The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1922-07-17
COTTON AWAITS
NEW IMPETUS
European Situation, Domestic
Strikes and Weather Conditions
Cause Temporary Confusion

The trend in cotton prices still
appears to be upward, although the
trading element is confused by the
many factors properly pressing for
consideration. There is the German
and Austrian inability to buy ade-
quate quantities of the cotton they
need the uncertainties surround
ing the rail and coal strikes in this
country-and contradictory tone
of weather advices, though the pre-
dominant tone is of encouragement
to the crop. The influence of these
factors of the moment is all bear
ish, yet they do not prevail. A sud-
den turn in the situation might
easily cause a sharp advance to set
in, but on the other hand the alb
sence of any change will cause
these factors to increase in weight
and the list would work lower. On
any sharp decline the later months
of this year would appear to be pur-
chases on technical market reasons
alone quite apart from the statisti-
cal and other considerations that
point to the early advance of the
market into a higher trading zone.
The government condition figure
of 71.2 per cent of normal was be-
low expectations but the acreage
figures were about In accord with
preliminary estimates from indivi-
dual sources, the increase being 10
per cent over last years corrected
final figures. The indicated outturn
of 11,065,000 bales is not COM
forting to those who are committed
to the bear side of the cotton mar
ket, for unless July and August
are unusually hot and dry the boil
weevil, which has appeared in
greater numbers than ever, will &C.
tcomplish some very destructive
work, and if too hot and dry there
will be danger of drought damage.
The deterioration that can set in
during two or three weeks of bad
weather along late in July or in
! August is not to bs overlooked. 1t
can slash whole millions of bales
, out of the crop prospect We have
been having, on the whole, good
weather reports over the past few
weeks, but the weather is a tickle
Jade and not to be trusted over
much.
Since June rs, the date of the
government survey, the crop in
Texas and the Southwest has i'm
proved but there has been deterior-
alton in Georgia, Alabama and
South Carolina. Possibly the i'm
provement offsets the decrease in
condition but there is already a
suggestion that the weather is not
continuing so ides1 in Texas and
the Southwest. There have been
showery conditions and forecasts
of more extensive precipitation. In
the Middle South and East the crop
is probably under fortified and
this will further add to the danger
of boil weevil depreciation.
Another thing, the crop is late
this year and it is nard to find solid
ground for the hope that by any
chance. the crop will exceed the cur
rent indication of 100000 bales.
Last year the June rs condition
was just under that OF this June 70,
and in the following 80 days it de-
Perforated only to 64.7-but by Au-
gust rs the condition was down to
1913 per cent. The drop didn't go
to pieces last year until after Au-
gust but it went fast when it
did slide. 1t may be borrowing
trouble to expect the same rate of
deterioration this year as last, but
it is well to remember that June rs
reports are usually the best of the
season. All the argument is in ia
vor Of an easing off in condition to
say the least.
Then there is tn. prospect of the
crop being insufficient, with the
of probably less than l.