The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-01-24
FUTURE Of COTTON
What J. n. Parker and
Company Says of
the Matter.

What of the future of cotton? Here
is the view of j. Fl. Parker & Co.:
"Bearish reports of all kinds have
been circulated with The view of
weakening spot holders, but these re-
ports when investigated could not be
confirmed. The movement FOR the
week is about loo, 600 bales less than
Tor the same week last year which
clearly proves that the southern hold
or still adheres to this purpose, al
though rumors have circulated from
cav TO day of spot markets weakening
at various points in the South. Port
receipts are smaller than the exports.
Indeed il is quite evident that the pro.
Queer so far controls the situation
Our adviceS are to the effect that
many January shipments have not yet
been filed although the claim is made
that when these shipments are filled
prices will work lower. our re-
cent advices from many places IN the
South point to inaccuracies III the
C;inners' Reports. These complaints
have been so general that the Census
Department has thought ii sufficient
to make an investigation, by selecting
as a test two or more counties in each
state. 1t is very generally conceded
now that the Southern producer Is
IMPLY able financially TO carry the sur
plus of this crop into the next season,
and we believe that if he pursues his
present policy sixty days longer
substantial advance in prices will take
e ace, especially if there is Il decided
reduction in acreage, Bur the Drin-
ciI,aI "bear" argument continues To be
that It is only a question of a little
time when there viii be Il Stampede
among holders .u'.," Will thr"W heir
{, ton in bulk upon the market.
'"There is. beyond doubt, a large
professional short interest in the con-
tract market working on the theory.
No decided change from the present
level is expected prior 10 the an
nouncement Of the next Ginncr's Re-
I. rt. which is expected between the
18th and 3Oth of this month. 1t is
the popular estimate that the -; Crt
* II show a crop Of about 13,00O,OeO
bales ginned 10 January 18th, AMI If
this guess proves correct. bear" OPP
orators will no doubt try 10 use ]. in
.adr ering prices to lower level, but
if the movement continues on sln2ll
scale. we believe that any decline al
that time will only be temporary, ana
W.. advise purchases on the theory
that q sharp upturn will follow, rs
short sellers vii! also, undo. cover OF
u is report. try to take profits. out
side speculation is now smaller than
at any time during the season, but
there are many inquiries from people
who are investigating the situation
with the view OF buying cotton for in
vestment. There is no disputing the
fact that this crop is large one, and
that there will be large surplus
above requirements. The course OF
price in the immediate future will de.
on,,d nntiraly mon the attitude OF the
producer, regardless of the operations
of professional spectators. In view
of this situation, an opinion as TO the
lrse of prices is of little value, but
as the price is now near if not below
the cost of production, it is reasonable
to suppose that further decline is linz
tied We therefore think it better
Judgment to buy on any substantial
decline from the present level"