Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-01-03
COTTON IS WORTH
S27.5O BALE MORE
THAN ONE YEAR AGO
Even With Smaller Crop To-
tai Value at Present Price
of 1875 Is Only Slightly
Less Than 1920
BY ESTES DOREMUS

pounds, worth $27.5O more than a
year ago.
Based on the last quotation on the
floor of the Atlanta commercial ex-
change-18.75-a bale Of cotton to-
day is worth $93.75 against $66.25
| for the same day in 1921, based on
the price then of 1925. The net gain
in spots for the year, day for day.
is $50 points, but in this connection
it must be born in mind that prices
| during the past year went even
lower than that, and ruling quota
tons at the time the seed went into
the ground were around II and -
cents, or from $55 to $50 per bale.
Taking the present price as fair
average for the 1921 crop in Geor.
gia, the value of the yield Of ap'
proximately 100000 bales is $75,0OO,-
900, against $4S 100000, the value
when tha crop was planted, gain
for the farmers of the state Of $27,-
100000.
A comparison with the 100000
bale crop of 1920, which found val
| ues at an abnormally low level
shows that even figured at 1925, the
Weld was worth only $17,750,00G
more than last year. But in making
| this comparison it must be borne in
mind that 1925 is above the aver.
age for 1920, and that the present
| price of 1875 is below the average
| for 1921, as much cotton was sold
| around 20 and 81 cents when the
| market was at the crest of the bull
movement, brought about by gov
eminent figures, placing the condl'
| ton OF the growing crop lower than
| it had been in a quarter of CEN
ttlry.
| Taking these factors into consid-
| Grafton it is apparent that Georgia,
even with a crop of 100000 bales IN
| 1921. will realize approximately as
much money on it as was realized
on the 1920 crop Of 100000 bales
more. This, of course, is exclusive
| Of the carry-over, which has been
Is arfousi estiIna ted. but at best the
figure probably has not, been nearly
approximated. At all events Geor-
| gia's carry-over probably was large
! enough to place the value Of the
short crop considerably above that
of the larger one through virtue OF
the advance in values.
At all events the year 1921 proved
to be a bull year as forecast in these
columns several months ago and
King Cotton has come into his own
again after a period, that it seemed
for time, would take the crown
fro mthe brow of the south's BAN
ner crop.
AS has been said before, cotton
today is intrinsically worth as much
or more than quotations and the
general view is that better values
may be expected with the New
Year. Spots today are worth Sl.65
more per bale than a week ago and
there mas been no softening OF the
! position in the belt.
New York futures were. relatively
quiet throughout last week, but the
general tone of profit-taking and
hedge selling on more than one &C.
casion.
Strong i'm Face of Holiday
The market Friday, in the face OF
another three-day holiday, showed
a net gain over Thursdays close of
more than 81 per bale and in the
past week, January and March, op-
lions passed the Decent level. the
| highest point reached in the present
upward swing. The top for January
was 1913 and for March, 1906. Jan
uary closed Friday at 1907, only six
points from the high and March at
I 1896, just eleven points lower, this
in the face of the usual pre-holiday
selling of holders Of long commit
Flnents.
The first advance beyond 10 cents
was temporarily checked by some
realizing and shaking out Of shorts
but once the market was clear OF
this natural impeachment, it agair
sought the same level and remained
within striking distance of it or
March and beyond it on January con
TRACTS.
The position in New York reflect
ed a strong Liverpool sentiment, the
market there being considerably
higher on its pre-holiday close. Al
the same time the spot situation
failed to be stampeded by the rise
and this proved an important factor
in keeping values up.
Optimism In the trade outlooE
found some encouragement from the
cotton goods market indicating buy
ing for export as well as for domeS
tic consumption. Sales at Fall Riv
er for the week amounted to 5000
pieces.
There also have been reports o
increased business in Manchester
with improved inquiry from India
while advices from the department
of commerce indicate improving tex
tile conditions in France, Italy ant
Czecho-S lovakia. Belgian nanufac
turers also are in the market.
Shorts Getting Out
Close observers of conditions claim
, to have. noted movement on the
: part of shorts to get out of the mar
: l1et and at the same time the re
entry into the arena of a strong bull
element which believes the time il
here for another drive towards bet
ter values. @
Sentiment is bullish, the tendency
of the market is undeniably upward
and it's technical position still ap
pears to favor the long side fol-
real profits. Recessions that are t
be expected after every bulge prob
, ably win continue to be offset by
; Increased gains as has been the rule
for some time past.
Exports for the week were s6,93s
against 92,504 for the same weei
i last year and since August exports
, total 2,9O9,746 bales against 1854,
E 66S for the same period a year ago
The spinncr's takings for the week
} were placed by Hester at 274,00t
: bales, against PSI 900 bales a year
i ago, but this failed to shake the mar
ket.