Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-23
COTTON CORNER
ATTEMPTED BY.
FADDEN RING
Philadelphia Interests Said To Be
Hammering Prices to Get
South's Spot Holdings.

NEW ORLEANS, Nov. 22.-Liver-
pool failed to become enthusiastic
over the ginning figures, officially
promulgated by the Census Bureau
Friday, and in response to the disap-
pointing cables from the other side
the cotton market to-day lost all OF
yesterdays advance, and little more
besides March contracts selling as
low as 1910 this morning, while yes
terday the low point was 1911.
The market opened about s to
points down, but shortly after the
initial call the selling became gen.
eral in character and prices melted
away until March contracts touched
1910. At that level good supporting
orders were in evidence, and despite
all the bear hammering that was
going on the market could not be
forced any lower
Shorts Cover Near Close.
Some of the smaller shorts covered
near the close, final prices being
shade better than the days low level.
The closing tone was tseady, with
prices showing a net loss as a result
of the half days trading of from Is
to 81 points on the active positions.
Spots were officially reported quiet
ana l-lO cent lower Oh dLl SIduSS.
Sales amounted to 1929 bales of
spots and SIC bales to arrive, on the
basis of 10 lis cents fer middling.
Interior spot markets ruled easy, Dali
las being quoted down 3-16
While yesterdays ginning report
was far from being bearish docu-
ment ii was not sufficiently bullish to
check the bearish sentiment recently
engendered by stringent monetary
conditions, freer offerings of spots
and reports of threatened labor trou-l
bles in the New England mill dis
trict, on the break that Immediately
followed the ginuers' figures Friday
morning.
Outside speculative buying was in
evidence for the first time in nearly
month. This, together with covering
on the part of shorts, caused a sharp
rally, which was helped along by bull
ish week end statistics.
After Spot Holdings.
The belief prevails here that the
McFadden interests, of Philadelphia.
are arrayed against the market and
are anxious to see cotton values go to
a lower level, in order that they may
get hold of some OF the South's spot
holdings at cheaper prices than now
prevail Backed up by New Eng
ldnQ ana foreign SpllIlSIS, the MI
| Faddens, 1t is said, are encouraging
| the bearish attacks now being made
on the market in New York. Heavy
| liquidation of long cotton has taken
place on the recent decline. and it is
believed that a further decline the
coming week will force out the few
remaining long lines.
Incidentally healthy short interest
Is being built up, which will furnish
the basis for big advance later on
in the season, especially if the Gov
eminent bureau report, to be Issued
Friday, December IL, at p. m,
Washington time, should fail to con-
firm the big crop estimates which are
now being used to depress prices
Demand For Low Grade Spots.
The demand for spots now is run
ming chiefly to the lower grades,
which are attractive on account or
the discounts at which this class OF
cotton can be bought. In the changed
character of the spot demand. shrewd
cotton men in this market foresee
move being made by spinning inter
ests. to force out some considerable
lines of good grades, which are be-
ing held for higher prices.