Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1923-02-22
COTTON

ton market showed continued
strength during today's early trad
ing with near months making new
high records for the season. Liver
pool was no better than expected,
but there was buying on the
strength of sterling, bullish over
night advices from the southern
spot markets and the firm opening
tone of the stock market. First
prices were steady at an advance
of five to Is points and active
months soon showed net gains of
10 to Is points with March selling
at 29.07 and May at 1928. Trade in
terests were again credited with
buying March and there was fur
Their covering by shorts in anticl-
patton that deliveries would be
wanted on contract next month,
but the advance met considerable
scattered realizing and there was
some southern selling during the
early trading.
March sold up to 1928 before the
end OF the morning or SO points net
higher, while later months showed
net advances of about II to II
points with May selling at 1886
and October at 1921. May contracts
at this price made an advance of
113 points from the low price
touched on the reaction at the be-
ginning of the month and there were
setbacks of a few points later in
the morning under realizing. The
volume of business tapered off de-
ND
was steady at midday with prices
only 2 or points off from the oest'
An advancing spot basis, was re-
ported in the southwest and New
Orleans reported very frm spot
market. Manchester quoted yarns
flat and said the higher prices asked
checked business in cloths.
There were reactions of from 10 to
Is points from the best during the
carly afternoon under realizing then
the market firmed up again on bull
ish SPOT advices and renewed COW
ering by near month shorts. May
sold at 29.40 around 2 o'clock, or
about 16 to 50 points net higher on
the old crop month, while later de-
liveries were within point or two
of Yesterdays closing quotations.
NEW YORK COTTON
The following were the ruling prices in the
exchange today:
Tone, firm; middling, 20, 43c; quiet;
Omen. High. Low. Sale. Close. Close.
Jan. ..2j.72 $50. ..... 20.IO % % 20 %
Mich %. 90 90 IS % 90 30 80 20. So $3.50
MAJ %. % 30 AS %. 10 AT 30. 43 29.11
July ..2S. sc s.S7 %. 81 2S.s1 2S.79 2S.64
Oct. &c. 10 &c ~ &c. 90 26.10 2G. 10 2G.15
Dec. % .ss % .95 25.73 $3.50 $3.50 %. 50
NEW ORLEANS COTTON
NEW ORLEANS, Feb. 21.-Claims
of q substantial rise in spot prices
in the interior put the cotton mar
kct to new high levels for the sea-
son on the old crop positions to-
day. March rose to 29.O2 and the
first half hour of the session brought
gains of 10 to % points to the list:
Points in the western belt Wlred
in that limits on all offerings OF
cotton had been raised 80 points
over night. -.
Realizing by longs over the holt
day tomorrow caused recessions OIL
about Is points on the most active
months. The tone remained STEADY
on many messages from the lnte-
rior to local brokers StatlIlg lhdO
spot shorts were having difficulty
in getting the cotton they needed
and at II o'clock march was back
up to 1900. New crop months We're
held down by a private estimate OF
IS per cent as the prospective IN
crease in the acreage under cotton
this spring. At u o'clock October
stood at 25.6S, or 4 points over yes
terdaT's close.
In the afternoon there was special
demand for May, which rose to the new
high level of 29.06 in the trading up to
/ 80 o'clock. At this stage the old crops
were 2G to 90 points up. October did not
share in the advance and at 1870 o'clock
stood at 25,74, or a net advance of only
two. points.
NEW ORLEANS COTTON
The following were the ruling prices IN
the exchange today:
Tone, steady; middling, 29.37c; steady.
Last Prev.
Open. High. Low. Sale. Close. Close.
Mch.. IS. IS %. 90 1857 30 .03 80. Oh 2S.S0
May ..2s. So 90 .O6 % "a %. OF IS. DC %. 70
July rs. 80 IS. 6s s.4j 2S. co $3.50 %. ~
Oct. ..25. So 25 81 % so % ga p. 81 g. ~
Dec. 1851 %. 80 -. AZ %. so % AZ %. SO