Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-09
COTTON SCARS ON
BUL[|SH C|NN|NCS
Figures Of l3,333,074 Surprise
Both EIements-Shorts Strug-
gle for Contracts.

NEW YORK, Jan 9.-There was q
rush to trade as soon as the Govern
ment figures were posted at the open
ing of the cotton market to-day, re-
sulting IN a sharp upturn of l6 to %
points from the closing quotations OF
Thursday. The figures were unex-
pectedly bullish, being about 81 ,OOt
bales less than generally expected
causing heavy covering by shorts
Brokers for the larger spot houses
were also heavy buyers. This brisk ad-
vance was made, IN the face of heavy
big Southern | ouses.
After the call, pandemonium broke
loose. he market was flooded with
buying orders. Some of the most pow
erful interests in cotton circles were
keep the tide turned upward and
throughout the forenoon the trend was
steadily toward higher levels. On the
second advance, January scared &c
1212, March to IL. As. May to 1887, July
to 1882 and October to lilo.
These levels represented net ad-
vance of $l30 to Sl.70 a bale from the
previous close. Not until the market
had reached these levels did it show
any signs of tagging, and then prices
sold off few points from the high
under ofittaking but the market
maintained the inheXible tone and re-
covered lost ground.
The market continued on its upward
journey during the afternoon, being
under the same class of buying. Janu-
airy reached 12.17, March 1851, May
l2.4l. and July 1886. Trading was
heavy. Wall street and room shorts
were aggressive buyers and there was
fair volume of what appeared to be
new buying for ding account. Promi-
nent operators, including one or tive
close to the big spot houses, turned
bullish and were advising purchases
believing that to-day's report once more
twisted the IDEAS of traders as to the
ultimate yield views have again come
down to between $4,000, 900 and 14,400 00t
bales including linters.
Just what the size of the crop Is III
commercial bales depends of course
upon the average weight of bales. Last
year the Census put the average weight
at 5079 pounds gross, but 1t is agreed
by conservative authorities that the av-
erage will run lower this year by one
to three pounds, bringing it down to SOL
pounds. In the trade the idea appears
to be that an allowance of 100000 bales
for underweight is about right Deduct
ing that from the Government crop es-
innate of 13,677000, it would leave 49,
$4,000 bales, and an allowance of 600,
600 bales for linters would be about a..
10000 bales, or practically the same as
last years yield. With the ultimate
yield virtually determined by to-day's
report and the crop estimate attention
will be turned to consumption, which
the head of the largest spot exporting
house in the country estimates this sea
son at 1880, 900 bales.
At the close the market was steady
with prices at a net advance of % tc
"a points from Thursdays final.
Following are II a. m bids in New
May. 1881; July, 1925; October II 81
Following are 10 a. m. bids in New
Orleans: January. 1850; March. 1857
May. 12.TI: July. 13S4: October, f1.79
Estimated cotton receipts:
Saturday. 1913
New Orleans .....1 10 500 to II 500 5,194
Galveston .........15,50O to 1900 9,723