The Covington leader. (Covington, Tenn.) 18??-current, 1921-09-29

/ -~~~~~~N~@
Under the present market con-
ditions we are not advising farmers
to hold their 1921 cotton crop: we
are simply passing on for the farm
ers' consideration an article appear
ing in a recent issue of the Pro-
gressive Farmer:
There are several elements of dan
ger in the marketing of cotton
this fall, which should receive care
full thought by all cotton producers.
First, there is a moderately large
carry-over, especially of low-grade
cotton. Of course, the carry-over is
nowhere near up to the exaggerated
statements made by the spinners and
their Southern "bear" assistants last
spring; but it is still large, consid-
cred in connection with the probable
crop Of 1921. With a moderately
large carry-over and short crop in
sight, it would, therefore, appear
the part of wisdom for the producers
to market their crop slowly this fall. |
Indeed it is usually best to do SO,
but there are additional reasons for
so doing this year. While it is true
that it would greatly profit cotton
producers as whole to market their
cotton slowly, or distribute its mark
citing over at least 10 months, vet it |
is true that some years those who
market their crop earliest get the |
best prices. In fact, when there is
large crop in sight, which is fol- |
lowing short crop, the price is apt
to decline and those who market !
early usually get the best prices, as
was the case, for instance, last fall. |
But, on the other hand, when there is
short crop in sight, which is fol-
lowing large crop, as is the case
this year, prices are likely to rise,
especially if the new crop is market |
ed slowly, or properly distributed |
over the marketing period.
But because those who marketed |
early last year got the best prices,
many farmers are apt to rush their |
cotton from the fields to the market |
as rapidly as possible this year.
This marks danger point, which
should be carefully considered by
cotton producers. We do not pre-
tend to be able to foretel cotton !
prices and dislike to give advice as
to when any man should market his
products, or hold for higher prices. |
If we could tell what cotton prices
were going to be we should not need
to work much longer for living;
but we have noticed that producers
go from one extreme to another in |
marketing their cotton and because
prices were higher early in the sea-
son last year, we fear there will be
much haste this fall in rushing the
crou to market. We, therefore, re-
mind our readers that all indica-
tions point to small crop in 1921, |
and in the past when there has been
material reduction in the acreage
there has been a marked increase in
the price. We have the largest de-
crease in acreage in 1921 from the
acreage of 1920 that has ever been
reported in any one year from that
Of the preceding year. These are
facts as we see them. Cotton pro-
ducers should consider them care
fully before rushing the 1921 crop on
the markets during the first few
months of the marketing season.
There is, however, another reason
why cotton is likely to be rushed on
the market this fall and this is the
third element of danger to which we
desire to call attention. Many cot
ton producers are hard pushed for
money and others have debts which
are pressing them. In other words,
there will be motive for early
maketing this year which has not
existed to the same degree in recent
years. To what extent this will add
to the other influences tending to the
rushing of the crop Of 1921 on the
market as quickly as possible will
depend somewhat on the attitude Of
creditors; but these may be held in
check to a certain extent by the pro-
ducers refusing to be stampeded
into dumping the small crop of 1921
on a depressed market--a depression
resulting from the large crop Of
1920-before the market has had
time to respond to the short crop of
1921.
If the cooperative marketing or
CARNATIONS of producers succeed in
controlling two or three million bales
Of the probable crop of around 9,0O0,-
900 bales, they can largely offset
the factors mentioned above. which
seem to tend toward a repetition Of
the usual practice Of dumping too
much cotton on the market during
the first few months of the marketing
season.