Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1919-02-02
UPPER HAND IN
COTTON MARKET
WITH The BULLS
BY Victor Barron.

ton market, with the bulls having the
better of the contest as the week
closed.
Futures in New York at the close
of business Friday exhibited a net
gain for the week of IL to "A points,
while values at New Orleans showed
futures unchanged to 72 points net
higher.
The market did not become very ac-
tive until Tuesday when values surged
the full maximum permitted during
any one day-200 pOints-as the re-
suit of the announcement by the Ship
ping Board of a drastic cut in ocean
freight rates, which now permits send
ing of cotton to Europe at from $3.50
to $3.50 a bale, according to destina-
ton, against former rates OF about
$50 bale. The announcement was &C
companied by wild rush on the part
of shorts, spot firms, trade houses and
the trade in general to buy, but offer
ings were extremely light and values
scared by leaps and bounds, scoring
the greatest part of the gain during
the final hour of trading.
The next day it was reported, and
later confirmed, that the British gov
eminent did not reduce the rates, as
previously had been reported This,
coupled with labor unrest abroad and
to some extent on this side, combined
with the usual pessimistic talk in
goods circles, brought out wave of
fresh liquidation for short account
and prOfit-taking and caused renewed
timidness on the part of the old bull
crowd Under weight of this pressure.
values finished the day, 1876 to $50
points net lower in the New York mar
ket
From then on, however, the market
acted better, with those favoring the
constructive side more cheerful, due
principally to the continued stubborn
ness of spot holders, and the launch
ing of a campaign to greatly reduce
the acreage in cotton this year, In ad-
dition to this the steady increase in
exports and securing of the South by
the Japs for actual cotton and persist
ent accumulation of both contracts and
~ raw material by the French gov
eminent and British brokers, gave the
market a more stable undertone and
values worked merrily upward. How
ever, the bear gang still fought the
market with confidence and at times
their selling was heavy, but all offer
ings encountered ready aosor ption by
strong people.
Those following the "LulI side of
tn, rarFet believe that tn BOTTOM fas
been struck and from nov on it VIII
be a fight between the spot holder and
mills. the latter having the situation
in hand and easily hang it within
their power to win glorious victory
bv keeping the holding movement and
by actually trimming this season
acreage to the bone.
It will be remembered that the
writer for months has impressed upon
the farmers and merchants the neces>
sity of holding their cotton and re-
peatedIy has advocated greatly reduc-
ing the acreage and diversifying to
the limit. When it once becomes
settled fact that the South is not go
ing to turn loose its staple and viii
not plant cotton all over he face OF
the earth. foreign and domestic mills
and that crowd of pessimists, who have
sold themselves short of futures, will
fall into a stampede in their attempt
to buy cotton.
The hear is a game fighter, but he
also is a swift runner when he gets
scared. He's becoming scared now and
soon will take to his heels and make
the dust fly.
It's the most absurd thing in the
world for cotton to be hammered
down to such ridiculous prices in view
of the cutting of the ocean rates, and
the steady gain in exports, much less
to mention the tight holding of cotton
and the determination of the South to
grow another meager crop.
The repeated assertion in these col
umns that exports soon will be ahead
of last year rapidly is being conrmed.
ports this week totaled 1925
lie against 81, 1886 the same week last