Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-07
COTTON GOSSIP

NEW YORK, Nov, IS. Tate says:
"As was expected, Cordilrs crop esti-
mate of 1880, 900 bales was accepted
by Europe as largely confirming Hab
ersham Kings estimate of 10, $50, 900,
which encouraged selling and liquida-
ton in the foreign and local market,
which, l think is the beginning of
reaction as there is a very large UNI
wleldly long interest in this market,
which makes it unhealthy for the pres
ent, therefore, | do not expect any
material advance or any advance to
hold until the market is in a measure
purged of this unhealthy long interest.
Stop orders will be caught around Is
cents. While | expect the market to
work lower, | am not bearish in the
least, and cannot advise short sales,
because ! think this is bull market
and the long side is the safest and fs-
vor buying only on declines"
Brooks. Hicks and Mitchell were the
leading sellers on call to-day, Brooks
beng heavy seller of December; Hicks
sold January. After the call there was
fair support and the market rallied a
few points. The selling was said to be
heavy liquidation.
December was relatively weak, its
premium over January shrinking to 10
points on the opening Wednesday it
was - points, and a few days ago it
was ~ points higher than January. 1t
IS generally believed that there will be
larry good buying of January and rela-
i've selling of December to make these
TWO OPTIONS more evenly balanced.
Hugh F. McElroy thinks that after
the ginning figures are out of the way
the market will advance sharply He
says that If private estimates are in line
with the Governments totals they would
rather substantiate low crop ideas. He
compares the current season with that
of 1909. when the market declined 119
points during the election week and then
started an advance, which, by Christ
mas reached ~ cents.
Dallas wires: Texas clear. pleasant,
oklahoma, northwest clear. rest heavy
fog, temperature Sc degrees"
NEW ORLEANS, Nov. 7.-Hayward
Clark:N The weather man shows
cloudy in the belt. except fair in south
west Texas, greater part of Arkansas,
west tennessee and North Carolina
light fall in east Mississippi and north
Alabama.
The New Orleans Times-Democrat
says: THE fear of half-lSnown truths
mat iurk IN the shadows of doubt is a
speculative factor the cotton market
must reckon with. Thursdays market
was very mild hammered affair until
shortly before the close, when some rul
mors regarding a pending crop estimate,
current all day, began to take more
definite form. A contract market de-
cline followed All sorts of figures were
mentioned as sure thing tips, IA, 700 900;
1875, 600, 10, 800, 600 were among them.
The estimate in question is expected to
come from Atlanta this morning.
Meanwhile, if demand for the actual
STUFF is not active. SPOT cotton is no.
where being pressed for sale. In some
quarters the opinion prevails that alb
sence of spot pressure reflects a nor
NAL spot owners attitude under exist
ing conditions, slack demand reflects
more or less studied indifference
among consumers.
Bankers are by no means inclined
to encourage the holding of actual cot
ton; on the contrary. the questions now
asked by cotton merchant borrowers
clearly indicate that bankers are pre-
pared to furnish all the money needed
Tor the moving of cotton, but that they
do not want to supply any more money
for the carrying Of actual cotton than
they can help. This, of course, is a fac
tor which should now he more apparent.
had not a record breaking volume of
high priced cotton already passed from
producers hands, thus placing the nte-
rior in a relatively Independent posi-
ton"