Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-25
The World of
Finance and Trade
NEW YORK COTTON
HEAVY TRADING IN JANUARY
ON OPENING CALL.

Special Dispatch to The Star.
NEW YORK. September 25.-The charac-
ter of the early trading was of some
what different order than that of week or
two ago. Notwithstanding the sharp rise in
prices last week. rush of buying orders
lifted the January position over II cents
on each recession. There appeared to be a
demand for cotton that has not been seen
In some time. On the opening cali the trad
ing In January was of such proportions
| that the cali lasted for that one option
about as long as Is usually occupied In the
trade throughout the whole list. One firm
took ten or fifteen thousand bales, where
trading is usually in few hundred bales.
and In all directions cotton was in active
demand. and the feature of the morning
business was the size Of blocks of cotton
wanted. This was explained both by the
operations of the larger interests now en-
gagged In bull campaign and by the buy
ing by commission houses and by the trade.
While the first-named absorption of cotton
was the feature during the advance last
week. there was no question about the i'm
portance of the purchases by the trade as
revealed in this mornings market.
Spinners Have Been Out.
For two months or more spinners have
practically been out of the cotton market.
Operating on sound business principles,
there was absolutely nothing in the cotton
position to warrant paying the prices pre-
vailfng, as long as no idea Of the new crop
could be obtained. Within ten days all this
has changed
Beginning with scattered complaints OF
unsatisfactory yields of lint per acre. poor
crop accounts have increased both in num-
Der and in the extent of territory from
which they originated. Gradually sentiment
has crystallized until very formidable
n<rtz H.
blg-crop men can now be found on the side
of very moderate or even a short yield.
Whether colored by the fact that planters
have refused to sell at prevailing prices; or
by the fact that the crop itself is an ex-
tremely short one, sentiment has veered
around In way that has had q decided IN
huence on the spinning world. No spinner
with the large contracts for goods ahead
ana only moderate supply Of cotton on
hand could afford to ignore the persistence
OF these smaller crop estimates.
Complaints of poor %fuitage and unsa.,s-
factory outturn of cotton per acre have
grown so general that even conservative
cotton men who believe in good crop this
year have been shaken in their position.
When the situation becomes uncertain
enough to shake the conviction OF be-
levers in a liberal crop 1t Is unnecessary
to say that spinners who are waiting for
some Idea of the size of this years pro-
duction can hardly regard the yield as
heavy enough to justify them in continuing
tie policy of procrastination that was
sound business during the summer.
Heavy Buying by Consumers.
This buying by consumers started last
week and was increased this morning. 1t
was the feature of the cotton market
Ihere was the same extensive buying by
southern. western and local operators, the
same increase In the interest taken by
the general public In the market that was
noticeable during the last two days of the
week In addition there was the report
that a record price for a considerable
quantity of goods for China had Just been
paid and evidences that spot houses were
selling more cotton to spinners than could
be purchased at a satisfactory level in
southern markets. The sentiment in the
local market was unquestionably in favor.
of advancing prices and for the moment
the October affair has been completely
overshadowed by the rush Of buying by
those who have become convinced that
the cotton crop Is not what it promised
to be.
On the rise to IL cents there was heavy
profit taking in all directions by those who
bought at much lower prices but all this
cotton was absorbed and at the end of
two hours prices were still several points
higher than the close on Saturday The
undertone was one Of unmistakable firm
ness, due to the general absorption of cot
ton contracts.
The market quieted down considerably
during the afternoon and showed the eff
fects of profit taking.
Prices declined somewhat from the high
level Of the day. but the tone continued
steady. So much cotton had been sold that
the many were inclined to look for slight
reaction.
There was no radical change in evidence