The Washington herald., 1922-07-10
COTTON CONDITION
FIGURES BULLISH,
TRADERS BELIEVE
Report Of 71.2% Below
Expectations; Acreage Is
Near Private Estimates.

MEMPHIS. Tenn. July s.--Now
that the June rs condition report on
cotton and the figures of the De-
partment Of Agriculture on acreage
under cultivation at that time are
out Of the way, with consequent
stimulation for bullish ideas, the
cotton trades attention will be CEN
tered more than ever on what the
boil weevil will do.
The condition figure 71.2 per cent
Of normal. was a little below ex-
pectations, which were based largely
on the average OF the several pri-
vate reports coming to hand during
the past week. and the buliish eff
feet thereof was given special en-
phasis because Of rains over the
weekend IN nearly all OF the telt.
some of them rather heavy and It
Is feared likely to do more harm
than good because of their effect on
the weevil. The past week or two
in practically the entire belt brought
ideal weather, both for cultivation and
for checking the pest. so that II Is
generally assumed that condition at
this date is slightly better than the
onlc'al report just isSuen.
Acreage Meets Expectation.
vhe estimate on a ,rease. 34.Sbe,0O0
acres, or 10 per cent over tic revised
figures on planted area last season,
just about met maximum expecta-
tions, so that part Of the basis OF
calculation is out of the way. IL Is
assumed that the department has
made an unusual effort to get ac-
curate information on acreage. after
last years unfortunate blunders.
AS the condition about this date
usually reflects the maximum of
promise Of yield. the Indication OF
l1.065,000 bales Is for the time be-
ing considered as much as can be
reasonably expected particularly be-
cause of the unprecedented preva-
lence of the boil weevil. It Is recog-
nized as possible for such not to be
the case, but In the best informed
circles the feeling prevails that the
world must prepare itself to adjust
it's requirements of American cotton
for another season to what Is con-
sidered another short crop.
The steady and rapid disappear
ance Of the old supply has made 1t
easy to sustain values during the
several weeks of favorable conditions
and improvement in prospects. and
all along there has been confidence
that prices were only temporarily sag
ging and would ultimately work much
higher than they have been. 1t has
BEEN regarded as quite signincant
that some of the most 0ullish opin-
ions as to the probable price level
have come from spot interests In
Liverpool and from buyers and ship
pers of the raw material In. this
country.
Prices May Go Higher.
With the burden Of proof stronger
than ever on him who would pre-
dict a crop in excess of 100000
bales, and with the crucial period
jast now beginning, the feeling here
and in the cotton belt Is that
values will seek higher levels before
there is much danger to the bull
side. The small amount of cotton
unsold in the belt is tenaciously
held by people who owe nothing on
it, and It will perhaps be doled out
slowly as the markets are Arm and
those who must have more raw ma
terial elevate their bids.
Reports tell of an unusual effort
to combat the weevil through the
use of every known method. The
abundance of labor Is expected to
count much, and no complaint Is
heard that 1t Is not working well.
In this territory particularly the
condition of the crop Is high, but
because of the character Of much
of soil. WHICH produces a large plant
with plenty of shade there is fear
of heavy depredations later.
General business in large meas
ure is hesitant because of the un-
certainty as to how cotton will get
through the next month or six
weeks. Should there be conditions
that are favorable to combating the
weevil and yield promise to be even
close to what Is now in prospect the
indicated high prices will mean
abundant prosperity. for the. pro-
longed period Of enforced economy
has accomplished much towards bet
tering the potential buying power.
But pending more definite informa-
tion as to what cotton will do there
will be widespread disposition on
the part of consumer and distributor