Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1919-03-16
By Victor Barron.
by HICiUE Ddli oh'
Market Correspondent of The Times
RecOrder)


Recorder)
ATLANTA, March 15.-Bullish en-
thusiasm dominated the. cotton market
during the greater part of this week,
with values rising to new high levels
for the movement.
On the crest of the rise Thursday,
old March contracts on the New York
exchange stood at 1925, having leap
ed the full maximum early in the day
on belated covering of Liverpool and
domestic shorts. This represented a
net gain from the low of the previous
week of $40 points-S32 a bale.
The big jump in March pulled the
entire list, both old and new style OPP
tions, materially higher, with the trade
in general joining the bull side. Of
ferings were more or less light until
late Friday when a wave Of realizing
appeared, causing a sharp reaction
downward The big rise naturally
placed the market technically weaker
and the break logically was to be ex-
pected.
Final prices on the New York ex-
change Friday showed old contracts
70 to 275 points higher than last
weeks close, with March displaying
the greatest gain. New style positions
exhibited a net gain for the week of
So to 140 points. Values at New Or
leans finished Is to 104 points higher
on old" and rs to 50 points up on
new"
Transferring Contracts.
AS was the case last week, transfer
ring from old options to new contracts
constituted the bulk of the weeks
turnover, although business was on a
much greater scale. The limit to May
! for all old contracts to be settled
speeded up liquidation and close stu
dents are warning those still interest
ed in old contracts that it is for their
benefit to hurry and get out ex-
pressing the opinion that similar wild
fluctuations undoubtedly will be eX-
perienced in other old options as the
time of maturity approaches. The
wise ones apparently are following
this advice.
While there are many factors aiding
the revival of bullish enthusiasm, the
most important of these undoubtedly
was the growing belief that the peace
treaty will be signed sooner than has
been expected, and that consequently
the embargo and other restrictions
will be lifted from cotton, thus allow
ing worldwide competition for the
staple, which will send values mate
rally higher.
In addition to this-although the
bears will not admit 1.-THE growing
agitation for drastic cut in this year
acreage. together with the continued
stubbornness of spot holders, lent
wonderful strength TO the constructive
side of the market. On the other hand,
mills and the speculative element are
arguing that the rise in cotton of late
will encourage farmers to disregard
the acreage pledges they have signed
and many are claiming the holding
movement will collapse. as we'll as
prices, in the not far future. Never
theless, those friendly to the marke
are convinced even more so that the
reduction of SO 1-3 per cent. will be
carried out to the letter and that
holders will not relax their grip or
the staple until the price rises to a
level that will give them reasonable
profit above the cost of production.
NeaJner FaVOrS buIlS.
Still another strong link in the bulls
chhin is the continued unfavorable
weather, with prospects for another
rainy spell coming on the belt Cror
preparations already are more than
month behind in most sections of the
belt and now the weather situation is
looming UP as one Of the bulls best
bets.
With exports daily becoming heavier
the trade anticipates further cover
ing or the short interest on a large
scale and fresh buying on the part of
mills and spot firms. Exports last
week were the largest of the season,
amounting to 144,552, as compared
with 3,162,772 bales the previous cor
responding period. Exports Friday
were the greatest for any one day
since the armistice was signed, to-
falling 1914 bales.
Spinners takings for the week
amounted to $4,000 bales, as COM
pared with 10000 bales the same
week last year.
The visible supply of American cot
ton last week decreased A ,120 bales,
compared with an increase of 1882
bales year ago.
The new cotton legislation recently
effective, provides that ten formerly
tenderable low grades will not be
tenderable now This is considered
as decidedly bullish in as much as it
allows mills to get something better