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

NEW YORK, July 1O.-Around the
opening there was some selling by ring
SPECTATORS, but it was soon apparent
lhere was some cotton wanted from
sCrohg sources and a wave of short
CofSIlns Followed, some Of which was
sald TO come from Wall Street. Con-
ta%ols were scarce, especially in Oc-
tooeI The buying, it is said. was based
on lear Of high Temperatures IN the
southwestern belt and the continued
AK OF bolI-weevil in Texas. Gables
rom rom Liverpool stated that the strength
LET saieIe was caused by short covering in
10 VI hlsh temperatures over the holt
Gays. Some of the larger spot interests
. we're noticeable buyers of new crop.
me ooutn was put down as selling also
SOME OF 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 Iegis-
latlon.
N the tax Of 50 cents per bale be-
comes law the cost of hedging will
faIl upon the merchant or producer,
pTopaDly the latter, but as a matter of
TACT, It is doubted if merchants would
pc 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
cost OF Is points to trade would
hIti speculation on American exchanges
ana XIII straddle operate between
NeW ork and Liverpool. The English
market without straddlers would not be
iarge enough to take care of American
neuging, SO the only opportunity for a
AAeiChant 70 have Il hedge order exc
cuted would be when it meets another
hedge order the other way.
Any one familiar with future mar
kets know that these orders would sell
dom meet, consequently, the law would
really Kill all opportunity to hedge.
ouch situation would drive out all the
smaller 81. merchants, leaving the business
VINO would have the Southern producer
IN a merclless grip. "-Clevenburg.
Reports of serious boll-weeviI damage
IN Texas, together with timidty on the
part of sellers because of the local sit
uatiOn, 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 a depletion in stocks more
than any other month. Baruch and
wall Street covered some shorts.
Sentiment is not unfriendly to the
market traders figuring that with con-
tracts scarce any unfavorable reports
will cause a further advance.
Dallas wires: "Texas-Panhandle and
south clear; central and east cloudy:
rains. Oklahoma-North and
west clear; balance cloudy; local rains"
NEW ORLEANS, July 1O.-Hayward
d Clark: The weather map is very
favorable; IL 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.
ceived from Lyford, Cameron County,
South Texas, and will be seld at auo-
ton to-day"
Cotton summary of The New Orleans
Times Democrat: THE steadiness of
Yesterdays cotton market was explained
in two widely divergent ways The
man who believes that cotton on it's
merits can take good care of itself
said THAT shorts were experiencing diff
1culty 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
)ne 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-
-inued 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-
iveries 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
other exploited the comparative records
as proof that current temperatures are
not excessively high. Still another
turned prophet and promised showers