The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-11-09
Bearish Effect of Gin
ners' Report Temporary.
"A SCHEME OF PRICE
by Secretary Parker, Of the
Cotton Association, to Scare the
Planters and Cause Them to Rush
Their Cotton TO Market. Cash
Not Scarce.

There. were more farmers in the
city yesterday with cotton than sold,
and though some were disappointed by
the slight decline in prices they at
tributed it to the ginners' report, and
expressed their determination to hold
until the price goes higher UP.
The office of Mr.. II. 3. Parker, sec
rotary of the North Carolina Division
of the Southern Cotton Association
and also secretary of the Farmers
State Alliance, was the headquarters
of the farmers, and there they dis
cusSed the situation. Most seemed to
think that the report would not de-
press the market seriously. and that
the worse effect will wear off within
few days.
Theodore Price was the target for
approbriOuS remarks, and the growers
are almost unanimous in believing that
he is responsible for the temporary
fall in prices, having issued an esti-
mate several days ago, knowing that
the report would be considerably
larger than he represented.
Secretary Parker yesterday after
noon gave out the following interview
in regard to the situation:
THE effect of the ginners report will
evidently be bearish. AS evidence of
that, as soon as the report was re-
ceived the New York Market went off
several points. Do not understand me
to say the report is bearish, for l con-
slider it quite otherwise: but the imme-
date effect will be bearish. This is
SO because Mr.. Theodore Price had
wired his correspondent that his adj
Ivir =
bales which was quite bullish, and the
market had gotten morked up to some
extent to look upon Mr.. Prices report
as approximately correct. So when
the ginners' report came in showing
more than a million bales more than
Mr.. Prices, the Immediate effect could
be only bearish. But when they begin
to pry into the real situation | think
the report will clearly be construed to
be bullish.
an tal,-ing with one of the best
posted men in Raleigh. on the cotton
situation, this afternoon. he said that
Mr.. Price had evidently laid his plans
well. and that as soon as he saw Mr..
Prices report of 100000 bales he
remarked that the estimate was at
least a million bales short of the real
situation, and that Prices report was
gotten out for the purpose of bulling
scheme, to bear the market as soon as
the ginners report was received.
In giving his reasons for believing
the ginnerS' report to be really bull
ish. Mr.. Parker said: "All to whom
have spoken on the subject think that
at least SIS per cent. of the crop had
been ginned by November 1. If that
is true, according to the ginners' re-
port, the crop will be less than ten
million bales. Many think this esti-
mate of IS per cent. entirely too high;
if it is, then the crop will be still
smaller.
This is a scheme on the part of
Mr.. Price and his friends to shake the
bushes. scare the cotton farmers, and
cause them to rush their cotton on the
market But in this they have evil
IDENTIFY underestimated the strength,
intelligence, and determination of the
farmers. AS soon as cotton reached
eleven cents the position taken by the
Southern Cotton Association in MAX
ing that the minimum price was vim
dicated. and the farmers strengthened
in their determination to hold.
'The reports coming from every
section of the South show d short crop
and with the means employed by the
Southern Cotton Association to collect
this information and disseminate 1t
among the farmers we need not look
for them to fall over themselves IN
trying to get their cotton on the
market before the bottom drops out
1.-THE bearish effect will be only tenn
| porary, for the buyers will soon real
| ize that it will take cash instead OF
scare to induce the cotton to come
upon the market.
| "The man who said he had to sell
has about disposed of his crop, ana
the remainder is mostly in the hands
of men who can hold it until prices go
their way. These men are in no hurry
to sell, for they are looking for much
higher prices later, and if necessary
are able and willing to wait for them. "
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