Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-11
COTTON GOSSIP

There was a big tumble" Of trade IN
July yesterday, with the buying and
selling so mixed that nobody could tell
what the leading Liverpool interests did
for the day by balance. One thing is
certain, Wall Street and Southern
shorts covered freely, much OF 1t on
stop orders, and as nobody dared to go
came from both leading and trailing
longs
Many traders think the worst is over
in July and that commission houses ac-
counts booked up to last night are
pretty well evened up.
New crops strength yesterday was
due mostly to July, although some
kicks from Georgia played their part
Dallas wires: Northwest clear, bal
ance generally cloudy; threatening;
misting rain. Oklahoma generally clear.
When the furry in July carried that
started by Wall Street covering, the
selling at this point became general and
a 20-point reaction followed quickly. 1t
was reported that the larger spot IN
terests were principal sellers.
It is generally believed that the short
interest in July has been reduced 10 a
great extent.
1T was rumored yesterday afternoon
that there had been settlement in
July. but this was not considered Sc
riously as there is no reason at this
time to expect such move" says J.!
NJ. Anderson.
NEW ORLEANS, June Hayward
& Clark: The map shows favorable
weather; further rains in South Texas;
clearing elsewhere. Temperatures are
too low in eastern and northern belt,
but this will be quickly remedied. The
most important development is that fair
weather has set in.
Liverpool cables: American mid
ding, fair, 1929; good middling. $3.50;
middling, SID; low middling, $3.50;
The New Orleans Times Democrat
says: THE talent danced attendance on
the speculative rings all day long. Cot
ton played havoc with shorts and stocks
played havoc with longs. Professionals
seem to have lost the power of percep-
ton and seem to have got IN bad all
along the line. The same people ap-
stocks. theoretically spectators were
covering short cotton lines in order to
protect stock holdings. 1t was gay old
session and one the talent will not soon
"The weather map barometer lines
formed a series of circles, wheels within
wheels. like the market. All sections Of
the belt with the exception of Southwest
Texas have been adequately soaked,
with more rain promised Southwest
Texas will probably have received rain
by tonight. Amateur weather men,
however, say no more hard rains are
likely to fall anywhere in the belt at this
time. At the close the cotton contract
market question remaining TO be an
swered was. Did New York July shorts
effect a settlement? Rumor said they
did The commission men in closest
touch with the position said they did
not. In the absence of a July senti-
ment, higher prices for the midsummer
position are practically Inevitable.
Yesterdays reaction in the cotton
market followed close on the heels OF
cabled reports of actual fighting among
the Balkan allies, weather and crops
now being ignored. and the bear talent
having lost confidence in lis own tudg-
ment Heavy sales Of the actual at
Liverpool day after day, and the rela-
tive as well as the actual strength Of
the Savannah spot market, which Is the
nearest source of supply to New York,
have within a day OF two done about
as much to disICrb professional equili-
brium as the controlled July position has
done in a week. Bears have simply lost
an courage of conviction Until they
regain their stamina, the market will be
one sided.