Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1909-10-05
New Orleans Traders
Send Market Down

SEND maTkeb OOWu
NEW ORLEANS. Oct. E-Quiek to take
advantage Of a decidedly bullish cotton
crop condition report. New Orleans longs
unloaded Just as soon as the figures. SIS
per cent were received here this morning
and sent the market down 20 points.
The report was within two-tenths OF a
point OF the lowest on record. and the first
tendency OF the market was TO advance.
January went from 1s-fs to 13-SS, and
then with other options went down under
heavy realizing sales TO a level 20 points
lower.
New Aigh records for the season were
established 1 nthe cotton market during
the day. Following the publishing OF a
builish report on ginning from the CEN
sus bureau came the equally bullish re-
port on the condition OF the crop from
the department Of agriculture. But for
the heavy realizing sales in which IL was
said prominent New Orleans bulls. now in
New York. lead. the market would prob
ably have been runaway affair. AS 1t
was Il advanced on the two reports 2 to
IS points but around the noon hour was
only three points over Saturdays closing.
BEARS EXPECTED 1T.
The first report on ginning was issued
al o'clock and caused an opening OF s
70 70 points up in spite Of an unfavorable
Liverpool market Bears expected the
returns, which were Up TO September p,
would exceed those Of the same date last
year, but the figures were 2562.SSS bales
against 2,5so.6 5s y year ago. Disappoint-
ed shorts covered heavily and longs add
ed to their lines with the result that an
advance OF IS points was brought about.
The market was steady at IL O'Clock.
when the condition figures were read out
~ -
previous highest levels Of the morning Of
8 to points. and made fresh high levels
for the season. Within a very few min
utes profit taking was being INDUCED in
heavily and prices slumped badly. break
ing four 10 five points at a time.
Sew York was a heavy seller In this
marAet. The strength OF a report that a
prominent New Orleans bull operator.
now in New York was one OF the heaviest
sellers resulted In realizing sales by many
traders who have been holding their cot
ton for some time.
CAUSE OF FALLING OFF.
After the announcement by the depart
nent Of agriculture Of the figures record
ing the average for this month. DR.. s. A
Knapp. chief OF the cooperation. demon
tration work OF the department OF agri-
culture In the south. after the conference
with Secretary Wilson. said that the Sc
rious falling of In the figures. especially
for Louisiana and Mississippi were due
10 two conditions: one was the excessive
rainfall In the early part OF the cotton
crop season. followed by a serious drouth.
ard the second was the failure OF cotton
planters 20 obtain advances on their crops
from bankers The latter reason forced
the planters 20 dismiss a considerable part
of their labor al a time when the boil
weevf was a most serious pest
which Induced a falling of in the gen.
eral average Of Louisiana was that there
was practically 80 per cent less OF acreage
IN cotton than in previous years.
BOIL WEEVIL HURT.
The boil weevil did serious damage dur
ing the past year in the southwestern
quarter OF Mississippi
in my judgment" said DR.. Knapp.
the really serious trouble. which applies
TO all the cotton states. was brought
about by the excessive rainfall in the
early part OF the season and the excess
sive drouth IN the latter part. In some
Of the states planters scarcely could OBJ
tain water enough for their live stock
This was particularly true Of Texas and
Oklahoma What is known as the New
Orleans hurricane. which passed up
thdouzh portions of Louisiana and west
ern Mississippi. blew out immense guam
titles OF cotton and served seriously to
detract from the excellence of the crop"
Secretary Wilson declined to make any
statement regarding the figures given out
BY his department He said that he would
talk about the wheat crop. about the con
dlfion OF cattle in the west and about
almost anything but cotton. He said thar