Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-12
COTTON GOSSIP

There was, a big tumble" of trade in
July yesterday, with the buying and
selling so mixed that nobody could tell
~hdt the leading Liverpool interests did
LOT the DAY by balance. One thing is
certain, Wall Street and Southern
shorts covered freely. much of il on
stop orders, and as nobody dared to go
snort OF II, the contracts presumably
longs.
Many traders think the worst is over
IN july and that commission houses &C
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
option TO 1925 yesterday, which was
started by, Wall Street covering, the
selling at this point became general and
a 2O-point reaction followed quickly 1t
was reported that the larger spot in
terests were principal sellers.
1t 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 a settlement in
July, but this was not considered Sc
riously as there is no reason at this
time TO expect such a move says J.
NJ. Anderson.
NEW ORLEANS. June 11.-Hayward
x 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
Liverpool cables: American mid
ding fair, 1921 good middling, $3.50;
middling. Sad; low middling, 6.5Sd;
good ordinary, 6.22d: ordinary, 5.Ssd."
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 APP
peared to be short of cotton and long of
stocks Theoretically SPECTATORS we're
covering short cotton lines in order to
protect stock holdings. II was a gay old
session and one the talent will not soon
forget. , o.
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 10 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.
Yesterday 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 its own judg-
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 or two done about
as much to disturb professional eQuili-
brium as the controlled July position has
done In a week. Bears have simply lost
all courage Of conviction. Until they
regain their stamina, the market will be
one sided