Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-10-23
COTTON GOSSIP

The bull element advised their friends
to buy cotton on Tuesdays setback.
This they did. Mitchell bought great
deal on the soft spots; so did Waters
and these two elements prevented
further setback. Bashford bought about
Is 900 bales and w. p. Brown purchased
probably 10000 bales. Parrot bought
10000 bales of January on the opening
for McFadden, but the latter house were
said to have sold fully 10000 bales. most
of it supposed to be for Craig, and his
selling of October and other positions
had most to do with the disappointing
opening. This heavy buying stripped
the market of contracts and this morn
ing when those who sold Tuesday
wanted some OF the contracts back, they
found the market bare. helping the ad-
vance along.
1t is said that Georgias cotton crop
has been shortened by frost, but the
loss will not be as heavy as in some of
the other States.
Sentiment among Gwathmey, Haynes,
Brown and Waters following is very
bullish. but among others 1t is mixed
to bearish for turn.
'''rhere is not sufficient outside buy
ing to sustain the rallies" according
to Celvenburg, and the market looks IS
though people want a further reaction
before taking on new lines"
The South has cotton to sell at all
times. Some of the bull leaders be-
lieve that If the South would not offer
her staple so freely. we would see l5c
cotton in the very near future.
Virgins and Schili were reading sell
ers after the call. The principal buying
came from Mitchell, HIGHS, Gwathmey,
Waters and Hentz.
The market renewed its upward jour
ney during the forenoon on frost last
night and predictions of another spell
of bad weather. Some of the buying
came from those who sold Tuesday.
S. Tate says: Last night I saw d
copy of a message from Cordill to his
mill correspondents in which he de-
practically a calamity, on account of the
large proportion of the crop had been
SO damaged that it was unspinnable.
Another telegram characterized 40 per
cent of the entire Texas crop as an un-
speakable mess. l strongly favor buy
ing on any easy spots"
New Orleans wires: Spots firm and
middling and above fully - of a cent
higher, but lower grades off color; neg
lected and cheaper to buy. Offerings
poor; demand runs on better grades"
Clement, Curtis & Co. says Mail
reports of correspondents in the cotton
belt, which do not include any cold
weather damage, suggest crop of 49,
OoO, 900 bales. iinters Included, which is
practically around the last Government
report The percentage of the crop
picked averages 81 per cent, of which
the Southwest reports 63 per cent and
cost of river. including Arkansas, 81 per
cent. This suggests an unusually large
ginning to date"
NEW ORLEANS, Oct. 28.-Hayward
& Clark: The weather map shows
belt, fair in the eastern half! no precipi-
tation, except at Little Rock, of "a of
an inch; much warmer, no frost. except
in mountains of part of North Carolina,
Indicate as are for unsettled weather,
with rains over the western and CEN
trail States. with prospects for another
cold wave; generally fair in the Allan
tics.
The New Orleans Times Democrat
saws: "All that the weather bureau
promised in the way of frosts and freez-
ing temperatures east of the MISSISSIPPI
river came true Tuesday morning. But
its steam during Mondays climb, devel-
oped reactionary tendency, lost half
of Mondays gain during Tuesdays
trading. The course of the market con-
1uSe0 the ldlenl ana gave TlSe 10 SOtic
mixed theories and opinions as to the
cause. Bulls called the decline a natural
reaction and predicted higher levels to
come Bears, gaining courage as the
market moved In their direction, claimed
that sudden short-lived killing frosts
and freezing" temperatures. could not
do nearly so much damage to cotton as
several days of killing" frosts and
freezing temperatures.
''The average operator seemed to be
lieve that killing" and freezing were
arbitrary terms, and meant just what
the dictionary said. but the bear crowd
was striving for toehold- on cold
snap and wanted to do all the talking.
However, the student of the market,
as rule, seemed convinced that the
fate of the crop has been sealed by the
temperatures of Monday and Tuesday
morning. nj the west probably relative
ly little damage has been done. In the
east probably extensive damage has re-
suited. West of the Mississippi river
much cotton as destroyed by drouth and
much that remained was damaged by
later excessive rains. Thus the quaint
ty of cotton subject to damage by frost
was probably less than normal on Octo-
l.