The commonwealth. (Greenwood, Miss.) 1896-1923, 1915-09-17
7 PRICES GOING UP.

MOnQay DrOuRnL announcer sharp rise IN
the cotton market, SO that the quotation for
October contracts, which is practically equiv
alent to .sspots," now stands at 10 3-8, while
the spring deliveries are well above eleven
cents. This means that the value of the
present crop has been increased by many
millions within the last few weeks. And
the contrast with the utter decentralization
which prevailed a year ago is sharper still,
for the price then stood in the neighborhood
of sever cents at the outports and the most
.resolute optimist could discern hardly a rift
in the clouds, says the Times Democrat of
the 18th inst.
Two supreme facts have brought about
the salutary change. In the first place, the
present crop is known to be a comparatively
small one, though experts differ greatly as
to it's size. The reduction of acreage, the
diminished use Of commercial fertilizers and
an unfavorable season, not to speak Of the
boil weevil, have done their work, so that
the crop promises to fall below the worlds
needs, even if the war lasts another year.
Then, again, the Federal Reserve Board
helped in a critical hour, by announcing that
farmers would get funds, at fair rates, to
carry the crop. So far as one can now see,
little help will be wanted from that quarter,
but the assurance counts, all the same In
the light of these and kindred developments,
the surplus brought forward from the old
crop has ceased to weigh upon the market.
every bale Of the surplus will go to the
spindles before the next crop is available.
1t is the historic truth to say that the
recent advance got it's first impetus from
futures" Not only so, but futures" con-
tinue to lead the advance. In other words,
spectators are willing to pay the stiffest
sort of premiums for spring deliveries and
thus lock up thousands of bales Of the actual
st11ff. from day to day. Il it We're not SO,
the actual stuff wo old press upon the mar
ket and values would Az dramatically sink.
The reverse Of the medal was sen a year
ago, for the exchanges were closed, speecu,,
lation was dead and the spinner thus had
things to himself.
Now, as before the recent advance be-
gan, it behooves the South to pursue a con-
sentative policy; An attempt to hold the
entire crop would defeat it's own purpose,
for spinners would resolutely wait, know
ing that an auction must come later on. On
the other hand, it would be foolish to sell
this crop in a hurry, now that the statlstl-
cal and financial situation has so greatly
improved. Both extremes may be avoided,
If each farmer sells just enough to pay
pressing debts and doles out the remain
der. For the debt-free farmer, proof
against panic and manipulation, can wait
till the spinner fully awakes.
In the meantime, last years specula-
tive apathy cannot be repeated. "The pub
lie is in cotton" as the professionals say,
and a speculative campaign of this type
does not end over night. There will be swift
changes, Of course, but the spinner will have
to face the SPECTATORS competition, for
weeks and months. The farmers misguided
friends would have had him left to fight his
battle alone. Fortunately, saner counsels
prevailed and the exchanges, under govern
ment control, are great public utilities, as
ought to be. Reform, like death,
moves with leaden foot, but covers the long
est distance at last.