Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-14
The World Of
Finance and Trade
NEW YORK COTTON
ANOTHER EARLY DECLINE IN
MARKET.


another early decline in cotton. followed by
an advance of eight or ten points. 50 that
prices were about where they were yester-
day at noon In general there seemed to be
little change In the cotton situation The
advance In October. however. served to CEN
ter attention In that month. AS the month
advances and the October position remains
unchanged. there Is a growing interest In
possible developments at the local ex-
change. The cotton does not come out. and
on each decline the market appears to grow
harder In tone. This morning there were
evidences of some congestion. A broker
bid 1898 for 5000 October and got 800 bales.
Then the price advanced, and before mid
day October sold at 1O.44, within two points
OF December. The October accumulation
may prove to be anything but a money
making proposition In the end. OF the out
come. nothing can be known at this dis
lance. But as far s.s the present Is con-
cerned the buying OF October cotton is a
factor of the first Importance. and all In
terested in the market are not inclined to
minimize the operation.
The undertone showed resistance from the
start. Though Liverpool declined four
points and again showed the effects of the
local market opened a few points lower.
ana then began to improve steadily. At
nrst there was the same Offering OF cotton
that looked ve-y much like an effort to keep
prices IRON advancing rather than the eff
fort to find a market for STUFF that was
hard to sell. Even this selling failed to
hold the prices, and before midday the level
was back to about tho high price of yes
.eraay. Whatever the various opinions as
70 tne outcome OF the cotton situation may
De there was but one opinion possible re-
garding the present market
That was that great resistance was shown
IN an directions. Prices did not break for
zen Gays. now the price has held around
these figures. The market does not seem to
go up, but those who have sold short fire.
quently find that 1t does not go down, with
all the selling. This has had the effect of
bringing In some new buying, and this
morning cotton was taken by outside in
terests In greater quantities than before
this week. Early I'm the day greater num-
Der of brokers seemed to have orders to buy
cotton. and this scattered absorption soon
took up the cotton put out and helped the
rise.
On the advance there was a repetition Of
the selling from the south. While there is
unquestionably no pressure of Importance
on a decline, any advance leads to more of
fers of actual cotton. This is the natural
course of events at this season of the year
The interesting point Is not that more cot
ton is for sale on the advance, but that less
cotton Is to be had at a decline If the
southern holder is not disposed to take less
than 10 cents for his cotton this will leave
q decided effect on the course of the market
for the time being at least regardless Of
the actual size of the crop and prices to
be obtained later on in the year.
This morning the arbitrary business
brought about recovery In Liverpool, as
operators bought there and sold here. The
demand for actual cotton in Liverpool Is
considered good. sales today being 10000
bales.
The movement In the south keeps up, but
some are of the opinion that so much cot
ton was sold ahead during the summer
that receipts at interior towns are not
fair indication of the attitude of holders
the south show that cotton Is not as easy
to buy at higher prices. A few hundred
bales here and there, but no large blocks
obtainable. Reports from New England
state that Texas is offering on basis Of
1Olac. delivered at mills.
After the early decline December rallied
to 10.iI. and after a setback of q few
points steaded again at the higher figures.
The undertone continued firm, and efforts
to carry prices lower were not successful
during the morning trading.
During the early afternoon the price OF
October advanced to 1850 while December
sold at 1919. The congestion in October
helped short covering in other options. and
the tone of the market became somewhat
nervous on the advance There was less
cotton for sale and less effort to keep the
price down. Trading was not liberal, but
there were unmistakable signs of more out
side buying as the day wore on. The de-
vance