Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-02-08
HUGE RECEIPTS
CHANGE IDEAS
Of CROPS SIT
Bears Press Argument That Yield
Must Be Far Above Sixteen
Million Bales.

MEMPHIS, Feb AFTER bar.
watched closely the statistics nm ~
cotton movement of this country g.
the past several weeks, the avaror.
trader ar observer has been forced
to conclude either that the cron :.
over I4,500,00 bales, or that tbsr.
have been new developments in tho
marketing process. Receipts hav.
been running way ahead of last VOC
and closely approximating two ves-.
ago, when the final outturn nro,.,,
over 100000 bales. The fact tina,
demand was good and the movsmo,,
from the belt to the spinners w.s
also heavy, SURPRISING any preyiors
year. had served as the best ern,..
nation of the free receipts IN Ia "a.
Gently and thus prevented bears gs,.
ting much help from the statistics
But since demand has not been 90
keen and spinners have been show.
ing less interest in filing their rs.
fNtt S'ihN'AtCt NiOi mas pCtH q grow
ing suspicion that perhaps the cror
was going to prove considerabv
larger than was expected up TO the
first of the year. The last two rs-
ports on ginning lent force TO tba
suspicion, while the receipts at tbs
interior centers and the fact that
stocks have not been reduced appfe-
ciably also has been a factor there
in. Those who are bullish have CON.
tended that the big movement has
been at the expense Of the stocks at
the uncounted towns and that the
amount ginned to the time Of the last
report, compared. with the amount
having come into sight, was less than
the same differences at even date last
year They further argued that gin
ming figures were worthy Of more at
tention than the movement. as many
things might contribute to the latter
being unduly heavy to a certain time
and proportionately light later on.
SpInners Iaklngs on.
There has been comparative lulI
In the takings by spinners for two
or three weeks, though the amount
for the season continues about 500 900
bales ahead of the largest on record
but after another fortnight II is ex-
pected that the showing will be de-
cidedly more favorable to those lean
Ing to the bull side. However. the
market has been influenced By the
oearish showing made by statistics
and 1t has put the question of resist
ing bearish efforts up to the holders
of the unsold portion of the crop. The
latter have not faltered and thus has
been prevented a serious break in
values. The easier money rates in
all the centers and a growing wave
of optimism have stiffened the de
termination of the sellers to refuse to
turn loose at buyers prices until they
fully test the situation.
There has been during the past
week nothing big in the spot sales
In the belt, yet a fair turnover has
taken place and quotations have not
yielded very much, middling uplands
ranging from about 234 to 1911?
at the principal centers. In Liverpool
spot demand has been large, indi-
eating that the British spinners are
seemingly not any too well stocked, or
they think ruling prices reasonable
The general attitude of the people
carrying spots has been one of in
dependence. for they are in better
shape from a financial standpoint
than when they fought the decline
in December.
They recognize the fact that even
the bears are not predicting mate,
rial declines from ruling levels Of
value. which encourages them to eX-
pect higher prices during the sprinT
when the new crop begins to be
pitched amid the usual viclssituoes