Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-08-15


| famine is in prospect is based on
expected weevil damage and a bet
| ter demand than now is apparent,
| due largely to unsettled economic
| conditions, the eventual end Of
which is seen by the more opti-
mistlc.
Larger Consumption Seen
The estimates on consumption re-
ceived by The Journal indicate bet
ter demand than last year and the
largest, 100000 bales, is in line
with previously published figures of
government statisticians. None
foresee a smaller consumption than
last season.
The lowest estimated price range
is from II to 18 cents and the high
est rs to 80 cents. Another fixes
the range at from Is to Is cents and
still another at an average of $3.50
for the season, which would mean
a slightly higher market than now
obtains.
The slump in values that followed
the bulge after the 'end-July figures
has largely been wiped out, indicat-
ing that prices fell off further than
the situation justified. The market
and it is believed still is in that
condition, which greatly strengthens
it's technical position.
The replies received to The Jour-
nails QUESTIONABLE follow:
F. c. O'Hara, secretary Little
Rock Cotton Exchange: Up to ten
days ago the condition Of the grow
ing crop was excellent but since
then have increasing reports Of de-
terioration from weevil lear work.
And reports from south Arkansas
say cotton stopped blooming en-
tirely and is shedding from drought,
while we may have continued deter
ioration, which will result in a still
smaller crop, would estimate Arkan-
sas crop at 100000 bales, based on
present condition. The carry over in
this state $4,000 of which about
10000 bales on plantations and in
uncounted towns. The situation is so
beclouded by European financial
conditions, labor unrest in this coun-
try and the possibility of a consid-
erably smaller crop than now is
forecast by the government that it Is
difficult to judge the probable range.
Under present conditions would say
between 10 and 25 cents per pound:
unless the new crop turns out more
than is now indicated believe the
tendency Of prices will be upward
rather than downward.
F. D. Storey, assistant secretary
Galveston Cotton Exchange, Calves
ton, Tex: The growing crop is subject
to all Vicissitudes which the crop must
annually undergo during August and
September. Under present condi-
tons we estimate the total crop at
IL 100000 and think Mr.. Hester's
figures for the carryover are re-
liable. Think world consumption,
even under present conditions will
be at least 10000 bales American
and think but for untoward econ
omic conditions abroad the price
range would be much higher, but
under any circumstances think the
crop is likely to sci Iaround level
Of 20 IL cents at American ports.
Frank Doremus, Of Doremus,
Daniel & Co., Augusta, Ga: The
growing crop has just passed over
thirty days excellent weather and a
yield of 11,50e,000 or better. is ex-
pected. 1t is natural, now to expect
two or three crop scares and with
this news, lower estimates will come
out. The presnt carry-over is un-
doubtedly 100000. The probable
price range Is from 1Sc to 25c. The
worlds consumption should reach
fully 100000 bales. If the pres
ent condition is continued 23c is a
full price, but if you regard the
next two months Of news, which may
| include the end of both strikes, the
reduction of war debts, the crop
scares and frost scares, the more eff
cient credit system nationally and
| internationally, we would favor zoe
and, up, for cotton this season.
Hubbard Bros. & Co., New York
City: We are in a period Of increas-
ing consumption of American cot
ton. e No estimate Of probable yield
as yet equals the probable consump-
ton. Further depletion of reserve
supplies more than probable, though
size of crop will, of course, depend
on date of frost and depredations of
the boil. weevil. Market has always
two sides, the human and the
economic. Recent decline due to
human fear, the advance had been
too rapid, the apparent desire OF
planters to sci their crop above &c
cents, the idea that the bureau es'
innate was wrong both as to acreage
and yield because of last seasons err.
ror. The refusal Of buyers of goods
to buy heavily because of past
losses and fear Of results of present
labor disregard public welfare. We
have, therefore, increasing consump'
ton, decreasing supplies against
profitable prices to growers. Mills
have not bought for forward sup
plies expecting further decline.
A. A. Houseman & Co., New York;
During July the crop progress was
entirely satisfactory being much
| better than in average years, as
shown bv the government report.
| One-half of the present crop month
July rs to August rs, has passed
and now that Texas has received
material relief from her drought
condition it seems to us that the
first half of the August period also
has encountered less crop deteriora-
| ton than in an average year.
Up to date we consider crop con-
| dition on the whole quite satisfac-
| tory and well above the normal for
| this date. The present carryover we
understand will approximate 5,000,-
900 bales, including linters, and we
are anticipating, barring an unfore'
| seen calmity, a crop including lin
| tiers of around 100000 bales.
which means a total available sup
ply of American cotton for the year
1929 of approximately 100000
| bales. The worlds consumption Of
cotton depends so much upon politi-
cal and economic conditions in courv
| tries other than our own that it
is very difficult to make any un-
| qualified estimate of it at this time.
Last year, according to Mr.. Hes
/ ta,. tho x.ror.ld,S con sim rtinn annrAY.