Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-08-12
COTTON

NEW YORK, Aug. 1.-THE cotton
market opened firm at an advance OF
Il to 2S points today on relatively
steady Liverpool cables, complaints
of continued drought in Texas and
higher foreign exchange rates. There
was more bullish comment on the
foreign news than on the weather
report at the opening. October sofa
UP to 27.71 and December to 27.lo
during the early trading, making
net advances of So to SO points. Pri-
vate cables reported selling in Liver
pool on more favorable crop reports
but said spinners We're calling cotton
more freely at the decline.
After the early demand had been
supplied prices turned easier on re-
ports of rain in Oklahoma and bet
ter prospects for showers in Texas.
October contracts sold off to 27.05
and December to 26.52 or % to 80
points net lower, carrying prices to
within few points of the lowest at
midday.
Detailed weather reports covering
conditions in the southwest were
less favorable than expected by early
sellers. The mid-afternoon market
was comparatively quiet but steady.
October was selling around 27.32 and
December 26.76 at o'clock or net
NEW YORK COTTON
The following were the ruling prices in
the exchange today:
Tone, steady; middling, so. 45c. quiet.
Open. High. Low. Sale. Close. Close
A,,r
Oct. . 7.G5 - -. O5 ~. 40 %. 40 ~ So
Dec. . 7.05 27.15 %. % IS. 90 &c. 50 26. So
Jan. :. 26.T0 81 rs &c. As %. So POS &c 6S
Mar. 2712 27.27 &c. IS 81 .05 p .05 1922
May ~. IS u SO &c. 81 ~ II p. II ~ 1G
October. Pill: December, 26.5S; January,
26.5O; March, ago; May. 26So.
NEW ORLEANS. COTTON
NEW ORLEANS, Aug. 1.-THE
cotton market opened steady today,
first trades showing gains of to
II points Liverpool was nearly as
due, but New York opened a good
deal higher than the local market.
Prices advanced during the call and
afterward during the early trading
October trading up to 1851 and De-
rember to 26.92 or 81 to 80 points
above Saturdays closing levels.
Weather advices showed no rains in
Texas and continued high day tenn
peratures, bat showers were report
ed in Arkansas and Oklahoma. Wire
advices from Texas reported increas-
ing deterioration in that state and
admit that general rains and not
light showers are now needed to help
the crop.
The market turned easier later in
the morning on private predictions
Of rains for the western belt. The
map showed rain at only a few
points over Sunday and practical
" none in Texas. October eased
off to 1929 and December to 1856
Dr. 81 to IS points down from the
sarly highs and 26 points under the
previous close. Late in the morn
ing the market rallied about IL
points from the low on favorable
reports from London as to final
agreement upon the details of the
Dawes plan. Trading was quietcr
han~ft has been of late.
The market rallied during the
COON hour, on short covering, main
" on high temperature reports in
The west October traded as high as
1862 or SO points above the low or
die morning. The market eased off
gradually and settled around 26.48
Tor October. Texas reported tenn
peratures on Sunday at 81 stations
If 100 to 10S. In Oklahoma II sta
ions reported 100 to LOG.
NEW ORLEANS COTTON
The following were the ruling prices in
he exchange today:
Tone, steady; middling, ~ 60c, steady.
Last Prev.
Open. High. Low. Sale. Close. Close.
Aug . go. 49,. go. go. $50. - .05
a., 49,, 80 - go. M 90 ~, 80