Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-08-14
COTTON

NEW YORK, Aug. 15.-Private
reports of rain in the southwest were
followed by a sharp break in the
cotton market here during today S
early trading. Earlier cables from
Liverpool showed considerable
strength there but the English mar
ket broke before trading here start
ed on the Texas rain news and the
local market opened easy at a de-
cline of 20 to so points. Liquidation
was heavy, sending prices off to
$3.50 for October and 26.95 for De-
cember before the end of the HIST
half hour, representing net declines
of 50 to Sc points on the more ac-
tive positions. Selling on the south
western news was prompted by ex-
pectations that the weekly review
of the weather bureau would show
generally favorable crop progress
elsewhere in the south.
Selling grew heavier after the puo-
lication of the weekly report of the
weather bureau which contained no
mention of boil weevn activity. The
decline extended to 2T.1S for October
and 1865 for December. representing
net losses of los to III points on
the active months. Covering checked
the break at these figures and the
market showed rallies of 20 to so
points early in the noon hour on
private reports that the Texas rains
had failed fully to relieve the drought
and disappointing western belt
forecast.
The midday rallies were not fully
maintained due to uncertainty over
- L.. toe o
market was much quieter around :
o'clock. Otober held around 1882
and December at 26S2, or 100 to 105
points net lower.
NEW YORK COTTON
The following were the ruling prices in
che exchange today:
Tone, steady; m:ddling, 29s75c; quiet.
Last Prev.
Open. High. Low. Sale. Close. Close.
Aug. 80. 49, 49,. 2o.4o
Oct. =. 81. So ~ 80 81 10 - is PLY Is
Dec. ~ 10 ~ .4G 20. 60 26. IS 30 - 81
Jan . -. 80 u ~ 26 81 26. 81 60 81 ~
Mar. d. - - 60 20. SIS % So 26.S3 ~
May :. 10 PHI %. 93 26.94 1888 2S 0S
Cotton futures, 1915 a. m. bids steady
October. 27.37; December, 1851; January,
26.7S; March, 2G.97: May, 27.10.
NEW ORLEANS COTTON
NEW ORLEANS, Aug. 13.-Re-
ports of good rains in north Texas
and decidedly lower cables than due
gave the cotton market a weak open
ing this morning. First trades show
ed losses of 70 to Y points. There
was a sharp rally right after the
call which carried October up to
27.04 and December to 27.09 but the
nd
eased off rapidly again, October
dropping to 1856 and December to
1914 or 81 to So points below yester-
days closing levels. Private reports
claimed that the rains in the west
extended from Pauls Valley, Okla,
to Greenville, Texas. At the close
of the first half hour of trading the
market was steadier while awaiting
the weather map.
NAfter slight rally the market
again eased off owing to confirma-
ton Of the rains in north Texas and
advices that it was still raining. Oc
tober declined to 26.49, December to
2643 and January to $3.50 or 100 to
IFS points below the close of yester-
day The weather map showed rain
in north Texas; but dry elsewhere in
that state. The weekly government
weather summary claimed that the
crop has continued in favorable con-
dition in the eastern and northern
portions of the belt, but had deterior
ated in the west owing to severe
drouth Oklahoma reported its first
bale today
The market was steadier around
noon and into the early afternoon
and prices rallied about % to %
points from the lows. October trading
at 1852 and December at 1857. The
rally was due mainly to shorts COW
ering fearing that the official re-
ports might not bear out fully the
private reports of Texas rains. The
liquidation and short selling of the
morning was considered by some to
have left the market in an oversold
condition. Houston exported today
10,S5S bales and total exports for the
day were / 04l bales.
NEW ORLEANS COTTON
Tie following were the ruling prices In
the exchange today:
Tone, steady; middling, 27.21c; steady.
Last Prev.
Open. High. Low. Sale. Close. Close.
Aug .-..'..'..,.'' -. 80. -o'9o -o'of
Oct. go. 81 II OF % 81 20. 46 26. 40 y 81
Dec. :. 26. sc u 90 &c s. 26, 46 26. AZ ~ IS
Jan. . 90 - 03 % 40 %. 46 &c. AZ - 90