The log cabin Democrat., 1916-09-20
COTTON CLIMBS 10 l5.7O CENTS HERB EXPEC1EC TO GO HIGHER Market is Advancing, Even Under Pressure of Unprecedented Re-
 ceipts-Seed Lower.

With cotton bringing 15.60 to 15.70 cents pound here today, the staple has advanced nearly $6 a bale since the low point early last week and is now only a half cent under the record high mark for the season. Receipts continue to pour into Conway at an unprecedented rate for the time of year, it being estimated that at least 5000 bales have been sold here already, against probably not more than 50 to the same date last year. Practically every farmer, however, reports that picking, instead of just beginning, is nearing the end, the staple all open ing at once. The top crop, it is ad- mitted on all sides, will be practical ly negligible. Cottonseed tumbled S2 ton this afternoon, SAP being the prevailing price this afternoon against $44 early today.
 The manner in which the big mar kets are holding up and advancing under the pressure of such enormous receipts and selling is a mystery to cotton men, and has created the inn pfesslon almost everywhere that cotton will advance to record high hgures as soon as this pressure is removed and the shortage of the yield this year definitely ascertained.
 Regarding the present condition and outlook of the cotton market the following interesting review ap- pears in today's Memphis Commer- clal Appeal by that papers cotton expert, T. Q. Galbreath:
 Cotton values scored further de clded advances yesterday. Buyers were as plentiful as robins in the spring, while one with courage to sell cotton short was sort of curi oslty somewhat in the same class as the great aux. That prices were gong up with no limit in sight every one seemed certain; just how high they would go no one would venture an opinion, but that the top was still far up among the clouds most traders agreed. There was a mod crate recession around the middle of the session, presumably the effect of lack Of support while bulls were away to lunch, but in the late trading the support was renewed in increas- ed volume and prices broke through the high level of the forenoon. Final prices were at about the top, with tone very steady, net 27@31 points up.
 Liverpool was a shade lower than que at the start, but later prices ad- vanced and traders in the market sent large volume of buying orders to this side. Wall Street and ont slders helped the foreign demand along broad and active lines. The reduction in freight rates fors ocean carnage, announced Monday, was re- garded as likely to encourage export business, thus providing strong com petition for the American spinner to meet. Weather over the belt con tlnues favorable for picking and movement to market is assuming extraordinary proportions for the season of the year. But despite the last that this early movement is the greatest on record, it is proving of absolutely no consequence as a mar Ret factor. As the che hope of the pears had been based on the expecta- ton that prices would give way un- der the weight of bales, that element o1 the trade is left without ground to stand upon. Occasionally one will talk in subdued sort of way about the probability of reaction to fol- low the big advance, but old man. ners and old customs have been total ly disregarded by the market for the last several months to such an ex. tent that there is no longer any seek ing out of precedent by which to determine future price movements.
 The recent publication of semi monthly private crop reports has seemingly turned the attention of the trade again to the prospective yield. Much interest is centered on the next government condition report. to be promulgated on October 2, and there IS growing disposition to expect the figures to show further crop de- terioration. A loss from a promised yield of 11,S00,00O bales when the world apparently needs from 14.- 0OO,0O0 to 15,O00,0OO, makes a short age of supplies seem certain. This agaln turns the attention of the trade to the question of what price will check consumption, and in seek ing for it's solution such matters as the movement to market are swept aside. For the temper of the trade is to look for such price as much higher levels and the resulting spec