Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-05-08
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COTTON

NEW YORK, May 1.-THE cotton
market showed increased firmneSs
in today'ss early trading because OF
strong Liverpool cables, renewed
covering by near-month shorts ana
reports of lower temperatures In
the south. The opening was flrm
at an advance of seven to 10 points
and active months soon showed net
advances of 16 to "a points, May
selling at 1910 and October at 24.67.
Private cables attributed the ad-
vance in Liverpool to buying OF
near months by New Orleans and
trade interests and a better spot
demnad. The official cables re-
ported spot sales of 10000 bales III
the Liverpool market.
The buying movement later broad
ened ON bullish private crop reports
from the southwest and rather
bullish view of the weekly weather
report May contracts sold up to
1896 or 46 points net higher and
October advanced to 24.72 or p points
above yesterdays closing. Reallz-
ing checked the upward movement
at these figures and caused slight re-
actions but the market was steady
within ten or II points of the best at
midday
The detailed weather report made
a better showing than expected as
to temperatures and the market
was easier during the early after
noon. Demand seemed to have been
pretty well supplied on the forenoon
advance and prices broke to about
yesterdays closing figure under
I;rri, Ilt1x InId
at 1922 and October 24.4S around 2
o'clock.
NEW YORK COTTON
The following were the ruling prices in
che exchange today:
Tone, steady; mddling, 30.40c; quiet
Open High. Low. Sale. Close. Close
May :. 80 IL 50. SIS 100 3o.o6 .o5 30 50
July 5. rs SO % 81 %. II 28.16 2s.13 2s %
Oct. "a. so "a. ~ "a. 40 24.44 "a. 40 "a 80
Dec. %. 97 q. II 2S 81 90. 81 1881 % 50
IAN. 20. GS %. II %. 80 %. IS 90 80 % so
1o:45 a. m. bids steady; May, 1925 July,
2e.42. October, 24.60; December, 246l; Jan
Hary, 23.6s.
NEW ORLEANS COTTON
NEW ORLEANS, May 1.-THE
cotton market opened quiet and
first trades showed gains Of Z to IL
points which was a poor response
TO rather strong Liverpool cables.
The tone soon became firmer, how
ever, in anticipation of .bullish
weekly weather report and on pfl-
vate reports of unneeded rains.
Gables also reported a good demand
for cloths in Manchester. May
traded at 1884 or "a points above
the previous close. July advanced
to 2795 or % points net higher,
while new crop months gained IL
to 10 points, October trading up TO
1884.
The market continued to improve
during the morning, the weekly re-
port proving moderately bulllsh ana
the weather map showing consider
able rain where not needed. The Of
ficial forecast also promised gener-
ally colder weather in the belt with
frost in northern Oklahoma and the
Texas panhandle. Spot news was
also stimulating. July traded as high
as 2S03 or 80 points above the close
of yesterday. October advanced to,
1898 and December TO 23.74 or % to-
% points net higher. Near mid
session good part of the earlier
gain was lost on profit taking.
The market continued to ease off
after mid-session and all active
months made new lows for the day,
July trading down to 1858, October
to 23.72 and December to 23.46, or 26,
to 80 points down from the. high of
the morning and 4 to 9 net lower
compared with the previous close.
The easier feeling was due to fears
of bearish forecasts of domestic con-
sumption during April and to reports
Of additional mill curtailment in the
Augusta, Ga, district. The market
ruled slight steadier in the afternoon.
NEW ORLEANS COTTON
The following were the ruling prices in
the exchange today:
Tone, steady; middling, 2975e; steady.
Last Prev
Open. High Low Sale Close. Close
May :. 20 rs 20 50 20 80 30. 81 80. 80 20 40
July ~ s3 % 90 u GO - SO u. 63 u ~
Oct. ..23 SO % .9S %. ~ %. 10 30. u IS 76
Dec. :. 30. 56 %. "A % 40 % 40 %. 40 90 81
Jan. ........ .oO 10 IL
II a. M. bids steady; May, 29.7l July,
27.S6; October, 1885; December, 1852; Jan
uary, $500