Evening star., 1905-10-05
The World Of
Finance and Trade
NEW YORK COTTON
NET RESULT OF REPORT BREAK
OF Is OR 90 POINTS.

Special Dispatch to The Star.
NEW YORK. October 5.-While the morn
ing market did not improve as much as
many expected at the close last night the
fact that the recovery of Is points from the
low level was maintained for over two hours
showed less decentralization than the Wash
ingten figures might have induced. That is,
before the report December cotton sold at
fo.H and this morning at 1926. The net
result of the report was break of Is or 20
points up to noon today. not a severe de-
cline when the figures themselves are taken
into account. For two weeks before the
figures were issued reports from private
sources indicated a short cotton crop. No
one knew how short, but the impression
grew that it might be very moderate
For the moment all this has been changed,
and It will take time to prove as well as TO
disprove. the figures of II issued on Tues
day. Traders who have been willing to buy
over 1oa cents in New York will now re-
gard the market from different standpoint
in the event OF a reaction over that figure,
with cotton piling up here in New York for
interests that for the present appear to
have undertaken rather large task, and
TO have entertained forlorn hope, and,
with such weather as is now reported n
the south. there Is not the argument FOR
advancing prices that existed before the
figures were issued. To advance prices
buyers are necessary, and to bring In buy
ers there must needs be strong connec
ton.
The Years Crop Figures.
There can be no connection In a small
crop on figures of seventy-one OF above the
ten-year average for the close Of the sea-
son and cotton making every day under
weather conditions that are similar to
those of last season. This does not mean
that any one in he business can say the
crop is a given figure. The methods of
compiling the report may have been so
changed as result of recent disclosures
In the Department of Agriculture that, as
comparison with previous seasons, the fig
ures are entirely valueIess
But to show this there will have to he
ginners reports, the estimate of December
and private crop figures. To bring about
any definite knowledge Of the crop this year
several months will be required. For the
influence In the formation of sentiment.
The Rally in Prices.
The rally in prices this morning was
generally looked for after the break of
about 81 a bale In ten days Spinners came
into the market and absorbed large blocks
OF contracts that will not be released un-
I'll the actual cotton can be obtained In the
south at satisfactory figures. Large short
interests continued TO buy cotton and take
profits, looking for general readjustment
OF the market for time until the weight
OF cotton begins to make itself felt in the
south
Professionals were inclined to helm the
rally In order to furnish better selling
oasis and force short covering that is al
ways a menace when over-extended and
overconfident- The south was again firm
In Its tone and there was no rush to sell
simply because the Washington figures
were high.
1t will take more than this to weaken
holders in the south after last seasons ex-
perienee- But In the event of the crop
oeing What these figures Indicate, the
southern planter Is likely to reap larger re-
turns from his crop by selling some of 1t
now than by carrying it back to his pIanta-
ton.
All these factors operated In favor OF
less Generalization in the market with
out indicating that the Washington figures
could be construed as anything but the
most bearish influence of the season. AT
the end of two years January sold at 10. 2s
the early price.
At midday the market was quiet but
steady. with prices net unchanged to two
points lower. Spot quiet; middling uplands.
10 40; middling gulf. 1905
Estimated receipts at the ports today
1900 bales, against 366SS last week and
4I,3Ia last year. For the week $50 900 bales
against 293,523 last week and 402, $50 last
year. Today's receipts at New Orleans
2,260 bales. against S,S52 last year. and at
Houston. 15,525 bales, against 9,925 last
year.
Cotton futures opened steady. October.
1904; November. 10.12a1O.15; December.
1928; January. 1882; February. 1898, b. i.
T.; March, 10 A; April. 1852; May, 1886.