Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-11
The World Of
Finance and Trade
NEW YORK COTTON
SHARP ADVANCE ALL LOST THIS
MORNING.


advance Of last week was about all lost
this morning. It did not take long when
the selling started to cut down prices. The
reaction Of about thirty points was not un-
natural or unexpected. There seemed to be
nothing In the position to prevent quick
drop. That Is. as traders are nearly all dis
appointed at the Washington figures and
not inclined to buy. there is enough selling
to make a buying power when prices aa-
vance. The accumulation Of october IL such
that buying that option starts shorts COW
ering quickly. With professionals buying
the price turns up readily. But after the
interest has been covered. the weight OF the
new crop is such as to start return 10
the lower level. There Is not the general
support nor the actual demand for cotton
to make a strong and rising cotton mar
ket This fact was again made clear by
the action OF Liverpool this morning. Sat
urday the market was not disturbed IN the
least by the violent rise OF Friday here, and
this morning prices abroad declined or
points. The action Of Liverpool was disap-
pointing to many and prices ran of ~
points at the opening and Is to 20 points
before midday. At one time December sold
at 1912. or within points OF the low level
OF last week.
The action of Liverpool shows that the
south Is offering a great deal more cotton
than there Is demand for. or else the de-
mand Itself Is small. and the result on
prices is the same. Advices seem to show
less disposition on the part of spinners to
stock up at this season. The supply carried
over is large and prices are now cents
over the average level Of the first OF the
year. With the season of greatest plenty
at hand buyers seem willing to proceed
slowly on a declining market and have not
been influenced by the 1-cent resolution
In the south.
This leaves the market without the buy
ing power necessary to take care Of the
new crop at rising prices. There Is con-
siderable buying below 101a cents but there
Is nothing urgent about 1t. The reason OF
this Is the large surplus and the crop I'M
certainty. Fine weather will make a great
difference with the CROP and the talk Is
for larger crop than has been believed in
by a few small yield traders. Under the
circumstances policy of procrastination
on the part of spinners is readily under
stood.
This morning the market broke readily,
and 1t was not until December reached
O.42 that support became aggressive, when
the market steadied and the pressure was
less pronounced The price has declined to
these figures so many times this season
that the trade Is waiting to see whether
the free movement will carry the market
into the ground not. Before this sum-
mer prices would not go below lON cents
Some are wondering whether the quantity
of new cotton for sale will not make a
change.
Whether on the right or the wrong side Of
the market. the more active interests seem
to be again advancing prices. The heavy
movement of new cotton at all points, with
prices high compared with the low figures
Of the winter. has a depressing influence
on sentiment. Even those who look for
higher prices later by reason of the moder-
ate yield and the favorable dry goods stu
alton would like to see a lower level for
the time being. The average trader Sells
but takes profits on a decline, and this
helps weaken the market.
This morning December rallied points
after the early break, but the market
lacked snap and at times appeared heavy
and weak. Many bought below 1850 for
January. and this helped the rise later. Re-
ceipts were large.
Liverpool Cotton Market.
LIVERPOOL. September II. 1890 pm
Cotton-Spot in moderate demand; prices
easier; American middling 5.57. The sales
OF the day are estimated at 1900 bales. in
Guiding 800 for speculation and export Re-
ceipts. 1900 bales, all American. Futures
opened quiet and at 1890 pm. were easier.