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

NEW YORK, Oct THE bears ruled
in the cotton market at the opening to-
day, first prices being Il to 20 points
lower than the closing quotations of
Monday. After the cali there was good
buying on the decline, b. brokers who
believe that the 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 out from
under October and the whole list tum-
bled during the early forenoon. II was
said that the heavy liquidation was
based on cables from Liverpool, stat
ing that the South vase offering freely
at a lower basis. This. coupled with
improved weather conditions encour-
aged heavy selling by ring professionals,
brokers lose to spot interests and Lily
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 1872 cents. with De-
cember going 10 points under the spot
option for a loss OF "A points and Jan
uary the most popular position on the
list receded % points to 1872, while
March dropped ~ points to 1926. The
entire list showed a net decline of -
TO 2S points from the previous close.
Local traders figured that there Is
still a 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 81 40 a bale was a little
too much for the bulls to stomach and
suddenly they renewed their support
on the remarkable tirmness of the dry
goods market and expectations of q
bullish weekly Government weather re-
port. There was brisk buying from
spot interests despite the apparent
weakness of the market. However,
longs continued to lquidate 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
considered very favorable with the eX-
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
disappeared in favor Of rain: This en-
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
market rallied few points, there was
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 1880, 600
bales also helped things along.
At the close the market was barely
steady. with prices at a net decline of
Il to IS points from Mondays final
Following are II n. m bids in New
York: october. 1853; December. 1850;
January 10 &c: March II 30; Nav 10 "a.
Estimated cotton receipts:
Wednesday. 1912.
New Orleans D.. 5000 to 1000 1881
Galveston ......14, 900 to $500 &c, 1855