Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1919-04-14
SOUND BASIS, TO
COTTON MARKET.
DESPITE SETBACK.
BY Victor Barron.

Atlanta, April 1.-THE sharfp re-
action in cotton from last weeks high
levels was due chiefly to technical CON
ditions, and not to any change in the
sentiment of traders, which remains
as bullish as ever on the belief that
peace is imminent. After the recent
rise of more than 300 points-$15
bale-from the recent low levels, it
was quite natural to expect some set
back and the failure of the reaction
to extend further only reflected the
general soundness of the fundamental
factors
However, at the close of business
Friday new contracts on ,he New
York exchange showed active options
20 to Sc points net higher and old con-
tracts 25 to 20 points higher. Both
new and old May options closed the
weak slightly lower.
Speculative interest conferred on
new crop deliveries, with spot firms,
trade houses and Liverpool being the
principal buyers. Nearby delN cries
were sold against purchases of the &C
tual, thus narrowing the premium on
summer months compared to October
and December.
Chief Bull Incentive.
The more optimistic view by the
public as to the outcome of the peace
conference, together with continued
unfavorable weather in the belt, with
decided improvement in the dry goods
situation and steadily increasing ex-
ports, furnished the chief incentives
for those following the constructive
side of the market. In addition to
this the initial Government weekly
weather and crop report was publish
ed especially on the western belt, stat
ing that the plant is yellow and stain
ed in Texas and that rains have re-
tarded new crop preparation. How
ever, the latter applied to the entire
belt. In many sections east of the
Mississippi river, little or no planting
has been done, the report stated,
!. Another stimulating item was a re-
port that the French Government has
authorized the importation by spinners
and importers direct of $4,000 bales.
This was taken to indicate that the
French commission is about to relin-
quish control of importation and spells
further Improvement in the export sit
uation.
The report that all the cotton spin
H. f,, I ink o.
American single yarns, will be closed
until April 28, was without effect on
the market, as English mills always
suspend operations for about a fort
night around Easter.
Shorts sent to Cover.
Some Of the selling early Friday was
occasioned by tn efailure of the Wa
ington forecast of frost in the eastern
belt to materialize, but on the other
hand the bad weather in the west,
with indications of further rains in
the eastern belt, offset this. This, to-
gether with the more optimistic
foreign situation and increased In
kuiry for the actual, frightened shorts
who rushed to cover with the result
that all active options rose with pro-
nounced rapidity from the weeks bot
tom levels.
Bears tried to make a fuss over the
coming consumption report, stating
that domestic consumption of cotton
in March would not amount to more
than 100000 bales, against $1,000 last
year, but the bull crowd called their
attention to the fact that mills were
very active late in the month, there
fore the figures may be much better
than expected
Nevertheless, March has passed into
the hitory and since the first of April
mill activity has taken on considera-
BILE new life-despite reports to the
contrary-and the consumption this
month promises to be considerably
more than April year ago when 544,-
900 bales were consumed.
Exports for the week totaled 1872, 743
bales against 64,656 bales the same
week last year Up to this date ex-
ports-since August l, 1918-are 34S,-
$50 bales greater than to the same
date year ago, the total being 3,71S,-
COL bales, against 3,369,942 in 1918.
The movement abroad naturally will
take on a great increase following the
signing of the peace treaty
With the new Gro psituation de-
cidedly unfavorable, peace near and
American manufacturers planning for
a great foreign and domestic business,
there is but one way the pendulum of
the cotton market can swing and
swing rightfully-upward
For Weakness After Grip or Influenza