Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-10-07
SELLING BY SOUTH
SENDS COTTON Off
Bears Gain Control Of Reins on
Weak Gables and Good Map.
Bull Support Limited.

NEW YORK. Oct. THE bears ruled
in the cotton market at the opening to-
day, first prices being y To 20 points
lower than the closing quotations of
Monday. After the cali there was good
buying on the decline b. broSers who
belleVe that TIE decline has gone far
enough, resulting in prices advancing
some to I points from the initial range
New Orleans was a light buyer. But
the buying was met with heavy offer
ings from local houses
Some one pulled the peg oet from
under October and the whole list tum-
bled during the early forenoon. 1t was
said that the heavy liquidation was
based on cables from Liverpool, stat
ing that the South was offering freely
at lower basis. This, coupled with
improved weather conditions encour-
aged heavy selling by ring professionals,
brokers close to spot interests and Liv-
erpool. Those who have been on the
buying side for months only supported
the market half-hearted.
The drift downward became pro-
nounced as the session wore on, and
October dropped to 49, cents with De-
option for loss of "a points and jan
uary the most popular position on the
list receded 20 points to 1912. while
March dropped 10 points to 1926. The
entire list showed net decline OF %
TO 2S points from the previous close.
Local traders figured that there is
still quantity of cotton to be liqui-
dated. Wall street and the uptown
crowd were aggressive sellers and at
noon the market was without support
Bull leaders sidestepped, giving the
manipulation its fun course, with the
end in view of replacing sold-out line
at lower levels.
A break of S1.40 bale was a little
too much for the bulls to stomach and
suddenly they renewed their support
on the remarkable firmness of the dry
goods market and expectations of a
bullish weekly Government weather re-
port There was brisk buying from
spot interests despite the apparent
weakness of the market However
longs continued to liquidate as their
supply of bearish ammunition from
abroad continued to increase. Liverpool
sent out another bear card, saying that
the labor and political troubles in Mos
COW were growing serious.
The Governments weather report was
Ception of Texas, parts of Louisiana and
Mississippi, where too much rain is
mentioned. The detailed weather map
also showed that the cold wave has
courages further hedge selling by the
South. The bull forces. however. made
drives to pull the market out OF the
hands of the bears but each time the
a fresh outburst of selling much of
which came from Wall street
A great deal was heard about the
weakness in the Southern spot situation
and abroad. which played a prominent
part in creating bearish sentiment.
Habersham Kings estimate of Is. $50. 900
bales also helped things Salong.
At the close the market was barely
steady with prices at a net decline of
81 TO 26 points from Mondays final.
Following are II a. m bids in New
York: october. 1853: December. 13. so;
January. 1896; March, 80; May, 1894.
Estimated cotton receipts:
Wednesday. 1912,
New Orleans .. 6 900 to 1000 1881
Galveston ......14,0 600 to 49, 500 2G,7S5