Pine Bluff daily graphic., 1919-03-01
REFRESHING VIEWS
 ,,psass Ss NEWS.
, GLOOMY SITUATION.

sli to t ,,a ',,ct. s''f sr '' a,!en ss'Ssa sa
 aers ;aa .s pn ,ah ss,'- New orleans and New
 York 1es s, s,l notice sio day rolled rsa < around ents ente Y 1a sSs' sssn continually havpins
 upon es e large rssI accumulated ., ts.S htocks of
 low giade cotton, vn,vt a.t,.t ' b,t Snla ,,
 comtrs ~ou,a !. ana n,rtst' nS ts First aotice day
 for Msrch a'aj tenders has come so.d ln 1oth
 marketss but not single ,d",, nv''fe, @
 far as csn be learned, has 'ssi issued
 here orfn Kew York; .,,, ca,
 The only conclusion .lt', ut ,,s ."m ,n, ne drawn rom the failure ,,.Su Q! the ,so lnrsr a1o.
 ests that have been selling ,": Ma'. mar
 ket to tsndsr any cotton on, on March ar not acquired any low grades s..!,' or else some othef outlet has seen , loaaa 10" the low grades which are supposat 1,' s;t, to
 be pressint on the market In n,st etthet U. [ event, ths position Of lns 'Jn ,, ''nee ,, market is all the stronger ,.,,! Ill !he first place, there have been .,,ps psfsis1- ent reports Circulating her' that spot interests in the South, more pal1'cu- ar {, larly Savannah interests. woula m oe. mand the 'deliwry of io,ooo oaes of actual cotton. on March eoatrae's m the New York market. As the New York stock, all told, $ not nluca over So.OOo bales, Sensational developments ill the March position may take pace a. before that month ends Even ID 'his market where sthe total stock IS Ner T 100000 bales, It is doubtful if i0Noo bales of cotton could be purchased and certificated for delivery within a months, time. The cotton being held by factors here, amounting to aSoat 100000 bales. is not far sale except at materially higher levels. Most ef this cotton is owned outright by farm CTS and planters in the interior, and in instances where money has been borrowed on the cotton, requests for additional margins when the market broke, were promptly met. The rest of this cotton is owned tv exporters, and lange syot firms which have ae- cumulated a supply in anticipation of d large spot demand s:er on ill the season, when trade conditions tecnne more normal.
 Statements ENggsrairl.
 Cotton men who have lu,, into the facts assert that the Statements whict have been put forth as to there bcint such large percentage oi low grad, cotton in the present crop are sreatl exaggerated. The best nforme spot men in this rlarket declare tha only 9 or 30 per cent Of the l&: stock consists of low mdGling an below. This is surprising in view the fact that several factolage firn here are large receivers Of cotti shipped from the delta section, whit probably has the largest percenta, of low grade cotton to be found an where in the belt A promn;n1 cott man from Clarksdale, Miss which in the delta section, shtel cn { floor of the New Orleans coltoL change recently that cut of total ceipts of 13O,0OO bales that town f received only 30.000 bales dlow grs cotton. At 'Natchez, Miss, another terior market, the receIpii thus this season have been 6O,MN bales which it is estimated by promin Natchez cotton man that only lO bales are what might be called grade cotton. The represe enatiye large firm operating in Shr,yep in northwest Louisiana, said hls had written that the supply Of grades in that territory w'as com atively small.
 The ,nJost' startling light Of thrown upon the low grade situa of which a bugaboo has been ma( the market. is the report here a census of the stocks of cottun by members of the Teas cottoa citation. This association inc all the exporters and s1ot * throughout the whole state of l who handle practically all of tn ton shipped out of that state. found upon investigation by Der of the association that the stocks held by the members { iassociation averaged eleven above middling. In other wOr' cotton being shipped by Texas to grade little better than m on the average. With such ia these in their minds. cotton m beginning to scout the idea Q present crop being such an a low grade one after all. If there is a strong suspicion tx the talk about the large supply grade is simply a part of tho ganda which the interests hos thecotton market have ben us deress prices. Some of the S operators in this and other spot kets are reported to be quietly low grade cotton whenever chea cau be found. as they foresee th when the demand for low grade probably bo greater than the s It Is, reported from Texas that which formerly acted as age, German cotton interests have re been buying lew grade cotton. buying, it is thought, is in ant tiou of the declaration of peace signed some time in the spring. all cmbargocs on shipments of to foreign countries will probal removed.
 Prefer No Action.
 In this connection, tn" new celycd from Wa ShingtOn that sou