Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-21
The World of
Finance and Trade
NEW YORK COTTON
CONTINUED STEADY AT SLIGHT
LY HIGHER PRICE.

Special Dispatch to The Star.
NEW YORK. September 21.-Cotton con-
tinued steady at slightly higher prices. not
by reason OF speculative buying so much
az by reason of diminished short selling.
Continued reports Of poor returns OF lint
per acre and advices from wider areas that
the yield Is not turning out what should
be expected had more influence on senti-
ment than anything that has happened this
month. These reports cover SO wide an
area and are from so many reliable inform
ers that conservative interests have COM
menced to feel that. for the time being at
least. they are not to be ignored. This has
called halt on the selling pressure In
many quarters. The market seems to have
grown harder with enough cotton wanted
on any decline to hold prices, lSit without
the general buying necessary to start
speculative rise. That Is, so many are I'M
certain of the outcome that confidence Is
not sufficiently general to bring larger in
terests into the market as buyers of liberal
lines and inducing them to hold Yester-
day December ran up to 1889, and then
broke back to 1852 and closed at 1858. This
morning December started at 1852 and
moved up to 1889 The rise was slow, but
the tone seemed firm. There were reports
OF better spot business in the south. There
were evidences Of more buying by spinners
here and elsewhere. There were orders
executed for the south. But, over all and
overshadowfng all. was the prevailing COM
plant OF roor fruiting and poor yield of
lint per acre.
Under these circumstances 1t was not sur
prising that those who were the most ag
gressive short sellers showed withdrawal
from the market for the time being. await
Ing developments. Spot dealers In all d.
rections have complained of the lack of
buying by spinners. This attitude has been
one based upon sound business principles.
nrna t1Aa 80 b. - ,b
tanned anything over 10c. was legitimately
regarded a high price. But now there are
straws that point to a moderate crop.
Spinners Will be found in the market as
soon as these reports are general enough
to warrant confidence In them. With
large dry goods business ahead this year
present prices for at least a portion of
the seasons needs can hardly be called
unduly high. 1t is generally admitted that
goods have been sold and contracted for
at prices that will permit spinners to buy
cotton at 10c. In the south at profit.
Now that so many reliable authorities
talking about the unsatisfactory yield. it
is not probable that enough buying Will
soon be in evidence to help relieve the
planter of some of his cotton without
prices being lowered materially.
The October affair Is still a factor in the
market. Now that delivery days are fast
approaching many holders are getting out
of October and into later months. Some
of this cotton was bought at &c. when bad
weather started in the spring. Some has
been bought recently on the belief that
the pool would lift prices for the benefit
of stragglers. But the position itself re-
mains the same. and until the trade knows
definitely that the pool intends to take up
the cotton its existence is a hindrance
rather than help to the market.
Should 1t prove that the pool is strong
enough to take and finance the cotton de-
hvered the affair might readily prove q
factor for higher prices.
Trading this morning was limited. but
the tone continued firm. Scattered buying
absorbed the cotton for sale. and while a
few professionals sold, pressure was not
such as to weaken the market.