Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-18
The World Of
Finance and Trade
NEW YORK COTTON
SENTIMENT UNDERaoEs CHANGE
ON MARKET,
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. September 1S-while there
was practically no change in the opening
level OF prices, 1t was not long before It
became evident that sentiment over Sun
day had undergone a considerable change
from that existing week or ten days ago.
For time this was hardly perceptible, par
ucularly In Its effect upon prices. but as the
morning wore on traders around the ring
became convinced that the attitude Of q
number of the moro important interests
was not the same as that OF week ago.
This was felt in the market on Saturday,
when both the Chronicle and Bradstreet's
reports on the cotton crop reflected more
extensive deterioration than had been gen
orally expected. Private crop accounts
during the week had attracted more or less
attention by reason Of their somewhat pessi-
authorities above mentioned showed that
private reports were a faithful indication
of the crops progress that the majority OF
the trade became convinced OF the de-
terioration.
Tho month OF September is Of so great
Importance for the growing crop that COM
plants OF moderate yields in Georgia and
other sections Of the Atlantic coast district
and complaints Of ravages by insects In
Texas and the lower Mississippi valley as
sumo an Importance that the trade itself
readily understands. This morning reports
from these sections were by far the most
unsatisfactory received in some time. The
drought in Texas will lead to a short
yield in many sections. and many houses
were In receipt Of news that led to decidedly
different operations in the far months. A
careful analysis Of sentiment among opera
tors doing the largest amount OF business
on the floor showed unmtstakabiy that H.
asmuch as the market had resisted efforts
to depress prices around 1Oxc the situation
could hardly be construed as being as favor
able to a decline as was the prospect at the
same level ten days ago.
The tendency OF the southern holder TO
refuse to part with any material quantity
OF cotton below 10 cents. and the increas-
Ing disposition of consumers to purchase cot
ton on any decline. helped the change or
feeling that has been going on. Several OF
the local traders who were most aggressive
sellers after Iae September report from
Washington. admitted candidly that their
conviction on the market was not strong
In other words. they failed to see the out
come with sufficient clearness to inspire
them with confidence on the selling SIDE
On the other hand, a number who were
holding of pending the solution of the ques-
ton as to whether the south would sell
really on q decline or would hold, began to
pick up a little cotton. This fact was IL
lustrated by the purchase of one block of
5000 bales Of cotton by local trader who
has been doing very little for some weeks.
has been answered finally but the increas-
ed support received by the market was
taken as satisfactory indication that many
who have been writing to ascertain the
strength Of the south and to learn the atti-
tude OF holders were convinced that the SELL
ing of cotton below 10 cents in the south
was not such as to cause weakness at the
moment.
The buying was increased by falling on
of 10000 bales in Houston and estimates for
tomorrow and by the report on con-
dition issued by the young woman whose
figures have proved fairly reliable for some
months. These figures were fraction over
&c. and as the crop is now said to be de-
teriorating the coming October report was
not expected to be wholly satisfactory.
While prices started but two or three
points above Saturday, with December at
1898. the market improved steadily after
the opening and before midday was selling
ten points over Saturdays prices. The fall
Ing off In receipts at Houston was the i'm
portant factor In morning news.