The Monroe journal., 1916-12-12
COTTON TAKES A DROP
Government Reports Sends Price
Down Lower Than For Some Time
Exciting Day i'm Cotton Futures.

Cotton dropped more than a cent
a pound on the local market yester-
day. Buyers who have any on hand
felt down in the mouth" The price
is two cents a pound less than il was
last Friday, The drop is attributed
to the fact that the government esti-
mates that the crop will be a little
larger this year than last.
Today the market seems to be
quiet with no one knowing what will
happen next.
Further reduction in the estimat-
ed size of this years cotton was re-
corded yesterday in the Department
of Agriculture's final report, putting
the production az 11.511,000 equiva-
lent 500-pound bales. exclusive Of
linters. That is 10000 bales less
than forecast after the last condition
report in october.
Indications at the beginning of the
growing season were that a crop Of
approximately IA 266, 600 bales would
be produced but storms and insects
wrought havoc with the growing
plants as the season progressed. The
acreage planted was the fourth larg-
est on record.
The average price per pound paid
to producers of cotton on December
| /. was 1876 cents. At that price the
seasons crop is worth S1,079.351,-
GIG, exclusive of the value of Inter
cotton and seeds.
Last year 11,191.S20 equivalent
l500-pound bales were grown and d.
ing five years, 1910 to 1914, the av-
erage was l4,259,2o1 bales. The
record crop was grown in 1914 when
16,134,930 bales were produced.
The Effect in New York.
One of the most sensational breaks
in the history of the cotton market
followed the publication of the Gov
ernment's crop estimate yesterday
Inside Of five minutes there was a de-
cline of practically a cent a pound
and before the break was checked
March had sold at 17.50-$S.l0 per
bale under the high point of the
morning and more than SO bale
under the high records established
just before Thanksgiving. A rally of
about 60 points followed in the last
half hour with March closing at 1911
and with the general list closing
steady at a net decline of 70 to 90
points.
The market was extremely nervous
and irregular before the report was
published. Disposition TO cover re-
cent sales in advance of the estimate
caused rallies from time to time, but
every bulge seemed to meet long cot
ton and the selling was promoted by
reports of advancing marine war
risks and the easier Liverpool cables.
After opening IL to 10 points lower
prices rallied quite sharply to about
to 10 points net higher. This adj
vance carried January up to 1888
March to 1912 and May to 1888,
but before the report was issued
prices had worked some 25 to 80
points under last Saturdays close
and following its publication January
broke TO 17.40 and May to 1880.
For a time the selling which came
from all directions appeared to be abb
solutely overwhelming. but the worst
of the liquidation subsidized after the
decline of 1913 TO 1856 points from
Saturdays closing figures. and trade
interests were big buyers on the clos
ing rally of about SIS to So points
from the lowest
Lost Eight a Bale I'm New Orleans.
In one of the most exciting sea-
sons and widest slumps ever noted on
the exchange here, the price of cot
ton yesterday was sent 1872 to 161
points. or IS bale. on the weakest
months, under Saturdays close. due
to effects of the Governments fore
cast of the size of the 1916 cotton
crop. The estimate of 11,511,000
bales as the total production. was
considerably above general expecta-
tons, and the January position sold
down to 1866. which was 3S4 points
below the highest priees of the sea-
son made two weafF ago, or loss
of about $40 a bale compared to the
high figures.
Football Victims.