Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1922-01-31
Why COTTONIS
ON DOWN GRADE
u.,,v Clews Report Lays 1t To
IIofavorable Foreign News
And Dizziness At Home

NEW YORK, jan 9l'-tienry
kcow. & Co. have issued the follow
! weekly report on the cotton mar
/ Eet situation:
THE continued unfavorable char
..tpr Of the foreign news develop
mepts and general dizziness in tex
sle trades have been the immediate
,onsps for the further decline in the
snotations of spots and future con-
,rocts. Liverpool and Manchester
L.norEcts have been urAEorably af-
cts by unsettled local conditions
and pessimistic trade reports from
Fpypt. India and the Far East. This
stnatiop has naturally been attend
ID with steady liquidation of specu-
la+iye holdings of both finished goods
and raw material. The increased
soIiirg pressure of the nearby con-
tracts that has been in evidence dur
inc the week appears to have been
due to renewal of Southern hedge
,plIinr against the actual. Spinners
oar. been holding off again in pur-
chasing for future requirements and
are pursuing hand-to-mouth buying
policy on account of the declining
tendency of prices since the begin
ning Of the new year. American
SINNERS are now running mostly on
reserve supplies Of raw material Sc
cured earlier in the season, and with
/ the exception Of some local curtail-
ment Of production, due to labor dis
mbances in New England, there are
no indications Of material decrease
IN domestic cotton consumption.
'The gloomy British trade reports
received here and apprehension Of
increased competition with foreign
countries for low grade goods, how
ever, are rather discouraging and
responsible for considerable concern
+ regarding the maintenance of the
present scale of consumption in
Europe.
The census bureau gives the to-
tai ginned to January Is as 1913
OIL bales, against 12,014,742 bales
last year and 10,307,742 in 1920. The
small amount ginned during the pc
rod about $4,000 bales, compares
4 with 100000 bales last year and
254, 600 for the five-year average
during the same period. This unus-
ually small amount indicates that the
/ crop is nearly all in and that the
government bureau has materially
Over-estimated the seasons yield of
4 lint cotton. The bullish features of
the situation for the long run and the.
Z growing strength of the statistical
position appear to have no influence
on the market at present owing .to
small volume of actual spot business
Pin the South and the lack of new
speculative support. The unsettled
conditions in the foreign and domes-
tic cotton markets have in turn had a
&depressing effect on the dry goods
Hmarkets. Price revisions for leading
pines of prints are being made to stim-
NuIate export business of cotton
goods and with some large sales re-
Nported at the reduced quotations of
S-4c to 1c yard. These lower prices
#Pppear to have been necessary to
Pneet increasing competition of Eu-
Popean manufacturers for South
american, African and the Eastern
goods trade. The attention of the
Ntrade appears to be focused at pres
Eent on the cotton goods markets here
sSahd IN Europe, the attitude of hold
#ers OF uRhedged spots j nthe South
Mahd last, but not least in Importance,
inc Preparations and start for the
pew crop. The increased purchases
~ cottonseed as reported by the agri-
ul'urai department. do not necessa-
ny mean a corresponding increase
b acreage.
Inc recent depreciation in cotton
RslueS and the consequent reluctance
merchants and bankers in the
poutll to advance supplies necessary
81 increased cotton production this
eason should. have Some effect in