The Monroe journal., 1922-10-31
MARKET Is HEADED FOR
80 CENT MARK, HE SAYS
Its One of the Most Bullish | Have
Ever Seen" Declares Well-Known
Monroe Business Man
ONE MAN STANDS TO MAKE
FOUR MILLION ON FUTURES
Ii Is No Piker Market Either.
Purchases Being in Ten. Fifteen,
Twenty. and Twenty five Thousand
Bale Lots. Crop. However, Is Now
Out of the Hands of the Farmers:
Gins Closing Down.

I
Gins Closing Down.
Back from New York, where he has
. been on business, Mr.. J. J. Crow is
radiatlng ac.4.sh cotton in his con-
versation, his walk and his general
demeanor. It's one of the most bull
ish markets | have ever Seen" he
said, "and it's headed for thirty
cents"
Certainty of short crop. a Weld
which is believed will be far under
the government estimate, has con.
verted ali cf New York into cotton
bulls, said Mr. Grow. Everywhere
'they are buying cotton, playing the
market to Wn. Brokers tell of
verltable avalanche of buying orders
from the South, North, everywhere.
1t is not 'p.ker' market either"
continued Mr.. Crow. "They are buy
ing in ten, fifteen, twenty and twenty
ty-five Thousand bale lots. | know
OF one man in this immediate section
who is said to stand to make four
million dollars when the market
touches the 30-cent level"
Market Like Bouncing Ball
Mr.. Crow l;kened the market to a
bouncing ball. Reactions, he said, are
due to protit-taking on the part of
those who bought on the twenty-cent
level. Many OF these are buying in
creased contracts with their realiz-
lngs, according to Wall Street brok-
ers.
Most of the cotton having passed
n HnI A.,
profit by the anticipated rise. Gins
are closing down all over the South.
Fields are rapidly becoming bare of
the feecy staple. The 1922 crop is
in the hands of the spectators. who
have Their sales set, it is apparent to
observers Of the ticker, for a really
big Kill ng. Il didn't see bale of cot
ton in the fields all the way from
Sanford to Monroe" said Mr.. Crow.
"and | understand that the gins at
Lllesvllle and Polkton have been
closed"
Summary of Conditions
An excellent summary of the con-
ditions of which Mr.. Crow speaks
was contained in the cotton opinion
OF Gwathmey e. Co., which appeared
III Sundays Greensboro News. It
reads:
"The world is undoubtedly becom-
ing alarmed over the increasing scar
city of raw cotton as indicated by
the statistical outlook which at the
present time is, roughly, as follows:
The carry-over at the end of this
year was approximately five million
bales. which probably includes a small
percentages of unspinnable cotton.
The growth this year is probably
from ten to ten and half million
bales, giving q total supply of APP
fifteen TO fifteen and one
half million bales. With estimated
.aklngs this year of twelve and one
half million bales, the supply next
August lst would be only around,
'ay, two ard ore-half to three mil
ION bales to carry over until ap-
the following October.
when the new crop begins to more
reeiy. At this time, according TO
hese figures, there will be practically
10 raw cotton of desirable quality
eft, unless cotton prices meanwhile
70 to a point to check consumption
he shelves CT the world are in de-
,ieted condition, and most people feel
he demand viii become more urgent.
he large organized holding move
nent throughout the south under
hese conditions will be very i'm
'ortant tactcr. particularly as the
ew crop season approaches. and the
menace Of TIE boil weevl must be
aced agar The world is beginning
} realize that n new and higher level
t cotton prices VIII undoubtedly pre-
all until some means has been found
{ combating this pest, which is un-
oubtedly one of the greatest mena-
IS in the history of worlds agrirul-
ire. Estimating this years crop at
m million bales and adding the four
ecedinS years, the average produc-
on PEI annum is more than two
lillion bales less than the average
reduction of the five preceding years.
his has been largely the work of the
oil weeYil, w ch within the past
We years has aan progressive in the
Stent OF its RI ages.
with these factors in mind the
,parent, 81 the strength of prices
lllish p0ssia ut.Cs Of the market are
Ill depend largely on the extent to
hich the demand from spinners is
a 'nta.ned, and the extent of the
)ldine movement in the South.
ull sh speculation will probably also
, factor We advise conservative
on all good recessions"