Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-02-14
SLOW PROGRESS RECORDED
IN FILM DEATH MYSTERY
SHARP COTTON RALLY
At SATURDAY CLOSE
BY ESTES DOREMUS

sagging for several weeks, and find
ing new low levels from day to day,
did an "about face" during the past
week and for the first time in over
a month the close Saturday was
above that Of the Saturday previous.
While the turn was expected in
many quarters, it was considered a
r..n, ,rkable performance in the face
of unsettling political news from
abroad and doubtful mill conditions
in America. The close in New York
Saturday found the list from $1.2O
to S1.S5 a bale above the figures OF
the same day a week ago, and the
advance in the new upward trend
shows gains of from 81 to 81 bale
from the low point of the movement.
For the wary constructives it w"'
the first ray of light that has been
seen since the last bulge and the
general opinion of the trade now is
that the drop has run its course and
an advance of real proportions is
impending. Strong buying n"o"s'1re
carried March and May contracts
past the 17-cent level and October
nearly out of the 15-cent level. The
tendency has been to buy under
these figures and around them the
m rket has shown remarkable re-
Operative powers.
Trend Upward
All during the past week the trend
of the market has been upward,
western interests figuring largely in
the buying at the high levels, prob
ably inspired by the strength of the
grain markets. In addition to this
there also was considerable buying
from Wall street and support from
the south, the latter being based on
stronger demand for spots in many
sections. 1t was the first time that
Dixie had been on the long side for
some time, and this, coupled with
the improved demand, added to the
strong undertone of values.
While the drop to new low levels
was discouraging to the south, it
failed to shake out may holders of
the actual except to take care of
immediate needs and every point
lost added to the technical position
of the market, which probably is
stronger today than at any time
since the bull movement brought
about by end-September condition
figures indicating crop of less than
100000 bales.
Although all Of the advance was
not sustained, due to some profit
taking and less favorable political
news from Ireland and India, senti-
ment has continued bullish and the
inclination of large short interests
to get out around the present level
leads to the conclusion that this
same contingent is closing out COM
mitments with a view to taking the
long side.
Another Short Crop Feared
Shrewd operators here and in other
sections of the south are inclined
to the opinion that this is what has
been going on for some time, and
would not be surprised to see the
market reverse itself with vigor,
certainly if the spot. demand con-
tinues to improve.
All during the week there has
been a tendency to buy new crop
positions on reactions from the top
in view of reports of lighter use of
fertilizer this season, and threats of
boil weevil damage, which left the
impression that another small crop
may be expected unless weather
conditions were better than normal.
Advocates of higher prices point
out that another short yield might
spell disaster in light of the fact
that the American carry-over for
this season is likely to be only half
of that at the beginning of the pres
ent season and that a like partial
exhaustion of the visible supply is
evident insIndi;., Egypt and China.
Fall River sales for the week were
large and the prevailing opinion is
that with an increased spot demand
or an adjustment of textile troubles
over wages, the market would pre-.
sent a splendid field for large buy.