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

MEMPHIS. Feb. AFTER having
watched closely the statistics on the
cotton movement of this country for
the past several weeks, the average
trader and observ@ has been forced
to conclude either that the crop Is
over 100000 bales, or that there
have been new developments in the
marketing process. Receipts have
been running way ahead of last year
and closely approximating two years
ago, when the final outturn proved
over 10000, 900 bales. The fact that
demand was good and the movement
from the belt to the spinners was
also heavy, SURPRISING any previous
year, had served as the best expla-
nation of the free receipts up to re-
Gently and thus prevented bears get
ting much help from the statistics.
But since demand has not been SC
keen and spinners have been show
ing less interest in filling their re-
quirements, there has been a grow
was going to prove considerably
larger than was expected up to the
first of the year. The last two re-
ports on ginning lent force to the
interior centers and the fact that
stocks have not been reduced appre-
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 20 the latter
being unduly heavy to a certain time
and proportionately light later on.
Spinners' Takings OF.
There has been a comparative hull
in the takings by spinners for two
or three weeks, though the amount
for the season continues about 100000
bales ahead of the largest on record
but after another fortnight 1t 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
bearish showing made by statistics
and it 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 II "a to ID q
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 spring
when the new crop begins to be
pitched amid the usual vicissitudes.