Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-27
The World of
Finance and Trade
NEW YORK COTTON
REALIZING THE FEATURE THIS
MORNING.

NEW YORK, September 27.-Realizing
was again the feature of the morning mar
ket. and prices at one time worked of ten
points from last nights closing level. The
sharp break just before the close yester-
day was on realizing by holders who saw
that for the time being. at least, 1t was
impossible to advance prices over II cents.
Fearful of reaction, holders were inclined
to take profits. The fact that sentiment Is
much against the short side has left the
market with an unimportant short interest
SO that the throwing over Of a line of long
cotton by various bull interests operated as
a depressing factor as far as prices went
The cotton was well absorbed and the
tone of the market could hardly be termed
weak. But for the moment there seemed
to be more cotton for sale than could be
absorbed at rising prices and thus unsettie
many holders The decline stop loss orders
were reached, and for a while during the
early trading the market looked as though
a reaction of some Importance was In store.
A feature of the break was the buying by
those who sold so heavily on the rise to IL
cents. Thousands of bales of cotton were
bought on the decline, partly owing to the
storm predictions in the south and partly
to the fact that the south was not inclined
to sell very freely on the rise The decline
brought out some of the cotton held by the
larger holders and most of that held by the
weaker interests.
When the market failed to advance over
IL cents many who bought below 1011 cents
began to consider the approaching report
from Washington, the uncertainties sur
rounding the October affair and the rapid
tty OF the recent advance. The price itself
calls for the utmost conservatism In oper-
ations OF a speculative nature as long as
the size of the crop is as much a matter of
guesswork as 1t is at the present time. Sew
fnf f1o 1o, ,kr,--
with cotton on the, up-turn concluded It
would be unwise not to sell a part of their
cotton. in view of the hating character of
the market around II cents. There was
SO much opposition to an advance yesterday
and the day before that many professionals
began to work for reaction, on the theory
that the market, even if 1t proves higher
later. would be called upon to digest a large
quantity or cotton around IL cents, and,
pending that absorption more or less irreg-
ularity seemed likely. The weight of short
selling, added to the weight of profit TAX
Ing sales and the heavier offerings by the
south at the advance in price. proved suffi-
Gent TO start the decline that carried prices
of 20 points from the high level of the
movement.
In general there seemed to be no radical
change in the cotton situation. Reports
from the south showed no Improvement in
the out turn from the sections where COM
plants have been the most persistent and
IL
that the buying for trade interests was on
the increase as a result of the poor crop
accounts and the low estimates being cir
cuiated Many houses with spinning con-
nections reported buying of futures by
mills that have not been In the market be-
fore this season, and this buying continued
10 absorb a large quantity of contracts
AS tar as the October position was con-
cerned, the widening of differences between
October and December indicated Humiliation
OF as much October as the market could
stand The difference of 20 points between
the two months represented a CARRYING
charge that Is likely to induce many holders
or october to carry the cotton to December
and this will tend to lessen the volume of
notices that will be In circulation on the.
nfst notice day. 1t is generally believed
that the necessary financial ARRANGEMENTS
TO take up large quantity of October cot
ton have already been made, and this fact
operated as steadying factor when prices
declined this morning
January declined from 10 90 last nIebt IN
10S2 this morning and then ruled around
1855 at noon. Shorts were able to bpv a
large quantity of cotton without causing
much of advance.
Liquidation assumed larger proportions
during the afternoon. and the market de-
veloped more weakness than has been avi
dent In some time.
Selling was so heavy that at times IL
looked as though all the buyers were try
ing to get out at the same time
The decline amounted to about 20 points
at one time, and it was not until the low
ngures were reached that the buying could
be called good. A prominent cotton exnart
was out with an estimate of ii .25o,iD0
bales. and this helped the decline.
Liverpool Cotton Market.
LIVERPOOL. September 27, 1890 DIM
Cotton-Spot in moderate demand: nricas
easier; American middling. $50. The sales
OF the day are estimated at 1000 bales
including 500 for speculation and export
Receipts. $4,000 bales. including IA 800
American. Future opened easier, and at
1880 pm. were dull
1890