Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-20
The World of
Finance and Trade
NEW YORK COTTON
SHARP RISE TODAY ON OPENING
CALL.

Special Dispatch to The Star.
NEW YORK, September 2O.-This morn
ing there was a sharp rise of 10 points on
the opening call due to a rise of or
points in Liverpool. To meet the foreign ad-
vance a rise of Is points was due, but SO
| much cotton came out on the rise of III
points that the market halted there during
the early trading. The rise abroad was d.
rectly attributed to the Washington report
of yesterday, showing deterioration In many
sections and the crop opening prematureiy.
That many of the best sections complained
OF unsatisfa Glory yields or a short crop was
disappointment and served to bring IN
buying orders from both classes of oper-
ators. The rise in Liverpool was something
of surprise to the traders here. and as
result there was not the selling that was d
feature last week. On the other hand the
buying power failed TO increase to an ex-
tent that brought about a radical change
In the market. Prices advanced over IVA
cents for December and January. more by
reason Of diminished selling than through
increased buying. The selling power be-
gan to be appreciably less on Monday. and
events have led to developments along tina:
line.
Crop news has been less satisfactory,
farmers have shown disposition to look
after themselves without help from specu-
lators or spinners. and the strength of the
October pool has added another strengthen
ing factor.
Many operators who were inclined to sell
for decline withdrew from the market
awaiting developments. With a short In
terest to be covered scattered, buying by
nervous shorts gave the market enough
support to cause the advance.
On the rise there has been selling De-
cember and January along lines that caused
comment. 1t is not believed that all this
selling can be of speculative order purely.
Many regard the selling as of a hedging
kind and not a hedge against cotton In the
south. The cotton for sale in the south
is being sold again in October and not so
much in December and January. AS the
market is still of narrow character and
lacking in general business the trading of
individuals causes more comment than
would be the case in a broad market
The selling has the effect of keeping the
market down and to some more enthusiast
tic buyers prices fail to advance in a fash
ion to encourage larger operations. All ad-
nit that remarkable resistance Is shown
and some spot houses are outspoken in
their disappointment at the resistance
They have expected a decline that would
encourage free buying at a lower level.
Now spinners may be obliged to enter the
market over 1912 cents In order to get the
October that will then be necessary for
December and January shipment.
The farmer evidently knows the spinners'
position and he Is willing to run his
chances of a decline later by an attempt to
hold prices now and bring in the spinner
later
The market this morning followed Liver
pool slowly and without enthusiasm. At
midday prices were s or points over last
night with the market quiet but steady
throughout. on advance cotton was
for sale, but with each setback shorts
bought This held the market and with
the south steady and no heavy pressure of
cotton prices moved around within mar
row limits. Many took profits early look
Ing for a setback of 3 to 6 points, but DUR
ing the first two hours prices hardl,
changed from the opening level.