Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-09-15
ATLANTA SPOT COTTON
PASSES TWENTY CENTS
AS ALL FUTURES JUMP

After opening virtually at Taes-
days close, New York cotton futures
scored substantial gains during the
early trading Wednesday. active de-
liveries showing net gains over
night of from 10 to SIS poitns, or IS
cents to $2.75 per bale.
December, which was the only OPP
ton past the 20-cent level at the
opening, soon was Joined by October,
January, March and May, at 20.15, up
II points; 20.16. up SO points; 20.10.
up 55 points, and 20 cents, UP 55
points. respectively.
October contracts sold as high as
20.25, December 20 so and January
20.19, while 20.10 was high for
March.
The opening in New Orleans was
steady at net gains over the previous
closing Of from 10 to 20 points. Sub
sequent transactions sent the market
higher.
The low point for October Tuesday
was 10 cents and the close 1898.
The gain to date for the option from
the low is lis points, more than So
per bale.
The New York market appeared
to narrow considerably more than
was the case Tuesday and there was
little disposition on the part of spec
ulators to plunge. The range Tues
day was around 100 points, in sharp
contrast to earlier fluctuations that
brought the 200-point rule into play.
The market took dip around
1880. Atlanta time, that carried flu
lures to from three points up to %
points down from the previous close.
Near options showed a greater ten
dency to sag than far deliveries as
many longs began to realize paper
profits. The range still was narrow
as compared to the recent violent
upturns and recessions and it seemed
us though the market was in stag
nant mood. October sold at 1915,
December at 20.O3, January at 1882,
March at 1912, May at 1857 and
July at 1916.
March, May and July still were
above Tuesdays close, the latter con-
tract showing the greatest strength.
Uncertainty as to October notices
still was believed responsible for the
comparative weakness of that posi-.
ton.
The market closed at loss OF
points for October and from 2 to 20
points On for other deliveries over
the previous closing, with December
still the only month above the 20
cent level. The entire list showed
little change from Tuesdays last
{a@s ", To- dc yAy-ns
tober, 1890; December, 20.1O; Janu-
airy, 1885; March, 1915; May, 1885;
July, 1920.
Atlanta spot cotton was unchanged
at 20 cents, while New York spots
were off 10 points at 1920 and New
Orleans up rs points at 1875.
The market apparently was in a po.
Sitionrto be easily influenced in either
direction, with it's technical position
favoring the shorts for a raid for
temporary recessions.
There appeared to be little bear
pressure during midday trading and
this, coupled with bullish supply
and distribution report for August
by the census bureau, gave the mar
ket a strong undertone. The .census>
provement in the textile industry.
showing that domestic consumption
was 467,103 bales of cotton last
month as compared with 210,12 bales
III July. AS compared WITH the SANS
period last year, the figures showed
falling off of more than $4,000
bales, but a big gain over last De-
cember when American mills spun
284,851 bales Of cotton.
The number of spindles in opera.
ton for August increased nearly L.
100000, with a total of 33,059,211,
against 32,446,381 in July. August
exports totaled 495,130 bales, against
1868 year ago and 527,S63 in
July.