Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-07-31
NORFOLK COTTON TRADE
GAINS 100 PER CENT
Export Business in Southern
Staple Shows Crafty
ing Growth.

| NORFOLK, VA. July 3O.--Norfolk's
cotton season. which closes Tuesday.
July 81. has been much more IA
'orabi" than the preceding year. The
main characteristics OF the season
have been:
J. An increase Of more than 100
per cent In export shipments. gain
far greater in proportion than thar
recorded In the cotton expor, trade OF
the country irt large
= An advance in prices that has
mounted the figure at which co,ton
was selling her" year ago
81 prompt movement of tho crop
"ccasioncd by high prices. particu.
!arlv in the carly fall ,of 1921 and
again In the late spring Of this
year.
'. An earlier Liquidation OF cotton
ioans IMAM would have been possible
WIN continued low prices I.iaui-
nation on this score FASTENED The
release Of frozen credits throupbom,
the cotton belt
showed Burst. OF strength.
Cotton markets during the past
season exhibited bursts Of strength
as pronounced as the weakness which
attended, the sharp downward move
'nent of prices during The seasop M
1901
The curve OF spot prices mt Nor
folk reveals two periods who, ~.
market advanced RAPIDLY, tn. one
curing the late summer and earlv
lhli last year. when estimates or m.
''@l crop forecast production very
huch smaller than had been c1p-ct
''"' ana The other after MAY this
E"ar. when adverse weather renor,s
ana large short interest in IN. M,y
contract formed the basis for bi.b-
~ spectacular rise In quotations.
during the frst period Of advance
ing prices middiing at Norfolk
'""chrh 20 5-S cents. During the
second II went as high az o21a cant,
~ no time since September II. 1921
mas cotton been below - cents hero
The advances so stimulated mov.
m"nt o! cotton from the grown,
sections that the processes az ,io,,i
"''l"n throughout the Carolinas w.r.
haStencd. The fall advance hrourb,
our the larger quantity Of rotton
Nor" Than 10000 bales reached Nor
i"lS before November an amn,,r,
nearly double III. receipts during ,he
"rH' three months Of the preceding
season
''""e OF ibia-1 Srason
IN 'he pr"mr'ness with which tn.
''P moved the closing season was
hot unlike that Of the season NJ Is,.
20. when the Unprecedented r,,. l.,
"i'eN wrought cotton To market win
unusual rnpidIty. Movement h,d
"eeh very slow during the season
"i !'2o-2l. and In reality the laid
ing movement among the farmers did
not really come to an end until the
Shring rise this year. which prac-
'ica!!y completed the marketing nr
the entire remainder OF the twb
preceding crops.
"tter the conclusion OF the heavy
movement that attended the advance
,"iS spring. the marke, quirted
m""h Just as II did two years ago
e"" OF IN" season finds nm atmos-
phcre or extreme quiet over tho trade
here 30 far as movement, nm, n,,.
'eh' sales arc concerned Very littI.
COTTON Is coming in. and unfjl m.
new crop commences to move m.
'"iumc OF receipts viii remain small
shipments 10 domestic points ar.
ais" almost negligible.
~ Is me export movement tina.
'chhs the only aspect Of life In ths
market mere n, the present time And
was the extraordinary expansior
'i the, export movement that CON
St'tnted tho outstanding feature ~
Inc local season.
ror the hrst time In the history
'ne cotton trade here exports
MADE IN more than one.half M tha
total volume NJ shipments rbo ,o,aI
az approximately 24o.o0o bales renr.
SCENTS 90 per cent OF the outward
movement Of cotton at the nor,