Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-09-08

,tive option was bid to the limit on
October options rose to 2149 and
May to 22.10, new high levels for
the season and the highest prices in
nearly a year. At the opening ses-
sion last week cotton traded as low
as 1880, which means that there has
been a rise Of 619 points or around
$31 per bale on that month.
The advance in New Orleans was
in sympathy with one of the widest
bulges ever scored by the Liverpool
market, spots there having advanced
more than SIS per bale overnight.
Coupled with this bullish influence
was the fear of consequences from
the short crop being raised by the
south.
While the advance IN New York
was not quite equal to that in New
Orleans, first prices showed a gain
over the previous close of from 1870
to 172 points, equal to 81 to 1925 per
bale.
The big bulge was followed by vio-
lent fluctuations within a range Of
$50 points, the market manifesting q
strong undertone until late trading,
when heavy profit taking and selling
orders, such as were to be expected
on the heels of a 400-point advance,
caused a break that took all options
down to the closing figures of Tues
day. New York was 10 to 40 points
down from the previous close, while
New Orleans was unchanged from
Tuesdays closing. In other words.
both markets, after registering new
highs, receded to the limit for the
day.
- Atlanta spot cotton was stationary
at 1925, New. York spots were off 86
points at 1915, but New Orleans
spots, disregarding the future mar
ket, were up 100 points at 20 cents.
The opening found brokers loaded
down with overnight buying orders,
based partly on Liverpools record
advance and disastrous crop condi-
ton reports The drive was met by
heavy realizing by Wall street inter-
ests, the south and foreign houses,
the selling pressure eventually weak.
ening prices to net gains of from 20
points to 1913 points from the top.
Liverpool was from 176 to 202 points
above partly.
On the opening quotations, October
was up $50 per bale, December up
81 per bale, January UP $7.25 per
pale, March up $685. per bale, May
Up 1925 per bale, and July up $685.
Der bale.
Three distant months, March, May
md July, passed 22 cents. March
vent as high as 2212, May, 22.38, and
July, 22.3O. Profit-taking broke Octo.
yer to 20.78, December to 21.20, Jan.
larry to 21.05, March to 21.20, May to
1.20 and July to 22.10, but renewed
ull support forced the market back
Up to within a few points of the
Ugh at net gains over the previous
losing at about $3.50 per bale. At no
ime was the market less than 80
oints above the high figures of
tuesday,
New Orleans was similarly affected
y realizing sales, many longs rush.
1g to take profits on the initial
ulge, only 20 enter the market again
Dr. another gain.
On the II o'clock call, both New
ork and New Orleans were steady
advances Of more than 100 points
yer Tuesdays closing figures. Oc-
be options in New York were 2O.98,
ecember 21.30, January 21.28, March
As and May 21.54, and at 1880
tlanta time, the market still was
rong around IL a. m. bids, some
onths showing aiieht gains and 9TH
S slight recession5. this re-
ect, the market was similar to
at Of Tuesday, which showed a ten
ncy to sag around midday. only
react violently at the close with
Citations at the top figures for
e day and movement.
The net gain for the market eirca
days closing is 400 points or $40
r bale, both days seeing contracts
ore the maximum of 200 points al
we'd by the rules of the exchange.
After the first few hours trading
the New Orleans exchange there
Is some reaction and shortly be-
re noon all prices, except October,
itch advanced fifteen points, were
the opening price from seventy
sht to ninety-seven points.
The extraordinary rise in the price
cotton since last June has added
arly $1,OOO,OeO,OOO to the wealth
the south.
Since June cotton has risen from
ven and one-fourth cents to twen-
two and one-fourth cents pound,
sain of $50 bale in ten weeks. The
rket price of cotton gained $50
bale during the last week
There was heavy realizing and n
dating in New York during the
Iy Afternoon, and the 10arket was
ak around 2jo'clock, with prices
to $50 points down from the
}, or around 20.70 for December.