Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-11-06
Ir'!u%QyMarkEttR
COTTON

NEW YORK. Nov. 5.-The cot
ton market opened firm today at an
advance Oft to IA points on ali
months except November and Au-
gust which were S5 to SO points
higher on steady Liverpool cables
covering and trade buying. The ad-
vance was checked by realizing, how
ever, and the market weakened
shortly after the call on rumors that
private returns pointed to a ginning
of 9,750,000 bales TO November /,
while there also may have been lit
tie selling on the belief that any I'M
mediate Improvement in general
trade following the election had been
pretty we'll discounted. January
sold off from 1926 to 22.S5, or 20 to
so points net lower, but the market
was steadied on the decline by COW
ering promoted by reports of good
tone in the early stock market and
rumors that the big ginning figures
were accompanied by crop 1ndlca'
ton of 12,S50,000 bales.
With the early trade buying off
set by southern hedging, the market
later weakened under increased
recent years There was disappoint-
nent over the failure of demand to
broaden on the budges. January
broke to 22.63 with the general mar
ket selling AZ to SO points net lower,
but there was a little more trade
buying at the decline and prices at
midday were Is to 20 points above
the lowest on covering. The more
private reports were issued, one
making the condition 55.3 and the
indicated crop 12,787, 600 bales, while
the other estimated the crop at be-
tween 12,900,000 and 100000 bales.
Trade buying reported on the late
forenoon break gave the market a
better undertone and prices held
seady at o'clock with January sell
ing at 23.07, or within 8 points of
Mondays closing closing quotations.
Reports from the stock market were
considered encoura ging and there
was covering by some of the early
sellers in cotton.
NEW YORK COTTON
The following were the ruling prices In
the exchange today:
Tone, steady; middling, 2390c, quiet
Last Prnv.
Open. High. Low. Sale. Close. Close.
Dec. >. IS .O8 % Is %. 90 % II % IL 22.97
Jan. :. % % % 80 %. SO %. 81 27 % is
Mar =. % so % IS % % %. SO % 30 % 40
May ;. % 10 %. 50 % 10 % so %. so .5S
July :. % % % "a 30 9S %. 60 23 80 % 81
:45 a. m. bids: December, 22.71; Jan
nary, 2.S3; March, %. II; May, %. 50; July,
20. 10, steady.
NEW ORLEANS COTTON
NEW ORLEANS, Nov. 5-The COZ
owl f in
pathy with better Liverpool than due
and as a result of yesterdays cleo
tions. First trades showed gains of
IS to 20 points. The market prompt
ly reacted however, owing to rather
liberal hedge selling and on the the
DRY that the effect of the election had
been fully discounted by the rallies
of last week and Monday. Deem
Der eased off to 22.70, January 22.74
and March 23.02, or A to As points
down from the opening highs and 20
TO % points below the close of Mon
day. The eWather map continued
practically rainless. The weekly
weather summary from Washington
said that conditions the past week
should be favorable to rapid harves-
ing and also helped the maturing of
some late cotton.
The market continued to ease off
in the first half of the morning on
continued good weather in the belt
until December traded as low as
22.4S, January at 22.49 and March
at 2277, or so to So points under
the close of Monday, but towards
the end of the morning prices raj
lied 20 to IS points from the lows,
on rather smaller crop estimates and
lower estimated ginnings to Novem-
Der l than generally looked for The
crop estimates ranged from 1910
600 bales to 12,7S7 900. One authori-
ty estimates the total ginnings to
end of October at 9,750,000 and an
other at 10000 as compared with
a trade expectation of 100000
bales. The better tone was also
helped by strength and activity in
the stock market
The market ruled rather firm dur
Ing the afternoon although fluctu
ating within the earlier range but
nearer the highs December adj
or 46 to AZ points above the lows of
the morning and within four to five
points of the previous close. The
recovery was due mainly to the more
moderate crop estimates and the es
Inmates of smaller ginninss than the
trade had been led to expect. One
prominent New York authority is
sued during the afternoon an esti-
mate of 12,790,QQ0 bales with 776
per cent picked and 72.S per cent
ginned to October 30,
NEW ORrFENs CnTroN