Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-12-04
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COTTON.

NEW YORK, Dec. 3.-The cotton
market opened steady today at an adj
vance of points to decline OF 4
points. Orders were fairly well di-
yided at the start with some buying
on relatively steady cables, but prices
broke during the first few minutes
under renewed liquidation and south
ern hedge selling promoted by IA
vorable weekly weather review and
continued talk of increased crop es-
Inmates. January sold off to 22.So
or 20 points net lower, but Liverpool
was a good buyer here presumably
to undo straddles on the advance IN
sterling and the price soon rallied to
22.98 with active positions showing
net losses of about 20 points at
the end of the first hour.
Three private crop reports were
issued during the morning. The first,
estimating the yield at l2,907, 900
bales, led to some covering but Of
ferings increased after another re-
port indicating yield of 1901 900
excluding linters. The third report
increased the estimate to 13,3S0,O0O
bales. These figures evidently led to
renewed liquidation which was ac-
centuated by local and southern
selling on the decline which forced
the market off to 22.75 for January.
AT midday the market was easy with
active months showing net losses of
80 to 80 points.
The midday decline on the large
private crop figures carried jan
uary off to 22.69, making net losses
o ho
tive months. Offerings tapered off
at these figures, however, and the
market steadied in the afternoon on
covering and trade buying, January
ruling around 1908 at 2 o'clock,
or within points of yesterdays
closing quotations. A favorable in
depreciation of the PRESIDENTS mes
sage appeared to be factor on the
NEW YORK COTTON
The following were the ruling prices IN
The exchange today:
Tone, steady; middling, 90. 40c; steady.
Open. High. Low. Sale. Close. Close.
Dec. %. 95 %. 81 % 50 % % - 81 % 90
Jan. .29. 10 %. ii % so %. 90 % 90 % %
March .23 4S % % % .O5 % Al % AZ % 40
May .23. IT % Sc % 40 % 81 %. 81 %. IS
July %. rs % SO %. 81 % 81 90. 81 % SO
Has a. M bids steady; January. 22.7S;
March, 23.17; May, 1854; July, 2316.
NEW ORLEANS COTTON
NEW ORLEANS, Dec. 3.-The
cotton market opened easier with
liberal selling en- the call. First
trades showed losses of to 10
points. Prices then rallied moderate
ly, January trading up to 1921 and
March to 1926, or unchanged to
points, compared with the close OF
yesterday Sentiment appeared to be |
reactionary on fears of large crop
estimates and prices were soon again
on the downgrade, January dropping
to 1907 and March to 23.15. A New
York firm issued an estimate of 49,
675,000 bales.
The market had a fair rally at the
end of the first hour on moderate
trade buying and short covering
which carried it 13 to is points up
from the early lows. Near noon
prices showed a disposition to rally
moderately recovering about 10
points. Several private estimates
were published ranging from 1907
900 to 13.675,O0O bales, all exclusive
of linters New Orleans cleared to-
CAV 1Or lOE0iSA pOl 10 1f'oIL oe'AOS'
The market developed better
tone in the afternoon mainly on
covering by ring shorts. The GOV
ering was induced by favorable
view of the presidents message and
by a growing impression some or
the large private crop estimates.
While prices remained with the
earlier range they approached with
in to points of the highs of the
morning and the market neared the
close with decidedly steady tone
Exports for the day totaled 21,176
bales.
NEW ORLEANS COTTON
The following were the ruling prices IN
the exchange today:
Tone steady; middling, 23.2 oc; steady.
Last rrer
Open. High. lev. Sale. Close. Close
Dec. %. 90 % 80 % &c 23 so %. so 23. 81
Jan. % IL. 90. % % 80 23 "a %. % 23 p
March %. 20 % 81 % "a % 80 %. 81 80
May %. 46 %. 50 % 20 %. 80 %. 56 %. 81
July % 81 % GA % "a %. 81 3d. % 81
Soon bids steady; December. 2304 Janu-
airy. $780, March, $500; May, st; July
$3.50.