Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1919-01-26
COTTON BEARS
HALT, seeming
DANGER AHEAD
BY Victor Barron.

downward with considerable momen-
tum this week, with values falling to
lowest levels in more than two years.
Bears encountered practically no re-
sistance until during the afternoon
session of Friday, when a brisk de-
mand developed from trade houses
spot firms. Liverpool and some short
covering. This threw brakes on
tumbling prices, and subsequent re-
coil of more than 100 points from the
low records, recorded during the
morning session.
On the whole bears dominated, while
bulls stood dormant, apparently with
the life crushed out of them
Final prices Friday in New York
found futures 273 to 40 points net
lower than last Saturdays close, while
the list at New Orleans exhibited a
loss of ITO tot 295 points.
Better ease up on short sales, was
the calm advice of an old-time cotton
man when the selling was at its height,
because it is becoming too popular. ."
AS it was those who have been fol-
lowing the short side looked at things
m a more hazardous light, apparently
realizing they have sold themselves
into dangerous ground, if once the
market starts upward, because one
of the largest short interests in years
has been built upon the decline,
while practically all Ion glines have
been closed out Technically, statis-
tically and fundamentally, the cotton
market is in the strongest condition
that it has been at any time since war
was declared more than four years
ago, despite false talk of "pre-war"
prices.
There was no news worthy of COM
ment back of the decline. Some at
tributed much of the selling to labor
unrest here and abroad. while others
argued mills were uneasy and there
was loose talk of the South planting
cotton all over the face of the earth
this spring, owing to high prices. The
latter is so absurd that it is ridicu-
lous, but it is repeated to show the
f1imsy factors thasbear clique are US
ing to hammer value down to levels
which are far below the cost of
production.
On the other hand the bears main
object has not, and will not, be at
tained-BREAKING THE GRIP OF
SOUTHERN SPOT HOLDERS! Banks
are amply able and quite willing to
increase their cotton loans and are
encouraging holders to stand pat.
Many farmers are financially able to
fight their own battle without aid from
bankers. That applies throughout the
South, not to Georgia alone.
While values were falling, exports
were increasing; mills quietly buying
fall deliveries; foreigners accumulat-
ing contracts and mills operating to
almost full capacity In addition to
this, the agitation for a SMALL cotton
acreage this spring was responded to
from many sections where growers are
determined to hold down the acreage
Nevertheless Wall Street, profess
ionals. the South, Liverpool and COM
mission houses sold the future mar
ket with confidence of their position
The Southern selling was said to rep
resent unhedged actual cotton. me
market was hammered numerically
all week until late Friday. The weeks
low marks were established FRIDAY
forenoon. with January in New York
falling to 21 cents, March 2O.95; May
20: July 1915 and October 1902. AT
these levels the market stood 248 to
sos points under last Saturdays close
or 522 to 653 points-$26.1O to $500
a bale below the closing prices OF
January 2, and 1,525 to 1905 points
-$76.25 to $SO25 a bale below the
high records of September 3, last,
January option in New York expir@
ed at 81 cents, or 1860 points under
the final quotation on December OPP
tion-more than 10 cents pound.
Exports for the week totaled 2O1, 4SS
bales, against only 5O,69S the same
period a year ago This brings the
total outgo so far this season up to
2,45O,O3S, against 2,576,396 the prev
ious corresponding period. At this
rate of increase it will not be long
before this seasons exports exceed
the previous years.
spinners' takings this week totaied
227 900 ba IS against 26S,OOO in 1918.