Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-23
STACKER TRADE
TALK Of BEARS
NOT BACKED Up
Nothing Found to Substantiate
Claims That Cotton Mills Here
or Abroad Will CurtaiI.

MEMPHIS, Nov. 22.-No violent
changes in price have been witnessed
in the cotton market during the past
week, although there has been a dis
position on the part of the buyer to
be conservative in his purchases, and
the spinner has given him some help
by allowing reports of pessimistic
character to be circulated about trade
conditions. The evidence of big con-
sumption and a rapid movement of
the raw material into the hands of
the consumers, which came to hand
toward the close of the previous
week, strengthened the bull side and
probably obviated more reactionary
trend Of prices during the past Week.
The expectation of big figures on
the amount ginned from November l
to IA, encouraged by the estimates
made public by the several private
bureaus, helped to revive for the time
likewise deferred many people from
buying the actual.
The census ginning figures met
bearish expectations fully, causing a
hurried decline, but bullish weekly
statistics and continued disposition of
trade interests to buy under 10 cents
caused quick recovery
Liverpool cables on Saturday proved
disappointing, however, and American
bears made another attack on values,
causing a dip of about 81 bale, leav-
ing prices at near the lowest of the
week.
The claims of the bulls that ideal
conditions for picking and ginning
during the first half of the month
were sufficient to explain the big
ginning, but that subsequent reports
would confirm claims that an I'M
usually large proportion of the total
would be represented by the figures,
were not lost sight of nor entirely
disregarded, yet were not sufficient to
induce free buying. Weight was
given to some of the adverse influ
ences coming to light and bulls had
to be content to witness a .lessentng
of pressure when prices worked
downward toward the 13-cent level
No Trade Reaction.
Bears have been talking of trade
reaction in Europe, though 1t must
be confessed that up to the present
time there is little to indicate that
it has started. The exports to that
country are running very close to
two years ago and the last state
ment of the takings by spinners
showed an increase by a large amount
over any previous season. AS Europe
consumes about three fifthS of our
crop, responsibility for much Of the
gain lies with the foreigner. Also, the
business in spots at Liverpool dur
ing the week has fit badly into claims
that spinners were going to curtail
output extensively.
In this country there seems little
reason for thinking that mills are go
ing to curtail much, though there has
been some concern during the past
few days over threatened labor dis
turbance in some of the New Eng
land centers. The recent figures
from the Census Department show
that for the first two months of the
season actual consumption In the
United States showed an increase of
GO, 900 bales over the corresponding
time last year. Takings of cotton by
the Southern mills, running larger
than ever before, do not indicate that
outlook.
Crop Estimates Plentiful.
Crop estimates have been plentiful,
and most of them, except the Govern
ment's official one, have been acted
on. The latter Is due December IL.
That of the Memphis Cotton Elk
change, its average on the CONNER
cial outturn having been 14.400, 020
bales, came Wednesday and encour-
aged the bears a little. Past records
of this organization in closely ap-
proximating the crol caused 1t to be
given attention, though some of the
bulls claim that it is likely to be a
little too large because 1t is made
in a. section that admittedly has a
good crop Last year the Exchange
average missed the crop by 10000
bales. coming that much too low.
The spot markets have shown but
little change and the absence Of
pressure to sell continues a feature.
The large amount sold and the
abundance of financing ability, to say
nothing of the confidence in ruling
values, have been important factors
in the attitude Of the producer. Low
grades have been reduced somewhat
as compared with the better, but the
former ere not disposed to drag I'M
duly. The idea still prevails that
premiums on the better grades Will
continue to widen as the trade finds
out their relative scarcity.