 16 cents.
y should not be surprised to see cot
ton go down. The farmers will plant
l&Ige crop this year and ii the SEASONS
are good the buyers will buy sparingy,
and cotton will probably go down. As
soon as the weather opens, there will be
great preparations made for big cotton
crop. Farmers will plant big crops when
cotton is bringing ten cents, even ii
labor conditions are not good
Farmers who have cotton on hand and
don't want more than Is cents for it had
better get it to the market at once, as
that price is in sight now; but If they
want 80 cents for three pounds and
have nerve and patience, they can wait
little longer. We are almost tempted
to advise those who have still more
nerve to wait for 171a to 20 cents (Which
is no doubt in sight if the war ends
rapidly) But such advice would only
m0ke them think us even bigger tools
than when they sold at 10 cents last tall
while we advised them to hold Tor -
cents and gave good reasons, too.-Duplin
Journal