New-York tribune., 1922-12-17
New York Cotton
Quotations Higher
Than Farm Prices
Records Refuic Statements
Of Depression ON Ex-
changes; Crops This Year
Over Billion for 5th Time

Officially, IL is estimated that tho
American cotton crop noV being har-
vested will total 9,0cf,ooo bales. A, the
average farm price Of 23s cents on De-
cember this would bring Is the pro-
dueers si.i3asOs, 900 Tor the crop Of lint
cotton. u may be mentioned IN psa.-
ing that tomething like 100000 900 ad-
ditionsl will be paid Ter The seasons
yield % seed.
This makes The current season the
nth in which tho farm value ot ths
cotton crop of the United States has
tOpped the billion dollar mark. The
other four billi0n-dollar years followed
each other from 1915 20 1919, the last
OF these being the only year IN which
the 81 600 900 600 level was paced, tlo
total reaching t2.O3f6Ss 900, which was
psId FOR n .a3i 600 bales 40 the Decsm-
Der farm price of go cents pound.
Inasmuch ns q date must be arbi-
trarily fSed % enable seasonal com
parisons % be made, u would eppe-r
that December 10 justified BY eHpefi-
ence, since the average farm price on
that date Cor the ten years iel2.ls2l
was 1873 cents q Mound, while the year
1872 cents, making q diforencs between
the days average end that Of the year
Of only 90 cents a bale.
TIE ups and downs Of the American
cotton grower are seen In n survey of
the last ten completed seasons, 1912
1921. Tho farm price at December !
IL used ns the base-line date throig
out this brief comparison.
For tie ten years tho producer ro-
eelved an average price Of 1898 cents,
which made the average annual return
for lint cotton 81 ,0s2. .4j3.f00. The low
est income was received for The largest
crop, l6,i35,00o bales IN 1914, for which
nn average price of 6.s cents a pound
was paid, reprssep.,ag q total OK only
S5le, ,036 900, wheT1ai. tho 1919 crop OF
fi,I2i, ,0c0 bales - $50 cents reprs-
sented az income Of t2,o34.000 and the
7,be4,000 bales Of last season 1921
brought g6lS, ,0sS, 600. Which vas ts4..
ss7 900 more than the 1e,i35, 900 bales
Of 1914 fetched.
II Is not infregusntly asserted b.
spokesmen for the farmer interests
that tho prices at which cotton is sold
at interior points IN the South are In
variably and measurcably above the
quotations Of the New York and Nes
Orleans cotton exchanges. The record
OF the decade ended 1927 shows The
average December New Yo K elosir 8
high quotation % have been 20.es cents
while the low averaged 1880 cents
| This refutes one OF the time-worn
talking points Of the professional cot.
ton agitator. for the New York low
was above the farm price, While i4.s'
cents, the hguro midway between high
and low, further confounds the anti.
exchange propagandlst.
Again, the expense Of carrying cot.
ton from month 20 month must be add.
ed % the price as The season advances
This Is reflected In the New York ten.
year average high and low for the FOL.
loving May. The average May high
was 2l.t5 cents. the low being 1891
cents and the middle price 20.is cents.
II Is clear. there ore, thpt IN a per cd
Of ten years, during which aversg'
farm prices varied between ss ard S5.'
cents q pound, carrying charges wer'
represented By tho modest figure Of 81
points, which Is equal = $40 oI
each 56o-pound bsls.-W. ".