Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1912-07-09
COTTON OIL MARKxT


ConEERcIAL-APPEAL's CROP REPORT
CBy Associated Press.)
MEMPHIS. Tenn. July She Commercial
TOO much rain over the cotton belt acted as
q deterrent 70 the normal growth OF the cot
ton plant during the past week. and 10 many
rot Be overcome during the remainer OF the
season. he growth Of the plant was not up 70
normal except IN the western portion. and IN
south aCrnIina en- the east Cultivation was
retarded In all parts Of the belt and grass and
weeds have gained foothod in the fields %
the central and eastern portions rendering
The growth growth q THE Ilant might be said
% have been far below normal in all parts u
except in the CannlinaA. where the growth was
shout normal The lack Of proper growth In
the remainder o. this poutton og the belt adds
further % the lsteness q the plant
In the west the plant made excellent prog
res. especially In Oklahoma and Texas, where
splendid conditions Of the previous week con
this part % the bsit. but caused no damage
AUSTIN q RAFT MARKET LETTER
NEW YORK. July s.-Naturslly TIE all an
snrhing topic i the coalition and acreage fig
ures disclosed In the government report n July
8 Tho condition u s0.4 was somewhat lower
than looked for. hut IN itself would not have
caused much. n any. change marketwise. except
that we usually AZ least a moderate adj
vance after each government report. particularly
the Tuue eonditi0u- But the surprise the
acreaEe q - COZ 600. as compared with the
revised government figures Of 36.6S1 600 acres
last year. 20 a reduction Of I per cent. which
happened 70 - our original estimate. which
We lowered 70 per cent on the advices Of
Cur correspondents- The estimated production.
maturity. Is somewhere around 1900. O0O
bales. which we believe would be absorbed at
= moderate price, or AZ and around Il cents
he government document caused a stampede
81 shorts which may lot end until new high
levels are recorded. which will b. in the vicin-
Ity Of Is cents Tor October and December. and
81 HamHaw
which We had referred 20 had assumed proper
tions larger than estimated; this had been stead
~ built up 81 the thoroughly optimistic re-
ports o. crop Improvement f7um all parts ~ the
cotton belt. particularly from Texas Examina-
ton q the government report indicates that
considerable attention must BE- paid 70 the indi-
forecasts enormous yield az this time the
Important producing state q Georgia r. in a
sad condition a. compared with tue flattering
coudition q one year ago
% course the months 81 July and August
really make the eroT. but considering that
planting was very late IN iuprnrerly prepared
iand poorly fertillzed the whole. wet
seassn hss reared q ssVpy plant which may
fare badly when fruiting takes place. especially
timed showers OF course the ''ifs'' are the
principal part o. the speculation situation now,
proving condition OF the plant hut che chances
are rather more against such perfection. We
are aware Of the fact q last years largo crop
ssfillinE Up a lot q holes" but great deal
sepends on The price aS we have stated before.
ana We Doubt any extreme prices being recorded
this year either way. Unless rapid stampede
takes place we favor huying on all soft spots
for Moderate advances. but In event Of an eX-
frrmelr ranld and extensive bulge against
shorts we would sell the advances. and
should we then SEE a decline 70 III for October
we would again place orders on the buying
side as the long side Is the safer for a time
yet
Cotton SD OLA very large short interest
IN July and September have covered 81 late
but % e1urse offerings were light an strong
rebound resulted. Replacement Of sales were
made In December and January. and 90 some
extent In November. with the r@sult that AZ one
tine these options were az an abnormal dis
count on which advised purchases All eyes
ere On the enormous lard stocks NJ Chicago. but
a side glance was made At the cotton crop this
week when the government indicated only
very moderate crop at hest There may be an
occasional weak day and n we advise you
% pick up some OF the deferred options for
TheTal turns.
HAYWARD CLARK's coTTOE LETTER.
NEW ORLEANS Ia. July s-LiverpOol ad-
wauced as much Is English points against
about II points higher. due and quoted spots II
points higher; Washington predicts a week Of
slightly Mariner weather. mostly &air but oe-