Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1916-07-28
open. Range. 8 pm
COTTON OIL MARKET

cHAs. FAIRCHILD co. COTTON LETTER
NEW YORK, July 2T.-Despite an unfavOra-
BILE government weekly weather report the mar
ket showed but little recuperative power. New
Orleans and locals sold ePrly and often the
short interest. run in to some extent on yester-
days advance was replaced at lower figures
Thirteen cents seems a luminous figure TO the
bears. Convincing government and private adj
vices covering tornadoes, floods, grass and boil
weevil damage all ignored.
People in former years sold October around
Il cents and invariably made money. This
year, however. is likely TO be an exception 10
the rule.
Drouths, which heretofore have been the Ia
sis for advancing midsummer markets, may be
broken in a flash, but IL takes days and some
times weeks TO dry out sOdden soil and worK
free OF grass. Moreover. washed out fertilizer
cannot be replaced in day or a week and IN
the present instance perhaps not at all.
We believe materially bigger prices are JUST
fled at conditions and favor purchases The
short interest is large, we think II viii cover
at considerably higher prices by Monday next.
Cotton oil had another weak session. We be-
iievc the decline has been too fast An over
sold condition is likely to bring about a sharp
rally. We favor purchases OF the octooer' NO
vember and December options.
JOHN CLARK & CO.'S COTTON LETTER.
NEW ORLEANS July 2T.-Contrary TO eN-
pectatiOn. weather conditions overnight we're
and hot for Oklahoma, Arkansas and western
Tennessee. Partly cloudy TO cloudy rest Of
helt with general rains in north Alabama and
Atianties, heaviest ever east Georgia and the
Carolinas. These rains are the result OF easter
IL currents in connection with a large storm
depression in the direction of the West Indies,
liable 10 be heard OF in the near future. Ind-
cations suggest no change In weather con-
ditions. II IL still mining generally over
Georgia this morning. .-t-
San Antonio Texas says: ''Shsll begin pick
ing on August 1. First crop will make a
bale 10 or acres. Top crop doubtful.
Plants shedding badly on heat and showers"
This report from south Texas is particularly
interesting because there has hPen much
hear pressure lately based on expectation Of
early Texas cotton. II will be found very likely
that the movement is below expectation and
that tire absorbing and holding power in the
south Is greater than figured All We
have TO look az Is the latest United States
steel returns indicating activity and prosperity
in the country for long time ahead, which.
together with distinct prospects OF a peace
loom. Is against sacrifice Of cotton. The spot
markets all around are vet very firm and crop
prospects are declining al n rate which removes
the idea - securt I'm selling cotton at the
present price level.
Liverpool at first showed the full decline
due hut recovered toward the close on bad
weather and crop news. Our market opened
81 unchanged prices and advanced points on
the hullish Journal Of Commerce reports and
hullish weather conditions and prospects. but
support WAS not large and bears felt encouraged
in selling more on the belief that the bureau
report viii ne hearish and give only two t.
three points decline at the utmost.