Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-10-26
SCARS
ON RECEIPT Of
GINNING REPORT
Half Days Session at New Or
leans Shows 15-Point Gain.
October Contracts Cornered.

NEW ORLEANS, Oct. 25.--The
| Census Bureau report showing $685.,
$50 bales Of cotton ginned of the pres
ent crop up to october IS, together
with an unfavorable weather forecast
for the western belt, gave a decided
uplift to cotton values to-day. Con-
siderable liquidation of long cotton
had taken place yesterday in anticl-
patton of the ginners' report show
ing possibly over 100000 bales
ginned, and hence the market was in
a healthy technical position to &c
spond to bullish developments.
The market opened slightly under
| Fridays closing level, there being
some scattered orders to sell on the
opening regardless of the ginners'
| figures, which were announced imme-
diately prior to the initial call. All
contracts offered were quickly alb
sorbed, however, and the market stiff
ened.
Shortly afterward the forecast for
the western belt, predicting unsettled
weather, followed by much lower
temperatures over Sunday, was post
| ed, and bulls at once started to bid
the market up on shorts, who scram-
bled to get under cover. Before the
buying movement was checked Jan =
| uary contracts sold as high as 1895,
or % points up from the low level
| reported on the opening.
( Half Days Gain IA Points.
One of the rumors which played
on te nerves of sorts was that II
| was showing in Oklahoma Shortly
before noon, however. a report was
received from Oklahoma City saying
that the weather was clear, with a
temperature of 10 degrees prevailing.
This report caused heavy selling just
before the close prices easing of
rapidly until January contracts were
down 7 points from the days low
| level. On this recession short cover
| ing was renewed the market finally
closing steady at a net gain tor the
half days session of IA to 10 points.
The local spot market was oftlclal-
| " reported steady and unchanged,
| sales amounting to 5S2 bales OF spots
and 1879 bales to arrive, on the basis
of Is use for middling Other South
ern spot markets were generally
| steady and unchanged, but Dallas
was ais higher, with sales of over
G, 900 bales,
The large falling off in Texas gin
nings as compared with the CORE
spending period last year was eX-
pected, but surprise was occasloned
by the fact that North Carolina was
| 100000 bales under last year. Geor-
via. of course, showed up with a
large increase in ginning over last
year. but as the bears have been
Dragging that the Georgia crop was
as large as that of 1911 the fact that
the Georgia ginnings this year were
o. thnSn of fhp hiU
crop year did not afford much COM
fort to the shorts. who have been
depending upon a bumper yield in the
Atlantic to offset the admitted short
age in the western and central por-
tons of tie belt
October Cotton Scarce.
Exporters, finding it difficult to buy
good grades except at big premiums,
have been taking cotton on October
contracts in this market as the strict
Government standards in this mar
ket work in favor of the buyers. The
result is that the october position is
commanding a premium over every
other month on the board, with the
floating supply of these contracts be-
coming scarcer and scarCer. "A lead
ing Liverpool house is back of the
october deal in this market and that
position is practically cornered.
Some strong bullish differences ny
be drawn from this phase of the sit
uation as it is only a foretaste of
what might happen to shorts in other
positions later on in the season, when
tho supply of cotton becomes even
more restricted.
One of the most bullish develop
ments recently has been the relative
strengthening of Atlantic spot mar
ket, which is accounted for by the
fact that many prominent buyers
have transferred the scene of their
operations from Texas and Oklahoma
to the eastern belt. which had recent
ly been Offering good grades at a
much cheaper basis than the same
class of cotton could be bought in the
western belt.
The competition for cotton in the
Atlantics seems to have reversed the
spot position while holders there hav-
ing seen a large percentage of their
crops now seem inclined to hold for
higher values. which seem inevitable
as hong as the mills continue to take
cotton on the record breaking scale
that they have been since the pres
ent season opened.
Spinners' taking for the past week
were 402, 600 bales, as compared with
3S1 900 last year, while total takings
thus far this se&son amount to q
02S, 900 bales, as compared with only
1,7S1 900 bales last year, and 10000
bales for the corresponding period
year before last.