Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
COTTON TRADE PERMEATED
BY BULLISH SENTIMENT
Short Crop and Increased Spinners' Taking Lead to
Strong Claims of Famine and Higher
Prices Next Year.

| ranging between 1854 and ltl-2
cents The worst effects OF the long
period of forced liquidation had heen
discounted on the markets. The short
cr"p OF hut 100000 bales produced
during the season uf 1871 helped tn
offset the surplus OF $500 600 bales
o! American cotton which had to no
carried over on August |. and pricas
were advanced by October to 81
cents for a brief period. Tho average
price Of cotton for the year OF 1921
eventually turned ont about Is cents.
This Years Range of Prices.
At the close OF December last year
January cotton sold at 10 cents;
March, 1895; May, $50. and July.
$500. From those rrices there was a
decline OF about 2l-o to = cents per
, pound on general liquidation OF
speculative holdings on contracts
and pressure in selling spots The
low prices for the year We're reached
on this decline, which eliminated
about February /. December then
| sold S low as l5cents January, lS.43
| 1859.
| gradual rise developed after the
rather date start OF tho new crop
/ with prices going up ll-2 to 2 .
cents by the early part of April. This
was followed by q further rise to 3 TO
/ . l-2 cents by early in August on
heavy trade and speculative huyinS
on the poor outlook for the crop. Oc-
! ;ohcr TO May contracts advancing
TO between 2ol-a and 81 cents The
| real rise i'll the market did not start,
| however. for, this autumn's hull
! movement form the level until after
| the last government crop report was
! published. on October ., making the
, nEaI condition for the season as of
I September 20 only 30 per cent. against
the previous lowest condition on
record Of ~ for September % tho
! previous season. The indicated crop
ii that time was thus less than TO-
| 600. 600 bales
I On November December contracts
sold as high as ease: January. 26.h6.
ana March, 2G.+5, all new high records
! Tor those months since the close OF
| 1920. After break Of to 2i-o
cents, due 10 the luiis in the trade de-
'nands aud heavy profit taking. the
market started up again early In De
cember on renewed general buying,
! inns time going more into the distant
! months, This advance brought those
options up TO new high records with
May selling at near &c l-2; July, &c
IL, and october OF 1929 crop traded
IN at "a 50 cents per pound.
These prices established the high
est range for the year Of i322--a diff
| ference OF II cents per pound with
the lowest range about 10 cents and
the highest level the prevailing utiu.
tations of about 26 cents
Hupid Marketing of the Crop.
Planters and factors have needed
no urgent adviccs from any source
TINS season on the marketing OF the
crop. They got 4 lot OF IL in the fall
and winter Of last year when gem
era! liquidation was on in tight
money market and the forced read
Jnsim"nt OF bankers loans was hav-
ing such Il depressing effect an all
securities as well as commodities
statistics show nearly 1900. 900 bale.
81 cotton have been brought into
slEht In the movement from planta
lions ana tn. country towns to the
principal receiving points at the in.
terror and the seaboard from the
opening OF the season on August
I" date. This compares with aboul
t,toO,O00 last year.
Planters have this wear been meat,
.hs the rise in prices by selling free.
~. Having alrady disposed Of more
'han 90 per cent OF the crop, they arr
now in comfortable position &c
marker the halance in conservative,
way More money has been obtainc,
Tor The shorter crop raised than il IN,
| !a'stf crop promise o! carly in July
had been realized.
Where last year at this time Their,
was a general demand for govern
ineh' ara through the Federal resery.
hhhkS OF The south to continue loan!
! on cotton over the depression an,
tiBht money market conditions Of tn,
winter ana early spring. there haI
been no such necessity this year.
The Outlook.
neither the price Of cotton will b.
! advanced to any apDrcciabie furthe
{ extent from it's present high level T.
= too d!ficult problem to attempt I,
4 solve onhand at this time. The an
|, swer depends largely on how soon tn
German reparations question is den
nitely and satisfactorily settled 70
~ tas rehabilitation Of financial and IN