Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1921-08-29

MARKET Still
SOARING; SLACK
In OFFERINGS
Farmers Starting Hold
ing As Price Keeps
Going Up

Cotton continued to soar Monday.
Closing at IA 10 cents Saturday,
which represented a rise of three
cents net in one week, the market
showed renewed strength after the
call on tic New York exchange this
morning and continued to forge up
ward until October delivery reached
1860 and spots here were quoted at
Is cents for good middling. A slight
reaction with unsteadiness developed
from the high point, but the market
never became weak, and closed at
1904 for October with local spots
standing at Is cents
: Few bales were reported today
with practically no cotton offered.
Many growers, attentive to bullish
talk, have determined to hold for
higher prices, many of them having
set 20 cents as their mark for sell-
ing.
Through an unintentional error it
was stated Saturday that Fridays
largest cotto nsa!e locally was 127
I bales which brought 14.20 cents, be-
ing bought by Colfil Brothers. The
price paid for the lot, the Times-Re-
corder is informed, was 14.25 cents,
Henry Clews New York Cotton let.
ter, just out, says:
''Ihe contiued dry weather and
high temperatures over much of the
southwestern states and persistent re-
ports of crop deterioration have been
the Immediate causes for the increas-
ed activity and heavy covering of
short commitments on the Liverpool,
New York and New Orleans Ex-
changes. The sharp advance in the
| quotations for futures has not been
followed by any marked increase in
! the demand from spinners, notwith-
standing the optimistic character of
! recent reports from all divisions Of
the textile trade and the comparative
/ ly small supplies Of raw material
known to be held at the mills. This
/ indifferent attitude of manufacturers
| toward the market is based chiefly
! on their confidence in striking a more
, satisfactory buying basis later in the
season, when the crop will move in
increased volume.
On the Atlantic and western sec
tions of the belt the prospects are for
fair average, except in southern
Georgia and the lower Mississippi
Valley. Most of the complaints are OF
the usual midsummer variety of slow
growth, weevil damage, shedding and
rapid opening of bolls in the extreme
south and western parts of the bels
Picking is now progressing rapidly
under the prevailing ideal weather
conditions and comparatively free
movement Of the crop to market can
be expected in the early part of the
season Owing to the unKillingness
or inability Of the farmers to hold
back tnrir prolu,tlon this year at
primary points steady supply of
new cotton is expected as the har-
vesting season progresses.
"The bulk of last seasons stock
still remaining at interior points in
the south will also find its way to
market on every movement in the
selling basis.
Conditions in the dry goods mar
ket have not materially changed and
mill quotations for most productions
are practically unchanged Low prices
still prevail for heavy fabrics, but
a number of prominent manufactur.
ers of gray cloths have advanced
prints 1-8 to IA cent yard. There
are indications that higher quota
tions for finished goods will check
the steady distribution of many fab.
rics into consuming channels where
most Of the recent Improvement has
been due to the stimulous of low
prices Certain popular lines of coll
ored. goods are still in good demand.
about equal to the productive capac-
ity of the mills. Yarns are higher
with an active demand for imme-
date shipment, because weavers, as
a rule, have delayed purchasing SO
long that many are now compelled to
repenish their supplies to fill orders
on hand for finished material
"The general average deteriora-
ton Of the crop during the current
month is now regarded as sufficient
to warrant a reduction of estimates
for the final yield to around 7,500,-
900 bales or even below that amount.
The damage reports many prove to
have been exaggerated, as has occur
red in previous years, but for the
time being and pending the publica-
ton Of the official bureau report on
September / crop developments will
continue to dominate the market" !"