Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-04
COTTON GOSSIP
1t was a small market.

IL was small market,
The spinner withdraws when the price
reaches the neighborhood of lac and he
comes in when II gets down around
1Shc. This has been an obvious fact of
late. In regard to the speculation, the
outside public is not in it. Profess
SIGNALS, therefore. monopolize it. In
such circumstances. 1t is contended that
November will likely be month of back
and forth trading, and the market maxi
ing little progress either way, until the
December estimate of the crop is is
sued by the Government, There is
much divergence of opinion as to what
the final outcome of the crop will be
extreme guesses varying 100000 bales
and at this time one estimate appears
about as good as another. Many peo-
pie are deferring judgment until the
Government makes Its estimate. How
ever, on the other hand, experience has
demonstrated that the official report is
by no means an iffallible Guide,
According to Dun's Review, those
with bearish proclivities Justify their
position by pointing out that the crop
movement continues large and that
spinners do not seem particularly anx-
ious to buy, although the fact remains
that worlds takingS OF American cot
ton thus far this season are somewhat
larger than year ago. Fluctuations
are good deal less violent than OF
late and dealings are confined almost
wholly to the professional element, OPP
erations on the part Of outside inter-
ests being negligible factor. Sem
timent in the trade appeared strongly
reactionary and for this reason develop
ments OF bullish character are largely
ignored.
Dallas wires: "Texas-Cloudy; few
local showers; average temperature, so
degrees. Oklahomar-Goodr rain over the
entire State; average temperature, 90
degrees"
Fl. f. Bachman & Co. say: THE
general business situation should have
its influence on fluctuations in the flu
ture market The necessary contrac-
ton of credits to readjust a world
wide over-eXpansion has been attended
by gradual recession in commercial
and industrial activity. No one can ac-
curately predict what will happen dur
ing the next six months, but the at
utude of large financial institutions in
dicates that for the present at least only
the actual legitimate needs of the bust
ness man will be provided"
The New Orleans Times Democrat
says: Movement, encouraging wealth
er and lower spot markets in the
South were the obvious explanations of
Mondays market decline. But subtle
influences were also at work and ex-
erted an influence.
Everybody believes in higher values
ultimately, but the talent is inclined
10 let the market rest for a while, in
the hope the purging process will be
complete before THE grand rally for the
big advance. However, in professional
circles, where the scalper is now the
most active operator, there is a dis
tinct suspicion that the trade Is picking
up contracts on all dips.
If this is So the trade is operating
very quietly, evidently in the hope that
goodly supply OF contracts calling for
actual cotton can be acquired and put
away without exciting much comment,
now that the talent Is Inclined to rest
on its oars, pending the Governments
annual estimate of the crop. OF course,
any large accumulation of contracts by
spinners, bought on dips, or any other
way, would tend to block a scalpers'
policy of buying on dips and selling
on bulges, as II was more and more
restricting the volume OF free contracts
available to speculation.
Meanwhile, the market is working
along the lines forecast by a very small
faction, who ten days ago refused to
take any stock in the bullish predic-
tons OF an early advance above lac,
These men based their views on a com
bination of conditions. First, the spin
ners had not, in their opinion, pur-
chased enough actual cotton to give
bedrock foundation to a bullish cam
paign. Next. because of the obviously
bullish supply requirement equation
there were too many excursionists and
joy riders represented on the long side
of the account /"