Evening star., 1905-10-23
The World Of
Finance and Trade
NEW YORK COTTON
MARKET OPENED WITH A ROAR
ON FROST DAMAGE REPORTS.

Special Dispatch to The Star
NEW YORK, October 23.-There was
nothing In the course Of events on Satur-
day that foreshadowed today's develop
ments. The realizing that carried prices on
ten or twelve points at the close Of the
week left the market In a somewhat unset
tied state and operators came down this
morning prepared for a further setback
after the sharp rise. But when 1t was learn
ed that over Sunday frosts of killing in
tensity had visited sections Of the north
and east belt with temperatures around the
freezing point at some places and damage
reports coming in thick and fast operators
did not wait for further views or more ma
ture deliberations.
The market opened with a roar. In Liv-
erpool prices were seven to nine points
higher and fully fifteen American points
better than had been looked for. Shorts
concluded the time for retreat had arrived
and the buying of cotton all along the line
was such for two hours that all cotton for
sale was taken at rising prices, and at the
end or the mornings session the level was
about 81 a bale over Saturday.
Prices Were Lifted.
During the buying movement prices were
lifted SO that a net rise Of over y cents or
OF last Tuesday. Within three weeks the
price OF cotton In New York had declined
about Y cents and recovered the decline.
AT noon today the market was at practi-
caiiy the level existing before the October
3 report
Those who have followed the increasing
speculative interest In cotton can readily
form some Idea Of the breadth of q mar
ket that could absorb tens of thousands of
Daies poured upon 1t and not only sustain
an advance OF So bale. but add another
uoliar 10 the price For two hours trad
ing was on a lberal scale with business
more general than 1t has been this season
AS though the shifting sentiment had at
last been crystalized by the frost DAMAGE
lollowing the estimate of 10, 5000 bales
circulated last week. buyers who have
been at sea and without conviction or tho
commence that comes from conviction
came into the market absorbed ali the
cotton onered and by force of buying car
ried prices up readily.
For the moment the fact that lasi
week buyers were willing to take prof
Its had no influence. The rapidtty Of the
rise ana tne selling of cotton In the south
at the high level were both ignored.
BROKERS stood around the ring and bid a
point over prices in some Quarters in or
bales. ~ VI -'0o"
Urgency in Demand.
for TWO hours there was an urgency in
the demand that has not been In evidence
before this season When the market was
ioA or II cents a month ago there was
an extensive long interest of a specu-
iative Kind using every effort TO force the
market up in the face OF cotton coming to
New York, and in the fact o. wonderful
weather In the south. There was nothing
strained about the appearance of the
market this morning
Frost damage reports brought tn q live
oI new buyers on sold-out or a short
market The holding by the south turned
tne spinner to the New York market below
~ cents, SO that large quantity of con-
tracts were taken out Of the market The
price Will have to advance to a point where
the south Is willing to sell before these con-
tracts are released
January cotton. opening at 1926, as COM
pared with 1O17. sold back to 1870. and
then with no cotton for sale after the first
wave OF profit-taking, moved on up to
Io.4o Inc undertone was not one to en-
courage snort selling. There were too many
VINO considered the situation as full of nos
slblllties, now that frosts have apneared
at an abnormally early date. to make short
selling attractive. And buyers. gaining
back the courage of their convictions. LOST
during the decline early in the month. were
once more in full control of the situation
trading was broad general and active
Ihe tone was one OF marked strength DIR.
Ing the first hours