Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-05-24
7n'!\@4yMark&ttRp
COTTON

NEW YORK, May 22.-Rising
temperatures in the belts brought
more aggressive selling pressure in
the cotton market early today and
after opening points higher to 3
lower prices eased off sharply. May
dropping from 1925 to 31.99 and
October from 25.9S to 25.87, or IL to
IA points under the previous close
The relative weakness of May was
explained by fears of large tenders
tomorrow. The trade and spot ana
commission houses bought at the
opening, while the south, Liverpool.
wire houses and the southwest were
among the leading sellers. Local sen
timent appeared to be more bearlsh
after yesterdays advance ana the
more favorable early weather news.
Introduction of heavy Wall street
and commission house buying orders
after II o'clock completely OFFSET
weather improvement and turned
the market upwards. May encoun-
tered rather free selling pressure at
so 80, the mornings high point, put
july advanced to 1865 and October
to 1854 or IS to Sc points net hlSh-
err. Prospects for tax reduction ana
predictions that the forthcoming
government condition figure would
be under 20 accounted for the sud
den buying movement.
The market later was easier with
prices off Is to IS points from the
mornings high level as a result OF
realizing and the weakened technlcal
position following the early cover
ing movement. Crop news, however,
ich N a
the outlook for warmer condltlons.
NEW YORK COTTON
The following were the ruling prices In
the exchange today:
Tone, steady; middfing, 32.35c; quiet.
Last Pres
Omen. High Low. Sale. Close. Close
Nav 81. % 81. 30 81 80 81 80 3l.97 81. l3
July ..29.3 81 30 60 80. IA "a "a y ~"
Oct. ..25. IS &c. "a 25.s7 d. 80 5.97 % .9s
Dec, 81 81 .63 2j.12 25.2S % 26 % .26
Jan. ..o4.95 25 "a "a. 30 25.06 % .06 24.91
1o.45 a. m. bids steady May 1926; July,
70 80; October, 26.22; December, 200.
NEW ORLEANS COTTON
NEW ORLEANS, May 22.-The
cotton market opened steady despite
slightly easier cables than due. May
opened six points down at 31.S7 on
New York and 500 locally, although
it was expected that all notices
would be promptly stopped. First
trades in other months showed no
change to points down from the
loss of yesterday. July advanced to
1882 right after the opening cali or
eour points above the close, other
active months showing about the
Dri0o
off about 10 points from the best but
the tone was steady waiting for the
posting of the weather map.
The market became firmer after
the posting of the weather map
showing rather low temperatures in
nearly all parts of the belt and the
official forecast gave no promise of
warmer weather. July traded up
from 29.16, the early low, to 1858 an
advance of 81 points while October
advanced AZ points from 25.09, the
low point, to 1852. Other new crop
months made about as good a rally.
Later in the morning prices eased
off about IA to Is points on realiz-
ing and on a rumof that the preSi-
dents approval Of the tax bill was
uncertain but good support de-
veloped on the dip.
Following the moderate reaction
from the highest levels of the morn
ing attributed to anxiety as to the
fate of the tax reduction bill in
congress, the market ruled quiet
around noon and into the afternoon,
prices fluctuating within very mar
row margin but meeting prompt
support on all dips. At the begin
ming of the last half-hour of trading
prices showed a DISPOSITION to ease
off on realizing by early buyers and
July traded down to 1925 and DC
tober to 1924, or % points below
the highs of the morning.
NEW ORLEANS COTTON
The following were the ruling prices In
the exchange today:
Tone, steady; middlng, 311Sc; steady.
LAST Prev
Open. High. Low Sale Close. Close
May al 81 81 % 3I.17 81. - 81 IL 81 AZ
July 20 20 20. 81 30 .O5 %. 10 20. 10 %. %
Oct as. II %. 30 ~. 90 % 20 %. 20 25.1s
Dec. "a 80 81. % n. so 81 "a 24.92 "a. 30
Ian. "a 10 "a. 9S n 6s 30 .9S n. 50 81. rs
IL a. M. bids steady: May, 3l.45; July.
1892; October, $3.50; December, 25.05; Jan
uary, 2495.