Pine Bluff daily graphic., 1919-02-02

| "OA Oui Gi POl C1ClOIi A0ClllJlcS OQ
 Government, or, perhaps, everyone
 else who mthe dazzling glitter of golf
 will blind to every thought of honol and justice? We think not Sit tight
 on your cotton, don't plant seed anc
 buy October futures AND DEMAND
 THE DELIVERY OF THE COTTON
 If. there is anything in the law of
 supply and demand we are right. If
 there is not then we are wrong-and
 why plant another crop. The bears all
 contend that the world is naked BUT
 IS UNABLE TO PAY FOR THE 1 COTTON GOODS THEY NEED. If
 that is the case, we shall not need a crop, and if the law of supply and
 demand has been suspended the cloth-
 es that people wore ten years ago are
 amply good enough for another ten years. We admit this is exaggeration,
 but it is about on parity with bear
 ish argument.
 The fight we have been moking for six months has been to keep the cot ton of the South off the market. If the market declined $50 a bale on sentiment with hardly any cotton sell !, ing what would it have done with ev- Cll OAC-1oul LII InC COLlOI Ol CuC COu1l. try pressing for sale?
 We do not think we can sustain our contention Tor higher prices bet ter than by quoting from recent mar ket letters of Messrs. H. & R. Beer, very able firm of New Orleans bro- kers, who have been conservative, if l not bearish, until the recent decline: ! yet there is no pressure to sell spots in the South. On the contrary, ! offerings remain light, with owners resolved to hold until the foreign de- ! mand improves, when higher prices are looked for.
 Preparations for the next crop are reported backward because of the long spell of bad weather preventing 1 farm work making satisfactory pro- gross.
 It is claimed that cotton connot be grown profitably under 25c, owing to the high cost of everying used in the making of a crop.
 Tending to confirm this argument, the Federal Reserve Board. in month ly review for December. says in part: Unless there is material ad- vance in cotton, the tendency will be to reduce the cotton acreage this year and put the land in other crops. The large discounts are attributed to the large stocks in the South, much of which is said to be of low grades, but the discounts are SO great, espe- cially for October, which is quoted below 20c, as to discourage the plant , ing of a forge ocreage this spring.
 When the demand revives there is likely to be an improvement in the inquiry for low grades as we'll as for the better qualities, and if the acre. age is held down, especially if re- duced, the demand will likely become urgent, particularly if unfovorable climatic conditions prevail at planting time and during the growing peirod.
 The recent action of the United States Shipping board releasing all American steamers to owners except those engaged in war service has , been followed by the announcement that the shipping board will now per- init steamers of less than 2,500 tons and sailing vessels to cross the At- lantic, which vessels were prohibit ed from the transatlantic trade dur ing the war because of their slow speed making H impossible to keep up Wltu CNC COuvOyS. Therefore, there is the assurance of more tonnage in the near future for commercial purposes, and a ma- l terial increase in the same after March i, when the British govern ment will release British ships to owners, except those engaged in war service.
 There is also the assurance of low CT freight rates next month when the 1 rate will be on the basis of $24 per bale for density cotton against $30 per bale this month, which is likely to stimulate the demand for foreign i account at a time when 1t wos slack | last year.
 For the first time in long while spinners of the world took more of American cotton the past week than last year-2e4 ,0O0 against 1000 ond as the Liverpol stock and afloat is now larger than one year ago for the first time this season, takings are likely to make better showing in the future swing to iie increasing stock abroad, especially in Englond, adn it is probable that British mills may be permitted to increase their active spindles in the future as a consequence. which would increase consumption.
 l Rumors of curtailment of cotton mill production ot home and in Eng land are t be taken with a grain of salt as latest advices are to the ef- feet that active spindles in Lanca- shire are be increased 10 per cent which will increase consumption. VC~~<r ryr~r nA~%,z have been of pessimistic character for some time past; no doubt with the view of depressing the price o1 the raw material. According to the census bureau reports, while the con. sumption of lint cttton in the United States the past three monhs has beer less than for corresponding monhs last season, returns show that 441,' 900 bales were used in October, dur ing November 457,00O bales, while ths cOnSnmntiOn for December WOS 473