Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-20
The World Of
Finance and Trade
NEW YORK COTTON
EARLY FROST SCARE oCcAsIoNED
LIVELY TRADING TODAY.

Special Dispatch to The Star.
NEW YORK. October 20-One of the
most excited markets that has been seen
In many months was brought into existence
during the early trading today as the re-
suit of 3 keen frost scare. Prices moved
feverishly, often jumping upward four or
five points at a time. and during the first
fifteen or twenty minutes Of trading shot
up 20 to % points over yesterdays close.
The nervousness displayed in the trading
was acute. although sentiment was all in
one direction-everybody wanted to buy and
there was comparatively little cotton for
sale. Shorts rushed to cover at the outset.
while the interests began to bid for long
account.
Orders came from the south. from Wall
street, from Liverpool and outsiders wanted
cotton, too. Bear interests apparently made
no effort to stem the rising tide, and until
some realization set In there was little to
weigh down the markets quickly attained
buoyancy.
Reaction Had Soothing Effect
But with the market up nearly %
points in less than as many minutes money
buyers began to throw back their cotton,
and this movement had soothing effect.
Prices eased Off bit the tone became less
Fear of frost damage, however still kept
sentiment bullish and there was no encour-
agement during this ensuing lull toward
short covering or bear hammering There
were some bears who thought that a reac-
ton was naturally due from such a move
ment, but apparently they did not have
the courage of their convictions at the time.
The frost scare was too insistent. The
weather map showed today cold wave
with killing frosts just above the belt, with
the lines running in such a direction as to
lead to fear Of the frost working lower
tonight
The Frost Sections.
Killing frosts, with temperature of 80
degrees. were reported at AryariIlo, In
northern Texas. The same was reported
at Oklahoma.
Ihere were killing frosts, with tempera-
lures of % degrees. at Wichita, and frosts
with temperature of AZ degrees. at Fort
smith. Up at Lander and the Yellowstone
Ten ranged from IA to Is degrees
me temperature at Abilene was A degrees;
at Palestine. So degrees, and Galveston. 64
degrees Numerous private reports were
received before the opening of the killing
Irosts In northern Texas. and there was
iuinor or sleet storm in Dallas Added
to the frost tales were weather-man renorts
OF ram at various points, which, following
the heavy precipitation of yesterday. were
regarded as dangerous. Following were the
Palestine. SO inch: Galveston, 40 inch:
Little ROCK. -O6 inch; Memphis, 1.O2 inches
and Ficksburg. SO inch
Later In the morning when the speciaI
weather predictions came In, trading grew
nervous again and prices recovered to the
earlier high figures. They did not rule very
steady however, frequently showing sud
den fluctuations
Colder, with frost tonight was predicted
Tor north Texas, although fair with rising
temperature tomorrow
The Opening.
The market opened from I to 12 points
up January opened up. at 1910 cents,
advanced to 1927 cents, declined to lO.IS
cents and recovered to the high figure
March opened s up. at 1929 cents, ad-
ranced to 1910 cents. December showed a
23-point advance.
NO attention was paid to the cables,
which. due to come points higher. opened
steady, unchanged, to / point up Al
though huctuatfng meanwhile these prices
We're the same at the local opening
Inc Houston receipts for tomorrow are
estimated at Ii. 500 to 1860 bales as: com
pared with 49, $50 bales last week and 10 S64
last year.
The New Orleans receipts for tomorrow
are estimated at $500 to 5000 bales. against
6,592 bales last week and 1885 a year ago
Spot closed quiet, Is points higher: mid
dling uplands, 1910; middhng gulf 1875:
sales fD0 hall 49, 0'