The Monroe journal., 1922-11-10
STACK NOW PREDICTING
COTTON WILL GO TO SOC.
Big Monroe Merchant Says a Short
age n South's Greatest Crop
Now Looms Very Eminent
AUTHORITY is NOW
FORECASTING FORTY CENTS
He ID ]. A. Taylor. of the National
Ginners Association - Post &
Flsgg Say European Manufactur-
ers Are Awakening From Their
Dream of 100000 to l2.000,-
600 Bale Crop-Prospect is Unus-
ually Bright.

Cotton will go to thirty cents, Mr.,
J. E. Stack. one of the largest cotton
merchants in this section, predicted
yesterday. Calling attention to the
rise OF six cents a pound in the sta
pie in six weeks, he said: "New York
is bullish. The Chicago crowd is on
the band wagon. Mill takings are
unusually great, and a shortage of
cotton looms eminent. With the
price already past the twenty-six
cent park, | have no hesitancy in
expressing my firm belief that the
market will soon reach thirty cents. "
Demand from the mills is the
greatest Mr.. Stack has experienced
since the early days of 1920.
Predicts Still Higher Prices
Miller & Company, cotton brokers
of New York, however, go him con-
siderably better. They quote one
authority as predicting 35 and 40
cent cotton. "The sensational rise
ir cotton this morning." this authori-
ty says, brought about heavy trade
buying, consequent upon a bullish
census report. December shorts
were squeezed and that position rose
above 26 cents. A serious shortage
in cotton supplies is forecasted and
J. A. Taylor, of the national ginners,
predicts 35 to 40 cents for raw cot
ton. New England mills were re-
ported heavy buyers of December,
their supply of cotton being report
ed below normal Wall Street was
active this morning. The spot mar
kets were all reported strong in the
south, and there is a growing i'm
preston in the cotton trade that the
crop is under 9,500,000 bales. Wires
from Georgia says that bales are
running light. Adverse news from
abroad was considered and pyramid
buying carried prices some 10 or Is
points between sales. Floor brok-
ers said it was very hard to buy cot
ton in any position. Cotton small
should sell much higher"
Europeans Waking Up
Another authority, Post & Flagg,
doubts if thirty cent cotton would
check mill consumption. "There are
Slbis, lHty say, tIldt the european
trade is waking up from their dream
of between eleven and twelve million
bales and beginning to admit that
the earlier reports of crop damage
had some basis in fact. The situa-
tion in the near East is considered
likely to be only temporary and the
way Liverpool, who should be in po-
sition to know, pays little attention
to it. Trade news is generally fav-
orable and though some seasonal
slackening in the demand is reported
the experts express doubt if even 30
cents a pound for raw material would
check consumption in any important
way. Exports today were $4,000 but
our adviees indicate large total ship
ments for this month and an active
inquiry for December space. The
weekly weather report said that cot
ton was practically harvested except
in a few northeastern sections. Many
are advising caution in following fur
ther advances and that is an attitude
in which we fully sympathize, but
too many we think are waiting to
buy tor any decline to prove more
than mited and temporary and we
would favor purchase on dips"