Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-12-06
HOLDERS Of COTTON
IN STRONG POSITION
BY ESTES DOREMUS

The cotton market, at the close of
business Saturday, virtually was in
the same technical position as it
was on the same day two weeks ago.
The position of all deliveries in
New York appeared strong with clos
ing figures for the day either at the
top or within a few points of the
crest in both directions All OPP
lions were higher than two weeks
ago, with every month well above
the 17-cent level except July, which
was 1868, one point below the crest.
At the close of the days business,
traders were not SO uncertain as to
future movements of values as they
were week ago and there was dis
tinctly bullish atmosphere prevalent
in cotton circles. Brokers were adj
vising purchases, particularly on
dips, and the consensus of opinion
seemed to again favor the long side
as a moneyInaking proposition.
The dominating factors, certainly
for the present, are the arms confer
ence and the spot situation. in the
south. AS regards the latter, the
keynote is found IN this apt opinion
from Hubbard Bros. & Co.:
There are no indications Of the
south weakening and in the long
run the answer is in their hands"
This is just one way Of saying that
the holders of the actual will be
able to control values and force buy
ers to pay better price for the
staple in the end. While the hold
ing movement is general there is
tendency on the part of most farm
ers to sell just enough cotton to
IiQuidate current debts, but not
enough to affect prices.
Optimistic Factors
Optimistic views of the disarma-
ment conference have had a STABILIZE
ing effect on values, and as has been
said before in these columns. any
really constructive good that comes
out-of the international gathering
is certain to send prices to new high
levels for the season.
Coupled with these two bullish
factors is the disturbing news con-
corning the pink boil worm infesta-
ton in the southwest. The Dallas
conference reports the appearance OF
the pest in six counties, and it is
feared that infested seed have been
shipped to SeVenty-tWo stations.
Weekend statistics were bullish,
spinnerS takings for the week eX
ceeding the into-sig ht, showing de-
crease in the visible supply Of the
world for the first time this sea-
son.
In the domestic goods market, the
demand has remained quiet, owing
it is pointed out, to a desire to keep
wholesale and jobbing stocks down
until end-year inventories have been
taken. This would seem to indi-
cate this situation will obtain until
the first of the year when spinners
are expected to get back into the
market and increase the demand.
The rally in foreign exchange has
been responsible for some of the bull
fish comment and taking things by
and large, the outlook for better
values is considerably brighter than
a week ago.
Two Government Reports
Other factors that will have their
effect on the market are the ginning
figures as of December 1, to be made
public Thursday. and the govern
-ment's estimate of the crop to be
issued the following Monday in
Washington. Regarding the latter.
the trade seems pretty well prepared
for figures around 100000 bales.
which is slightly more than those OF
trade authority issued last week
fixing the yield at 1888 900 bales.