Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-11-13
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COTTON

NEW YORK, Nov. 1.-THE cot
ton market opened steady today at
unchanged prices to decline of 10
points under overnight selling orders
and local pressure inspired by rela-
lively easy Liverpool cables and be-
lief that reactions were due after re-
cent rapid advances. The initial Of
fer.nss were quickly absorbed by
trade or speculative buying and the
market turned upward on a furry
of covering, January advancing from
24.4O to 24.70, or 20 points net high
er within the first few minutes. This
bulge was not fully maintained, but
the market continued active and ruled
about eight to II points above
yesterdays closing at the end of the
first hour.
The early advance was checked by
realizing at 24.72 for January and
the market eased off late in the
morning under renewed selling for
a. reaction. January fell back to
yesterdays closing level around
2450 but trade buying on the de-
cline held the market fairly steady
at midday.
Realizing became a little more ac-
tive in the early afternoon and prices
eased off to 24.35 for January, or
about IA to Is points net lower. Of
ferings otherwise were comparative
ly light while there was continued
trade buying and the tone was
steady around 2 o'clock with Janu-
airy selling at 24.46 or about 10 points
up from the lowest,
NEW YORK COTTON
The following were the ruling prices In
the exchange today:
Tone, steady; middling, "a Coo, steady.
Last Prov,
Open. High Low. Sale. Close. Close.
Dec. 24.10 "a. 80 q. O4 "a 35 "a. 33 24.26
Jan. "a 40 "A. 70 "a. So a. "a "a. 81 "a so
Mar. :. 24.TS % .O1 n. g. 24.7 "a rs &c
May !. %. 0s Is 80 "a 80 %. OF 25.06 .06
July :. "a. so %. 90 "a. rs d. so "a. so q. so
1f:45 a. m. bids, steady: December,
24.aS; January, 24.57; March, 24.S3; May,
25.15; July, 24.s5.
NEW ORLEANS COTTON
NEW ORLEANS, Nov. 12.-The
cotton market opened about UNI
changed and soon eased off to 3
points on Indifferent Liverpool ca
bles and a favorable weekly wealth
err and crop summary from Wash
ington. Good buying then developed
and contracts became scarce. AS
result December traded as high as
2455, January to 24.56, and March
to 24.76 or 26 to 33 points above
Mondays closing. Constructive IN
fluence was the revival of activity
in the cotton goods trade, brisk bust
ness being reported both by New
York and Fall River.
The market continued firm to the
end of the first hour, January trad
ing as high as 24.57 and March up
to 24.S0, new highs and 80 to SO
points above Mondays close. The
firm tone was largely due to an esti-
mate by prominent authority of 547,-
600 bales consumed by domestic
mills during October, as compared
with 435,216 bales consumed in Sep
TENDER, and 543,260 consumed in Oc-
tober last year. Later in the morn
ing prices eased off 20 points on
realizing, due to reactions in stocks
and grain. Houston cleared today
31,646 bales, and New Orleans a.
436.
Following the easier spell around
noon the market became steadier
and fluctuated WITHIN a very narrow
range during the greater part of the
afternoon pivoting around 2436 for
December and January and 24.60 for
March Liverpool cabled that the
market was overbought and there
was more or less selling of hedges
in American markets against recent
purchases of spots. The reaction
airy tendency in stocks appears to
have checked for the time being the
speculative buying Of cotton. Total
exports from American ports for the
day totaled 1877 bales.
NEW ORLEANS COTTON
The following were the ruling prices in
the exchange today:
Tone, steady; middling, "a Soc, steadq.
Last Prev
Open. High. Low. Sale. Close. Close.
Dec :. 20 o. 30 "a. IS II. So "a 33 n %
Jun. ;. 81 % 81 81 10 81 80 ~. 80 81. Il
Mar. !. a 46 "a so "A. A "A 81 "a 81 2.51
May :. 2.63 % Oh "a. 6S Ass q. S. 24.T7
July :. 81. IS "a. So 24.75 24.75 24.7o "A. Sc
Noon bids, steady; December, 24.26; Jan
uary. 24.30; March, 24.53; May, PATS;
July, 24.5s.
SPOT COTTON MARKET
ATLANTA steady, 24c
New York steady, "a. zoe.