Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-10
COTTON GOSSIP

NEW YORK, July 10.-Around the
opening there was some selling by ring
Spectators, but it was soon apparent
| there was some cotton wanted from
strong sources and a wave of short
covering followed. some of which was
said TO come from Wall Street. Con-
tracts We're scarce, especially in Oc-
tooer. The buying, it is said, was based
on rear OF high Temperatures in the
southwestern belt and the continued
! talk Of boll-weevil in Texas. Cables
from Liverpool stated that the strength
mere was caused by short covering in
fear OF high Temperatures over the holt
Gays. Some Of the larger spot interests
were noticeable buyers of new crop.
| Inc south was put down as selling, also
some or uptown crowd. The market is
narrow and is Influenced easily either
way Just now Agitation in Washing
ton Is having a tendency to restrict
business and no serious change in
prices is looked for pending this legis-
lation.-Anderson
IF the tax of so cents per bale be-
comes law the cost of hedging VIII
tall upon the merchant or producer,
probably the latter, but as a matter of
fact II is doubted if merchants would
be able to hedge at all in any market
because the law eliminates the specu-
latOr who is theoretically on the oppo-
site side of the hedge
"A cost Of Is points to trade would
MI opNIuldllOl OIl american exchanges
and kill straddle operations between
New York and Liverpool. The English
market without straddlers would not be
large enough to take care of American
hedging. so the only opportunity for a
merchant to have a hedge order exc
cuted would be when il meets another
hedge order the other way
ANY. one familiar with future mar
Eets know that these orders would sell
dom meet, consequently, the law would
really kill all opportunity to hedge.
Such a situation would drive out all the
smaller merchants leaving the business
IN the hands of few rich spot dealers
VINO would have the Southern producer
in a merciless grip. ''-Clevenburs.
Reports of serious boil weevil damage
IN Texas, together with timidty on the
part of sellers because of the local sit
uStl{on' was responsible for the strength
Of the market yesterday.
McFadden and Gwathmey brokers
were the leading buyers yesterday,
mostly Of October, which feels the
threat of depletion in stocks more
than any other month. Baruch and
Wall Street covered some shorts.
Sentiment is not unfrtendIy to the
market traders figuring that with con-
tracts scarce any unfavorable reports
will cause further advance.
Dallas wires: "Texas-Panhandle and
south clear; central and east cloudy;
numerous rains. Oklahoma--North and
west clear; balance cloudy; local rains "
NEW. ORLEANS, July 1O.-Hayward
Clark: The weather map is very
favorable; 1t shows cloudy over entire
belt, except fair in southern half of
Texas. Distinctly cooler in Oklahoma
and Arkansas, with fine rains in Arkan-
sas and parts Of Tennessee. Some scat
tered showers elsewhere. Indications
are for cloudy, with scattered showers,
and cooler in the central belt
Houston, Tex, wires: FIRST bale re
celved from Lyford, Cameron County.
South Texas, and will be seld at auc-
ton to-day"
Cotton summary of The New Orleans
Times Democrat: 1.-The sTeadiness OF
yesterdays cotton market was explained
man who believes that cotton on its
merits can take good care of itself
said that shorts were experiencing diff
ficulty in obtaining tenderable supplies
that the short interest is still large
enough to give trouble. and that the
position of the actual bale being a strong
one is responsible for reactions upward
even when favorable weather would
seem TO be aiding the bearish cause
The man who believes artificial sup
port is responsible for the markets con-
tinued show of strength said that talent
and trade alike bought new crop deliv-
cries yesterday because the action of
the market suggested that July longs
were beginning to put the screws to
shorts and further strength in July
would probably influence new crop de-
liveries to climb temporarily to higher
levels.
"Of course. the weather artists were
much in evidence. One faction prom
ised heat waves in the West. An
n her py-nlnffad the "a y tive
as proof that current temperatures are
not excessively high Still another
turned prophet and promised showers
and cooler weather in the West"