The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-07-23
PRESS COMMENT
Good Business siqns.


The Commercial and Financial
Chronicle looks for better prices for
cotton, despite the hold-over crop OF
100000 bales The prospect for this
year is for only S,500,0oO bales, the
smallest crop since 1895 The foreign
demand is better, especially from Ger
many. Money rates have been easy.
Silver has risen, which will affect the
/ far east, and this will stimulate Ian
cashire, which buys 80 per cent of
its supply from u.s.
/ Wheat is likely to advance because
of the drought in Europe, which has
reduced the crops in England and
I France considerably. The shelves of
the world are pretty well depleted of
goods after such prolonged dullness.
Building is more active. Production of
cheap automobiles has increased. The
! outlook for the railroads is more
cheerful. Retail business is better than
wholesale, due to the bargain sales and
to advertising. The feeling is said to
I be more cheerful, especially in Texas.
( The boil weeviI is pretty well spread
over the south, but the hot, dry. wealth
err has been in the interest of the cot
ton, instead of its enemy. The crop in
Georgia especially is said to be i'm
proved. Already the foreign trade in
packing house products is better. This
may be the precursor to other lines.
With regard to cotton especially the
Chronicle gives this encouraging in
formation:
Believers in high prices argue
that next season the worlds con-
sumption of American cotton is
bound to be much larger than it
is this season, and this, they con-
tend will offset the worlds carry
over of 100000 bales. They ar
que that the revival of business in
Lancashire merely shows that not
only the far east but the world
everywhere is short of supplies
and must buy. China has been
buying goods more freely in this
country, as well as in England.
At times gray gods have been
stronger here. The demand for
goods is said to be larger. 1t is
not doubted that invisible supplies
of manufactured goods in this
country are down to a low stage.
Mil stocks of raw cotton the
world over are supposed to be
IL.
proved in some respects, but the
plant is small in parts of the At
Iantic section. What is more, the
weevil is everywhere. In Texas it
is said to have done considerable
damage The weevil reports are
underscored as something signifi-
cant. The eastern gulf states are
believed to need more rain. Spot
markets, moreover, have been
stronger. The basis has risen. Ger
many is said to have bought more
freely. Of the recent exports to
the continent, Germany has taken
a considerable proportion. There
is report, too, that Germany is to
secure a big loan in New York
and it is regarded as a fact not
altogether without significance
that Germany has been a heavy
buyer of wheat during the week.
Some argue that this shows clearly
enough that Germany wants
American products. 1t is inclined
to buy cotton as well as wheat.
And the farmer is not an anxious
seller It is true that he has sold
somewhat more freely of late at
some advance In prices. But it is
insisted that he is not willing to
sell freely at the present level.
With only a very moderate improve
ment in prices of farm products bus
mess would be greatly stimulated.
Just convince the consumer that prices
have reached the bottom and are on
the upward grade and the psychology
of the business world would be COM
pletely changed. Chattanooga News.
Growing Desperate.