Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-17
The World Of
Finance and Trade
NEW YORK COTTON
THE MARKET RECOVERED SOME
WHAT FROM YESTERDAYS BREAK.

NEW YORK, October 17.-Under short
covering offerings by weak traders and
some outside buying the cotton market be-
gan to recover this morning from its break
of yesterday. rallying about 10 points In the
nrst hour. Trading was however generally
Hght and comparatively inactive. The rally
In prices was perhaps more a natural reac-
tion than anything else. The shorts accept
ing the opportunity to take profits from the
oeciine or yesterday. good many shorts
were, however, somewhat nervous as to the
situation, fearing unfavorable weekly
weather bureau report at noon.
Alas. they were disappointed with the
failure OF Liverpool to break off the bear
movement of yesterday in the local market.
me cables were but a trifie higher than ex-
pected, put many shorts here were looking
Tor continued weakness on the other side,
which would help them In selling the mar
ket further down on this side
The Weather Factor.
The weather factor entered in again as a
deterrent to selling also, with reports of
io"er temperatures in the vicinity of Dem
yer ana In the northwest. The old fear that
the GOODNESS would work down into the cot
ton oelt, which many students of the
weather map predict whenever high
temperatures appear in those regions, was
not without considerable effect on the
market this morning
another factor was the renewal of com
plants from the spot houses These inter
es's report absolute inability to buy cotton
on the present New York future basis
Inere was also some falling off in the re-
celpts' The general situation thus made
tor stronger market today, although the
tIauihg was considered more Of a speeula-
i've nature than as showing any marked
change of sentiment as yet
OheiI tnere Is more decided change in
the weather as In the attitude of the farm
ers' VINO are reported to be holding as firm
~ as ever, and until the size of the cron
can be. more definitely ascertained few ex-
pect the market to eyince any sentiment
other than its natural moderate bearish-
ton. ga
All interests are however. anxious for
some development on which to place a
OASIS 1or more activity either one way or
tne other than has manifested itself of late
| Inc market opened today from three to
SIX points up. Support did not appear at
once but after to 3-point decline the
| buying commenced and prices showed
ABOUT net l0-point advance over yester-
| day s close. January opened up at 975
| and advanced to 9.S1.
March opened UP at 900 and advanced
| to 9.95.
| Liverpool, dueAto come 8 to points low
! er, opened ! point lower, and weakened net
| 1 to 2 points at the hour of the local open
| Ing, after which 1T showed strength with
the local market. New Orleans opened to
| points high and advanced.
The estimated receipts at Houston for to-
| morrow are $500 to 1850 bales, as COM
pared with 2,O79 bales the same day last
| week and 1I,576 bales a year ago The es-
| timated receipts at New Orleans are 4,S0C
| to 5000 bales, as compared with 1912 last
week and 16707 last year
| The weekly government weather report.
which came out at noon, made no mention
| of frost. The bears took advantage of this
| fact to hammer the market and it declined
| below the opening, January selling off to
| 9.6S.
| The report was as follows:
Except where hindered by rains in the
| central portions Of the belt, cotton picking
| made good progress. This work is nearing
flcempletion. In the Carolinas, Georgia and
| Florida in the southern portions of the CEN
| tral and western districts. The reports in
dictate that In the northern portion of last
mentioned district, where cotton Is opening
rapidly. from one third to one-half of the
crop has been gathered Heavy rains dam
aged cotton In Mississippi and Alabama and
| portions Of Georgia and Tennessee and In
| sects continue destructive in Mississippi
| and Louisiana In Texas no top crop worthy
| of mention Is promised"
| Following the announcement of the
| weekly government crop report, cotton
| broke quarter of cent this afternoon
| under very heavy selling pressure. The re.
port made no mention at all Of frost dam
| age, as was expected in some quarters
and feared in others Mainly to this part
| was the slump attributed. Early in the
! day cotton had advanced about 10 points
| over yesterdays close under short cover
| ing and buying for long account, but the
| support was not sustained when the bear
| interests began to hammer ON the report
January opened points up, at 9.75. adj
| vanced to 9.S1 and broke to $50.
| Spot closed quiet. ten points decline; mid
ding uplands. 9sa; middling gulf, 1910;
| sales, none.