Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1910-01-11
COTTON BREAKS DESPITE
G|NNERs' LOW REPORT
Selling Orders Not Only Offset
Estimate, but Soon Cause
Break
fRx Associated Press. )

NEW ORLEANS. Jan. 10.-Selling or
ders which poured into the cotton market
teday not only Offset .syhat was, construed
as a bullish census bureau report or
ginnings, but within an hour after the
opening caused break of $3.50 per bale.
Proft-taking by shorts resulted in par
tial recovery before noon, but the market
was decidedly feverish throughout the
day and fluctuations both in New York
and New Orleans we're frequent and COW
cred a wide range. Scenes which bor-
dered upon a small panic were presented
around the ring and many holders of
cotton were closed out because they did
not come up with their margins.
Upon the receipt of the report the
markets first tendency was to advance,
the May option going to 164. Within
an hour, however, sharp break carried
it down to 1888, SO points below the level
to which 1t had gone on the strength of
the census report.
At noon May stood at 1891, March Is 81
and July 1908, approximately $3.50 bale
below the high levels reached by those
options during the early tracing.
Another sharp break in the cotton fu-
July option down to 1850, a point IS bale
lower than the high level of the day.
There were heavy declines in other op-
lions. CONSERVATION prevails in many
quarters and further slump is feared.
WASHINGTON. Jan. 10.-The cotton
crop of year 1909 is going to be the small
est since 1899, according to a statement of
w. D. Hunter, of Dallas, Tex, expert
of the department OF agriculture. 1T
is due" said he in addressing the house
committee on agriculture today Ito the
weevil in Louisiana and in portions of
Arkansas and Mississippi and to the ex-
treme dry weather in Texas" The DOLL
weevil, he declared, undoubtedly would
cause a remarkable redistribution of the
production of cotton. first in large areas.
What were large centers of production
formerly, he said. were going to show a
reduction and more than that there
would be a redistribution of the smallest
plantations.
I'm the large back-from -the-front
areas" Mr.. Hunter continued, "the pro-
duction is going to fall off. According to
all we know about fighting the boil vice.
vii, cotton cannot be planted profitably
in such situations as these back lands,
with poor drainage. But the soil and
other conditions in certain parts of al
most every plantation in the south will
permit the planter 70 continue to raise
cotton profitably despite the boil weeviI
Recent experiments with new kind of
pcison-powdered arsenate of lead-seem
to indicate that even where the weevil
is most numerous a certain degree Of con-
troll may be obtained
NEW YORK, Jan. 1o.-There was re-
newal of general excitement and another
sensational break in the cotton market
today. A bullsh Interpretation was
placed upon the census figures and the
market opened to IA points higher with
March contracts selling at 1902 and May
at 1919 during the first few minutes.
The represented advance of 13 to II
points from the closing figures of Satur-
day and of about $3.50 per bale from the
low level of last week But these gains
brought out a lot of long cotton which
had been carried over the recent sensa-
tional slump and il appeared that big
western grain interests and Wall street
longs were selling on tremendous scale.
Southern bulls claimed that the census
figures absolutely confirmed the small
government estimates of the total yield
They did little, however, to support the
market and March contracts sold off to
1913 and May to 1896, or 81 to Al points
below the closing figures of last Satur-
day and a decline of s2.7o per bale from
the high level of the morning.
There was q recovery of 10 or Is points
around midday but the market acted
very unsettled as a result of the demor-
AIMING break of the forenoon.