The county record. [volume] (Kingstree, S.C.) 1885-1975, 1922-01-12
COTTON MARKET
FACING SHORT CROP
FEDERAL ESTIMATE PUTS YIELD
AT $4,000 SPINNABLE
BALES.

The New York Herald of January
8, says: The year 1921 ended with
the cotton trade facing the small
est crop since 1895, a crop, if the
Department of Agriculture's estimate
on December IL is correct, which will
not exceed $4,000 bales of spinna-
BILE cotton. By adding to the fore
going the production of linters the
total probably will be brought up
around the 100000 bale mark.
Cotton price movements were infiu-
enced last year entirely by two fac
tors. A dismal trade outlook in the
goods market and hesitancy of mills
to buy cotton largely accounted for
drive which carried spot cotton in
New York as low as 11A cents a
pound in February. In February,
March, April, May, June, July and
August spot and future cotton mar
kets fuctuated between II and 12h
cents. In June the low record spot
price of 1885 cents was established.
The second half of the year was
governed very largely by realization
that because of a combination Of
factors the new seasons crop would
be one of the smallest on record.
The bear movement was halted
abruptly by the October crop esti-
mate of the Department of Agricul-
ture. A forecast for a crop Of only
6 6,537 900 bales resulted in such active
buying from all quarters that the
price of spot cotton for future de-
livery advanced much more than 81
cents. Cotton for delivery in January,
1922, sold as high as 21.75 cents and
for delivery in March and May, 1922,
respectively, as high as 22.12 and
22.38 cents.
The upward movement eliminated
with the Department of Agriculture's
final estimate, showing an increase Of
nearly 100000 bales since its Octo-
Der statement. The forecast was for
crop of $4,000 bales, not includ-
ing linters. Heavy speculative and
hedge selling depressed the market
in November. Spot cotton in New
York was quoted as low as 1910
cents pound, against 21.55 cents in
September.
Tho final month of the year was
marked by a revival in bullish conf
dencc and hopes. A new buying
movement succeeded in taking the
price of cotton back to about 19 cents
pound. Many traders would not
accept the Department of Agricui-
ture estimates and are looking for
ward to see how much actual cotton
was ginned.
Looking back to find the reasons
for the smallness Of the 1921 crop es-
innate one can easily find four that
played an active part in curtailing
,, the yield. The Southern planter de-
liberately planned two, while two re-
suited from visitations of nature.
The steady drop in cotton prices
from around 40 cents to 10 cents a
pound so aroused the Southern pro-
ducer that he cut acreage third to
as high as half of that of previous
seasons. The acreage reduction cam
paign was so successful that the
Department of Agriculture estimated
it at about 10,500,000 acres, or more
than rs per cent, compared with the
preceding planting. The total area
under cultivation was placed at &c.
$4,000 acres.
The second factor that helped to re-
strict the crop was the reduction in
the use of fertilizer. Unfavorable
weather and increased ravages Of the
boil weevil make UP the third ard
fourth.
New York Spot Cotton Prices.
High. Low. Average.
January - 1925 1870 1858
February - 1920 11.25 1874
Hf...L 10ES II On II IA