Evening star., 1905-09-26
The World Of
Finance and Trade
NEW YORK COTTON
AN EXCITING CONTEST BETWEEN
BULLS AND BEARS.

Special Dispatch to The Star
NEW YORK, September 2s-There was
contest between bulls and bears In the
cotton market this morning that proved OF
rather an exciting character while it last
ed. and while those working for lower
prices were able to prevent an advance for
time. the question of success was wholly
undecided
Operations for a reaction began to be
noticeable yesterday. and the market closed
at about unchanged prices for the day. 1t
was generally expected that this would
bring about a lower range of quotations in
Liverpool. but instead OF decline both
futures and spot cotton advanced in the
foreign market. This came as a surprise.
and the local market opened to 10 points
higher.
The same selling operations that acted
as depressing factor yesterday were again
in evidence. and this started January from
1899 back to 1924. A wave Of general
buying swept over the market at this level
and January was rushed to IL cents, the
opening figures. Here large lines OF cotton
were thrown on the market, and the pecu-
liar part of the trading was the fact that
the sellers did not seem anxious to sell
large blocks. but were bent upon prevent
ing the market from going over IL cents
In order to accomplish this purpose cotton
was sold at 1923 and 1887. when higher
figures were being bid in another part of
the ring.
The onslaught was so fierce and the brok-
ers in charge of the operation so compe
tent that prices slipped back or 9 points.
and other markets then began to weaken.
Those familiar with the effect Of prices on
sentiment can readily understand the feel
ing in the ring when the option failed to
advance over the round figure. Twice yes
terday January got to 11.03 only to run
back owing to the inability of the market
to absorb all the cotton that sellers put
on 1t.
Sentiment Favors Firm Market.
That the cotton situation has not changed
in the least and that sentiment appears to
be In favor of firm market continued to
be the impression in most cotton circles.
Operators do not attempt to estimate the
reliability of factors upon which this SEN
timent is based. 1t may be that the pres
ent reports that are coming from all sec
tions of the unsatisfactory outturn of lint
per acre will prove groundless and unre-
liable later on in the season. At the mo-
ment they are sufficiently general and
from such reliable sources that the senti-
ment of all cotton interests Is Influenced
thereby AS long as this is the case opera
tions are undertaken with definite under
standing of the slowly crystalizing senti-
influence this is likely to have upon the
attitude of consumers The market at the
moment has halted as result of more cot
ton being offered by the south and a few
buyers being unwilling to enter the market
at the advance. It Is generally believed
that spinners are more inclined to buy ac.
tual cotton, and the operations of the last
few days have shown that many are willing
TO buy at current prices In order to secure
protection.
ReOOrtS frpm So,rtb no,t;r,o - -.
fleet the disappointing character of the
cotton yield in nearly all sections. Some
say that the condition of September was
based upon green field and most promis-
ing-lookfng plant, which is now found to be
devoid of the necessary fruit to make
good yield of cotton per acre As long as
these reports are being received from In
terests in the south that have heretofore
been found reliable. the tendency of crop es-
Inmates Will be toward smaller rather than
larger figures, and the disposition of buy-
ers Will be TO pick up cotton on declines
until the government report Is received on
october 3. In the event of the figures being
or an unravorabie character a general buy
ing movement on the part of the spinners
throughout the world will be anticjpated
and 1t is with view of this DEVELOPMENT
that so many OF the larger speculative in
terests have bought cotton recently and
continue to hold for steady market
While somewhat irregular in it's character
the morning market was firm rather than
weak.
The early selling made more impression
on the market later In the day The weekly
weather report from Washington was not
regarded as sensationally bulish and this
brought about selling and a decline In the
market, until a loss of about 10 points from
the early high level had been recovered in
January. The loss in most options was 10
points from the early high figures. On the
decline cotton was in demand. and the tone
rallied to show any weakness. There has
been so much cotton sold for profits that
seiiers desire to buy on break, as the situ-
ation as a whole Is not believed to have
changed as result Of the recent advance.