The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-03-16
THE FIGURES FALL
Cotton Goes Back Below
Sixteen and One Bale
Sold Here.

Cotton took slight tumble yesterday,
both in spots and futures.
The market did not go off very badly,
but it was on the weak and inert order,
| with no dash to it at ALL
| In New York spot dropped 80 points
and the market came down from 1853 to
1886 This was more than duplicated in
| the future market, where the fall was
| about 40 points, the market, however, re-
covering about Is points before the day
| closed.
In Raleigh the prices dropped from a
quarter to half cent a pound, but no
cotton was to be had at figures less than
sixteen cents. The farmers who had cot
tor here simply would not sell for small
er figure than sixteen cents 15I2 and 1875
did not tempt them.
A number of bales reached the city, but
Of these only one was sold. That was
early in the day before the market went
donw and sixteen cents a pound was paid
for it. The other cotton was either stored
or aiken back home. a year ago IS bales
were sold here at from 9A@9B cents a
pound.
The bear contingent hammered the mar
ket heavily, but despite this the prices
held I'D well The market was a surprise,
for the advance on the curb on Saturday,
after the close of the market was an lndl-
cation that yesterdays prices would go
up. Yet the reverse came. this beng so
largely because some holders concluded TO
take profits, and put their cotton on the
market.
Receipts are still light and with this con
tinuing no big break is to be anticipated
The outlook is for a wavering market, as
| reactions are certain to come
from time to time That another advance
is to come is thing which the bulls say
is surely going to happen.
The following extracts are taken from
the Cotton Letter of j.. II. Parker &
| Co:
The activity in Liverpool is plainly
the result of an awakening to the fact
that the British spinning trade has been
woefully deceived by the prophets Of a
| big crop. AT the beginning of the sea
son, Neill and Buston estimated the yield
at II 200, 900 and over Within the pas;
1 few days, Neil has abjured his faith, and
now confeSses that the out-turn may not
be over 0,50O,000. 1t is rather late il
the day for such an admission, but spin
ners seem IL, have taken the conversion
seriously and acted promptly. Undoubt
edly, NcilFs reduction must have beer
known by some directly interested, before
it became public property, which ac
counts for the heavy buying in Liverpool
during the past two weeks. Manchester
advices continue very favorable and
good trade is reported for India anG
China account. 1t is rather remarkable
that the heaviest sales OF Spots should
take place in Liverpool. where practically
the whole shortage in the visible supply
exists, as compared with this time las
year Owing to the extremely small OK
ports from this side recently, there has
been little diminution in our port stocks
while last year at this time, the export
were heavy and stock was rapidly decreas
ing
while the market continue in its con
gested condition, statistics are of littl
value, but it is at least interesting Il
know that the movement. from Texas am
Indian Territory to March LIST, is equa
to the full amount reported by the Gen