Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1920-02-06
COTTON

NEW YORK, Feb. 5.-There was re-
newal of liquida ton in the cotton markeI
this morning and opening unchanged TO ~
points lower, active months soon SOLD 6o
10 So points below last nights closing fig
ures with March selling at 80 DO and July
at 90. 20. There was southern ana Liver
pool selling as we'll as pressure from local
and Wall street sources on continued ap-
prehension that the lower exchange rates
would interfere with fresh export business.
There was some trade buying on the de-
cline however, and the market rallied after
the sharp opening break, with July selling
up to 80. 10, or about 40 points from the
ported continental selling of near months
absorbed by trade an dstraddle buying
and other Liverpool advices estimate that
supplies of cotton in Great Britain are
sufficient to keep the mills busy for nine
or ten weeks
Liverpool turned buyer on the early
break, presumably to take profits on strad-
die at the wider differences. This demand
absorbed a good many contracts and the
market was steadier late in the morning
ON covering promoted by the rally in eX-
ing around "a so and July 80. 40. or about
points above last nights closing quota
lions, and so or 80 points above the low
prices of yesterday afternoon. Private ca
bles denied yesterdays rumors that Eng
land would stop importa lions of cotton,
but said the basis was too high to permit
of buying for the present.
The market was quiet and steady off
10 to 20 points around O'Clock. Liverpool
continued 10 sell and New Orleans displayed
signs of weakness. The big short inter
eSts continued to offer options and showed
no signs of covering but it was believed
the worst of the break has been seen.
High call rates and an easy turn In the
stock market led to reduced selling of cotton
during the afternoon. March eased off to
81. 40c and July to 30 5c, or about Is tot 20
points net lower, but the improvement in
sterling exchange was a sustaining factor
and the selling was not so general as 1t was
yesterday.
NEW YORK COTTON
The following were the ruling prices in
Tone, steady; middling, 81 .SOc quiet.
Last Prev
Open. High. Low. Sale. Close. Close.
Mar. :. "a. go 81. 80 SO. 90 34.7S "a. rs 34.55
| May :. OF 80. SO 81. IS 80. So 80 35 49,
| July :. 80. 90 so. 80 10 3O.47 80 As 3O,35
Oct :. %. 90 2s. so 27.65 IS. 46 %. A 2s.2
Dec. =. 81. so 27.75 27.3O 81. 80 q. 80 27.75
tt NEW ORLEANS COTTON
| NEW ORLEANS, Feb. 5.-The decline in
| cotton continued today, and around the open
| ing there was a fall of SO to 80 points, sell
| ing being due mainly to the talk of the low
| sterling exchange checking the export move
| sterling and the efforts of shorts to get
| their profits caused a fairly strong reaction
| and at the end of the first half hour OF
| trading prices were about 80 to so points
up from the bottom. March fell off to
| 81 zoe and then recovered to 35.30c
Higher rates for sterling gave the mar
ket increased tendency to recover, the COW
| ering movement among shorts gained ad"
ditional Roadway and some little buying
| for long account was felt, the latter be-
| ing base don the belief that a reaction
| was due. Late in the morning prices were
| 81 points lower to points higher than the
closing quotations of yesterday.
In the early afternoon the market felt
steady demand for contracts which was
met by only scanty offerings with the re-
/ suit that by l o'clock the trading months
| were 10 to 81 points over yesterdays close
NEW ORLEANS COTTON
The following were the ruling prices in
| the exchange today:
Tone, steady; middling, SO. 25c, steady.
| Last Prev