The log cabin Democrat., 1920-08-31
PRICE OF COTTON IS PROBLEMATICAL EXPERT OPINIONS VARY
Farmers Pessimistic Over Prospect of
 Marketing Short and Expensive Crop at Low Prices.


 changes during the past three weeks with a 200-point net decline in those markets yesterday and loss of nearly $25 per bale in contract values since August b, have caused farmers of Faulkner county to become rather pes simistic over the prospect of marketing another crop, and probably the most expensive one ever produced, at com- paratively low prices.
 Expert opinion varies greatly when it comes to forecasting the price which will be paid fer cotton in the next 1.-two or three weeks, when it will begin to roll into Conway. One well-versed cotton man told the Log Cabin Demo- orat today he did not expect to see good twhite cotton sell here for less than 30 cents, while another said he looked for 20 cents to be about the average Iprice. One mans guess is probably as good as anothers, and, in view of the present and unsettled condi- Itions of business generally, the cotton producer will simply have to be his own judge as to when is the best time to sell his product.
 I There is an enormous stock of cotton to be carried over from last years crop in this country, but practically none of 1t Is the best class of cotton. An abun- dance of low grade, stained and short staple sotton is on hand, but the grades better than middling and the white cotton will have to come from the crop now being produced On this account extreme care in gathering and ginning will unquestionably prove more prof itable to the grower than ever before Tn the history of the industry
 If unfavorable weather should pre- vail during the gathering season, as was the case last year, there will be almost a famine of better grade white cotton and 1t will undoubtedly com mand fancy premiums. On the other hand, should there be a corresponding ly increased supply of grade cot ton, forcing the price on it to very low figures, the men who are making the price will have to take into consd- eration the fact that if it gets too cheap it will be left in the field and Will never be gathered. With the cost of picking and ginning cotton running from six to ten cents a pound, the farm CT is certainly not going to gather it and sell it for barely enough to pay 1 this cost.
 According to the weekly report of the United States bureau of markets, issued at Memphis on August 30, the basis for low middling ranges from 900 off middling at Memphis to 1,O75 points off at New Orleans. Low mid ding, yellow tinged, is 1000 to 1,425 points off, while middling, blue or yell low stained, ranges from seven to ten cents pound off the middling white 1 basis.
 On the other hand, the report shows strict middling worth 150 points more than middling and good middling 250 to 325 points more
 These quotations are for short or 7-8 inch cotton. At New Orleans the basis for the upland staples is given as 400 on for l 1-16 inch and 2,000 on for l Is inch.
 The price for middling uplands (spots) at New Orleans on August 30 was 3O.75 cents. Adding to the basis according to the government quota tions, strict middling of 1-16 inch staple, landed at New Orleans, should be worth 30.75 cents, plus 1-2 cents, plus 4 cents, or 3625 cents. These quotations, however, are largely nom- inal and the price, as always, depends upon what one, whether he be the farmer, local buyer or cotton factor, IS able to command when the cotton is offered for sale.
 Regarding present conditions of the market, the government report re- ferred to says:
 The demand continues exceedingly dull, good grades have practically ex- hausted, and low grades almost un- saleable. The sales that are being re- ported to this bureau are of such in ferior grades that it is impossible to compare and describe them against government standards.
 "While some are pessimistic regard ing the future of the new crop, others are optimistic and are anticipating a fair price and good demand The Eu- ropean situation continues unfavor- able, but there is still probability of immediate improvement. Should we have good killing frost around Oc- tober Is, with conditions more settled, there is no doubt but what the new crop can be disposed of at a reasonable fair price. The recent cool nights have caused some deterioration, but thus far have caused no material damage"
 That "all in" feeling so common ir