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 5.340, 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 a
reaction as there is a very large I'M
wleldly long interest in this market,
which makes 1t unhealthy for the pres
ent, therefore. l 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 IA
Vor buying only on declines"
Brooks, Hicks and Mitchell were the
leading sellers on call to-day, Brooks
being heavy seller of December: Hicks
sold January After the call there was
talr support and the market rallied a
rev points; The selling was said to be
December was relatively weak, its
premium over January shrinking to IS
points on the opening Wednesday it
was 10 points, and a few DAYS ago il
was 90 points higher than January, ii
IS generally believed that there will be
lalrly good buying of January and rela-
tive 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
r.~ItL tIaA
of 1909. when the market declined 119
points during the election week and then
started an advance. which, by Christ
mas, reached az cents.
Dallas wires Texas clear. pleasant,
Oklahoma, northwest clear. rest heavy
fog, temperature 56 degrees"
NEW, ORLEANS, Nov. Harvard
& Clark: The weather map 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-D Democrat
says: THE fear of half known truths
that Turk in the shadows of doubt is a
speculative factor the cotton market
must reckon with. Thursdays market
was a very mild hammered affair until
SHOTly before tHe close, when some ru-
mors regarding 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, 14.70O 900
10, 1885, 900, 1890, 900 were among them.
The estimate in question is eXnectcd 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
a 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
for 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 be more apparent.
had not a record breaking volume OF
high priced cotton already passed from
producers hands, thus placing the inte-
rior in relatively Independent posi-
ton"