The log cabin Democrat., 1920-09-28
COTTONPR|CF FINALLY GETS
 UPWARD LIFT

cotton market marched downward for week finally came to a turn to- day, when recoveries equal to about half of yesterdays losses were record ed on the New York and New Orleans exchanges. October contracts on the former market closed at p cents. an advance of 135 points, while December was up an even 100 points, closing at 2240 cents. The gain was hardly so great in the New Orleans market, where October made a net advance of Fl points and December rose 90 points New Orleans spot quotations, however, were revised, middling being quoted 100 points lower at 23 cents, while New York spots were unchanged at I26 cents.
 The advance brought some degree of cheer to the local market, though buy CTS declare there is absolutely no de- mand for actual cotton. Prices to- day ranged about one-half cent pound better than yesterday after noon, with 23 cents as the top and most of the sales being at p 1-2 cents.
 The government bureau of markets at Memphis, in it's weekly report dated September 27, says: "The market con- tinues dull and inactive, no material change from last week. Old cotton that is now on hand is almost un- saleable unless sold at large conees- sicns. The new crop is beginning to move freely, but it is unusually late in some districts. Premiums for sta- ples seem to have shrunk considerably in the last ten days, and buyers and sellers find it difficult to get together, as they are far apart in their views"
 The Memphis Commercial Appeals condition report as for September 25 was issued this morning, placing the condition at 61.3 per cent, compared with 6S.4 as of August 25, and indicat- ing a yield of 12,621,000 bales, as compared with an indicated yield of 13,039,000 bales on August 25. Pub- llcation of this report doubtless had some effect in turning the market up- ward in the early trading today.
 The mills are in control of the situ- ation at present, according to George L. Fossick, the Commercial Appeals cotton expert In this mornings pa- per he says:
 Cotton values, both spots and fu- lures, went to smash yesterday. The factors were the same as the ones which have been causing weakness and declining prices for a month or more.
 There is no demand for cotton, but several million new bales will be ready for market during the next few weeks.
 Mill shutdowns plus the new SUD- ply of cotton are making the weak ness. The situation cannot be other than temporary. Some growers or merchants may be stampeded into selling, but idle machinery is not profitable and no one knows that bet ter than the mill owners themselves.
 "The mill shutdown is a mere mat ter of pricing dry goods. The mills could run if they would be content with reasonable profits. They are making stand now, but sooner or later they must come to it. They are on strike. The cotton grower who a few months ago hearkened to the plea of cotton manufacturers for cotton, must now wait and suck his thumbs until the mills conclude to quit strk- ing and get back to work at live and let-live prices. The day of profiteer Is drawing to close.
 "It may be that goods prices for spring delivery will not be fixed until after the election. In that event the man behind the bale will have to wait just that much longer for buyers to seek him. Certain it is that with the mills carrying comfortable stocks of raw cotton and confident that they can get all they want of the kind they want and when and where they want 1t, any attempt to force cotton on the market now will result in lower prices. There is now absolutely noth- ! ing in the cotton market to support prices except speculative buying and sentiment is bearish. But, when mills resume operations. demand for raw