Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1923-09-18

demonstration of strength in the fall
of record breal;ing receipts at the
principal markets since last Winter.
The advance may not be sustained
when the big Fall runs are made.
but it shows how readily the market
responds when deman4 and supply
come into fairly balanced relations
The market for we'll finished cattle
also has been much stronger, and
sheep and lambs have been doing
well.
The Cotton Situation
The cotton situation la been an
extraordinary one throughout the
year. Two short crops in succession
had reduced the stocks TO a point
wLere anything like normal, eonsumD-
ton would exhaust thein before this
seasons crop would be made. But
the high prices which resulted from
this prospect ha the effect Of re-
dr.cing consumption in some OF The
principal markets. Exports IRON the
United States in the crop year ended
July 81. 1923, we're 100000 bales
which compares with 9,999,000 bales
average exports in the FIVE years crl-
c ! July 81. 1914.
The following j. an extract IRON a
recent letter by member Of The staff
OF the Loudon branch of this Bank,
touching this subject.
The Manchester spinners simply cannot
nav the 1rice for American cotton and make
il I'D into goods that will compete in the
rtudf lgafC NE fl,n 4 a..
crs Of the business done i'll Liverpool ,rsed TO
be in American cottons: now the American
product constitutes less than one-half Of lbs
total and the rest Of the business is in the
o-cailed outsiders" i. e. Peruvans, Africans
and indians. Manchester prefers the Amer
lean rotton and will retutn to it as soon as
possible because thew have been using il for
generations and therefore know the grades
we'll. Furthermore. the grades are uniform
which Is more than can be said OF the out,
siders," and this makes for better production
from the spndles aud looms.'
The Official figures for British ex-
ports OF cotton piece goods support
this statement. For the month Of
July, 1923. these aggregated 3l6084.-
600 square yards, against 638.97l, 900
in the corresponding month of 1913,
and 443,6l0,0O0 square yards for July.
1922; for the twelve months, August.
1922, to July 1923. inclusive, they
were 4,309.66l, 900 square wards.
against 7,075,559,000 in the cores
ponding. period, l9I2-i3.
The reduced stocks and Advancing
prices induced the cotton-growers to
pant last Spring the largest acreage
oil record, but with drought in the
Southwest. too much rain in the
Southeast and insect pests every
where the market has been kept in
a constant state of excitement trying
to estimate the outcome. The gov
ernment July report Gas of July 2SJ
indicated crop Of about l1.500.000
bales, but the August report brought
the probable yield down to l0,7S8.-
600 bales. The total carry-over of
American cotton is about 100000
bales, which would give total sup
ply of about l3,300,000 bales. Com
sumption is estimated by Secretary
Hester, of the New Orleans Cotton
Exchange, at 1851 900 in the last
year and 12,82o,000 in the previous
year. 1t must be borne in mind tina:
it is impossible to get the aggregate
carry-over at home and abroad much
below 100000 bales without very
extensive curtai1ment of mill opera
tons. In view of the small stocks
of cotton goods everywhere, the out.
look is one to cause apprehension in
the trade.
The drought in Texas and Okla.
homa is now-broken, and it is pos
sible that the crop may make some
recovery in that section. The price
has advanced about $500 per bale
on the government report.