Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-04
The World Of
Finance and Trade
NEW YORK COTTON
MARKET ATTENTION CENTERED
ON PRICES ABROAD TODAY.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, October 4.-After yester-
days exciting events in the local market
attention was centered on the course of
prices abroad Traders were interested in
Liverpool as the supply of cotton there is
large, and for some time whatever weak
ness there has been has come from that
direction.
The south sells there more than in New
York, and the effect of the hedge sales is
one of depression. With the astoundingly
high figures from Washington, 1t was a
question how the Liverpool market would
take the report. The decline more than
met the break here. and this led to fur
Their break in the local market. January
sold down to 1915 and December to 1000.
At this point heavy covering began.
The short sellers at higher prices, seeing
the break of about a cent In two weeks
were led to take profits, regardless of the
future course of prices. This attitude was
made one of diplomacy by the uncertainty
surrounding the attitude of the south after
the break. Thus far the south has not been
led to sell its cotton on a decline. The de-
cline in futures here in a week has carried
the level to point -vhere the south had
been 91s cents or less, and no market was
quoted at less than 10 cents yesterday.
Under these circumstances traders were
inclined to cover their cotton and to look
for rally if nothing more. Before the re-
port January was over 101a cents. At less
than 10A cents, with the spinning demand
greater than at the higher level, and with
iquidation pretty thorough, shorts realized
that 1t would not take much buying now to
start recovery of Is or 25 points, quite re-
CARELESS of the size of the report of the
probable price later on.
rms view was strengthened by the heavy
snort selling since the report by operators
h. 49,, HI. 10
Dearlsh construction to be placed on the
ngures of III was so evident that many
feared money could not be made in as easy
a fashion as the report would lead any one
familiar with crop figures to anticipate
1t seemed so evident that the figures
meant over n,0OD,0O0 bales of cotton and
y cents or below for cotton that those who
had liberal profits were suspicious and COW
cred on the break. Some traders were in
eiined to buy for a turn. This buying
turned the market up about 10 points in
nearly all options. and at midday prices
were where they were last night
After selling at 10.15 for January the
market rallied to 1925 While some deal
erS reported interior markets weakening
and the amount of cotton for sale all that
splnners could absorb, others found it i'm
possible to obtain substantive qualities of
cotton at anything like New York parity
This was factor in the early steadiness,
and there was a large number of traders
who were inclined to believe that some sort
lore business with the south could go on
1t was not expected that the south would
present complete change of front simply
because the Washington figures happened
to indicate a larger crop than had been
talked OF. To make the holder sell may
require some weeks of waiting, but in the
event of crop as large as a condition. OF
IL would Indicate arguments for higher
prices would not be such as to return the
south prices much higher than those now
prevailing. The reoprt is likely to lead to
conservative buying by spinners as long as
frost damage is not reported.
Receipts of cotton as Houston were about
double those of last year, and the estimate
attracted some attention. Cotton is NOV
ing freely and the appearance OF larger re-
ceipts from points where little cotton was
received a week or ten days ago will swell
the movement considerably.
spot closed quiet, points higher: mid
ding uplands, 1910; middling gulf, 1866:
sales 1000 bales.
Cotton Drop at Liverpool.
Special Cablegram to The Star
LIVERPOOL, October 4.-Cotton dropped
to Is today, owing to the report of the bu-
reau of statistics of the Department of Ag
rlcuiture, published in Washington yester-
day, indicating larger crop than had been
expected generally