Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-10-25
GINNING REPORT
EAGERLY AWAITED
BY COTTON TRADE
Supplementary Report Will
Give Amount Yet to Be
Ginned and Figures Will Be
Interpreted
RY ESTES DOREMUS

The ginning report to be issued by
the United States government Tues
day morning at o'clock, Atlanta
time, giving the total number of
cotton bales ginned to October IS, is
looked forward to with considerably
more than ordinary interest as it
will carry a supplementary report
showing the amount of the staple
yet to be ginned-a precedent estab-
lished this year for the first time.
Trading in New York and New Or
leans futures Saturday was typical
Of. pre- bureau market, the DISPOSE
ton being to adopt an attitude Of
watchful waiting. The range was
narrower than for some days past
and the close of the short session in
both markets found prices only
slightly under last figures Of Friday.
While the market has worked off
gradually from high marks estab-
lished on the publication Of the last
ginner's report and found d level
around eighteen cents, it has not
suffered any Of the sensational
breaks of month or more ago and
today it's technical position is be-
lieved to favor the long side, partic-
ularly in view of the fact that ii is
beginning to become top-heavy from
a long line Of hedge-selling and shor.
speculative interests. In this re-
spect, Its position is much the re-
verse of what it was when values
were around and above the twenty
cent level.
Comparative Figures
In anticipation of the government
report, Atlanta cotton men have
been active dur.ng the past week
looking up previous figures on gin
ming and specializing on what the
expected report will show. The
prevalent opinion is that it will be
bullish and that another big bulge
may be expected, although none
would hazard a guess as to how high
prices may go except to hint at pos
sible advances of the maximum of
zoe points for a day o. TWO.
Figures previously issue1 by the
gov eminent for the same date fol
low:
For 1918: 6,S11,351; for 1919, A.
992 ,104; for 1880, 5,712,057.
The figures for the state of Geor-
gia for the corresponding years are
1,27S,S96 for 1918, 1,109,S78 for 1919,
and 709,404 for 1920. ....s.s -
While the last condition report of
the bureau accounted for potential
yield of around 100000 bales, it is
generally believed that this will
prove short of the actual crop by
fully 100000 bales and possibly more,
which would bring the total crop to
approximately 100000 bales. Geor-
gia is expected to make between
100000 and $4,000 bales.
Higher Prices Forecast
Keen observers, who are in a posi-
ton to know, say the two factions in
the market, the longs and shorts.
both feel certain of their ground
and that a radical change in values
cannot come on anything short of
however, that the general decline
since the last bureau has greatly
strengthened the position of the pur-
chasers, who have absorbed large
holdings on scale down and the
money" side therefore is the long
side with the possibility of distant
deliveries eventually bringing big
premiums.
The strength of October options in
the face of stopping of tenders after
notice day has not been forgotten,
nor has the trade lost sight of the
fact that the potential yield is the
smallest in a quarter of a century.
That the supplementary report will
bear out the last bureau is the stead
fast opinion of bulls, who assert that
once the trade is made to realize
just how short the crop is, the mar
ket will rebound to old high levels
and possibly go higher from time to
time.
The figures on the amount of cot
ton to be ginned will be in the ma
ture of a condition report of the
same date and are certain to have
the same effect on the market. The
ginnings to October 10 are expected
to be large because the crop is fluffy
two weeks earlier than last year,
and accordingly it is difficult mat
| ter to arrive at satisfactory COM
parative estimates.
| n n n N mn ARRUAU@-