Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1918-12-15
INVESTORS NOW
BUYING COTTON,
EXPECTING RISE
BY VICTOR BARREN.

deliveries reached their zenith at the
weekend.
The trade was forced to digest two
in pOrtant Government reports during
the week The ginnings report, which
was issued Monday was even more
bullish than the most rampant bull
anticipated. But the annual crop esti-
mate, issued Wednesday, gave the
trade a surprise, being about 100000
bales above extreme ideas, calling for
a crop, exclusive of linters of 11,7O0,-
GOO bales. At the first sight of the
figures the trade construed them as
bearish, but after a rigid scrutiny of
the estimate it disclosed the fact that
figured in running bales-505.8 pounds
it called for yield of about 1885,,
600 bales of lint. This was pronounc-
ed as decidedly bullsh, inasmuch as
exports this season are sure to offset
any curtailment in domestic
consumption.
Nevertheless, a hurried selling wave,
including some southern hedges, real
ling by longs and short selling. to-
gether with liquidation by some spot
firms-foreign and dOmestic-resulted
in a swift break of about 100 points,
but before the close-Wednesda
renewal of strong demand developed,
bracing the market and at the close
the market exhibited a gain of fully
50 bale from the days low levels.
From then on the market displayed
a stable undertone, with soldout longs
and shorts anxious buyers on all dips.
Values worked merrily upward and at
the top Friday futures at New York
showed a nice gain of 100 to 1O5
points from the midweeks low levels,
while the list at New Orleans displayed
a gain of 50 to $50 points from the
lows, the equivalent of $425 to SO
bale.
At the close Friday, the New Yorl
market stood % to 67 points under last
Saturdays close, while the New Or
leans market showed a gain of As
points to a loss of so points.
Aside from the two bullish Gov
eminent reports, steadily increasing
exports and remarkable steadiness in
spots throughout the belt, together
with the heavy discount futures are
selling under the actual, supported
optimistic views and keep buying or
eders in the majority.
Domestic spot firms, trade houses,
Wall Street, Liverpool and southern.
interests we're accredited with supply
ing the bulk of buying orders.
Investors are beginning to look
upon cotton, especially the remote op
tions, say for instance October, as
extremely attractive, and considerable
buying by this coterie was reported,
the purchasers confident of receiving
between 80 and 35 cents for their lines
by spring.
The strength of the spot markets isl
best evidenced by the following mes
sage received from Texas, which can
be said to apply for the entire belt:
Cant buy good middling. No SELL
fnu NF cr, in, 40 Tn
lures must reflect this soon"
From all sections of the belt advices
of this character daily are pouring in.
Farmers have sold a goodly portion
of their staple and financially are en-
trenched to hold their remaining bales
indefinitely. Banks are willing to aid
holders, but the comparatively small
appeal by holders for outside aid is
significant.
With the crop definitely settled as
being the fourth lean yield, the flu
ture course of the market will be gov
erned by the spot situation and de-
velopments at the peace table
1t was announced at the opening of
the market Monday that the Cotton
Committee at Washington had removed
all restrictions on short selling of cot
ton. Liverpool, however, thought best
to keep restrictions in force on that
side. A cable said:
Directors of the Liverpool Cotton
Association have decided that regula-
ton should remain as heretofore rel
garding short sales, except that SUCH
sales will be allowed, provided they
are covered the same day. Straddles
between months will be permitted.
Ginnings to December l. as an
nounced by the Census Bureau, totaled
9,563,124 bales, against S,681,OO toI
November IA, last, 9,713,529 to Deem
be 1917. The trade expected gin
Dings to be in excess of $500 900 bales.
ExDerts argue that from now on DIN