Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
SCALPERS BUSY,
COTTON MARKET.
To THEIRLIKING
October FIuctuates Between ll.40
and 1l.60-Big Fellow and
Public Not Interested.

NEW ORLEANS, July ia more
hopeful feeling in regard to the defeat
OF the Clarke amendment having been
engendered recently by the adviCes
from Washington, the cotton market
has become more active, with bulls
inclined TO bid prices up to higher
levels.
The weekly weather report Tuesday
was rather discouraging to the bear
element. droughty conditions being
reported as prevailing in Texas and
Oklahoma, while rain also was said
to be needed in some portions of the
Atlantics, which was rather surpris-
ing to the trade here, as IL was
thought that there had recently been
sufficient rains in the Eastern belt.
Some private crop reports received
from that section Of the belt within
the last few days also state that the
cotton crop is being damaged by
blight. especially in Alabama.
The market lately has ranged be-
tween LAO and 11.60 for October de-
livery Covering by shorts has check
ed any decline in the neighborhood Of
l14O, while profit-taking by longs,
together with some fresh short SELL
ing. has served to prevent the market
advancing much above the level Of
1I.6O for October
Good aIpers' Market.
The result has been good scalping
market, which professional traders
have taken advantage Of, but the
larger operators and the outside pub
lie, apprehensive as to the Clarke
amendment passing, have. as rule,
refrained from taking any interest.
Now that a more optimistic feeling
prevails in cotton circles here, inter-
est in the market appears to be re-
viving, and, with a little more en-
couragement, leading bulls in this
market would not hesitate to put
some ginger into the speculative po-
sition There is still a fairly large
short interest in the market, and 1t
would not require a great deal OF
buying to put the bears on the run.
Prices on the new crop deliveries are
now l cent under those prevailing
a year ago. when, in some respects,
the crop outlook was better than IT Is
to-day
Boil Weevl Active.
More reports of damage by boil
weevl are coming in, especially from
Texas and Louisiana, where the pest
appears to have gained great head
way. The rains which are needed
now i'm Texas would lead to greater
damage stin from the boil weevil
/ Consequently. crop prospects in inc
| Western belt are not encouraging. nc
matter from what angle the situation
I is viewed.
The Census Bureau report on con-
sumption for the month of June
proved to be a very bullish document
| IL proved concIusively that Consump-
ton in this country is running on
the basis Of 5,750O00 bales, which
would indicate a total consumption,
America and Europe combined, Of at
least 14.750.O00 bales. For this rea-
son, the trade is beginning to realize
that a new crop of at least 100000
bales will be required to keep the
spindles Of the world running and
maintain reserves above the danger
point next season.
In other words. the situation as
regards sufiiciency of supplies or de-
iciency, hangs in the balance. Every
thing depends upon the new crop, and
should it begin to deteriorate there
might be an outburst Of bullish spec
ulatiOn which would put prices back
to a parity with those that prevailed a
year ago at this time.