Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-14
The World Of
Finance and Trade
NEW YORK COTTON
GENERAL LISTLESSNESS MARKED
THE OPENING TODAY.

opcciai bispdteu 10 Line SURF
NEW YORK. October 14-Absence of
either frost or rain on the weather map.
softness in the cables and general listless-
ness on the part OF bull interests produced
a weak market at the opening today.
Prices, although opening practically I'M
changed. were even lower than due on the
Liverpool trading. The indications of
warmer weather In the south and report
from reliable sources that the cold wave
had done practically no damage seemed
to give the shorts less nervousness. and
they renewed their activity to a considera-
BILE degree this morning.
Short selling was in part the early fea-
ture, with liquidation on the part of long
interests but moderate. The conviction
gathered force today that the long interest
was pretty well sold out. Ii this was 80,
many thought that the weakness OF the
moment would not continue for long rms
belief became fact as trading progressed.
After selling off from the opening, Wnlcn
ought to have been higher on the cables
the market began to recover unoer cover
ing of the shorts and renewed buying TOT
long account Prices rallied considerably
above the opening.
Market a Bit Nervous at Outset.
The market was bit nervous during tho
early trading, as the element of uncer-
Ialnty sui CluHB " d 6oOa AAeehS 'A"~'
Strong bull interests, although overcome
for the moment by selling pressure were
not shaken in their belief that the situa-
ton in the south, the general activity in
the goods trade and the continued strong
demand from spinners, as well as short
crop, would eventually make for stronger
market.
Prices opened 1 down to unchanged jan
uary opened 1 point down at 9.s1, declined
to g77c and rallied to 9.S0c. Liverpool. due
4 points lower opened to points off and
closed quiet points lower. New Orleans
followed the local market. evincing similar
nervousness.
Bradstreet's says Of cotton today: 1.-The
decline in three weeks has been a full cent
a pound, and as southern planters are re-
ported unwilling to follow the market down
more, reaction may be looked for. Ex-
ports are showing reduction from year
ago. Lower prices for raw cotton do not
Offset cotton goods prices. which In some
instances are higher on the week. Chinese
export trade Is reported to be showing
more life, but Bradstreets correspondent
at Manchester reports demand for goods
less active.
1.-THE first frost in North Dakota was re-
ported October g. The cold wave spread
southwark, and frosts are reported this
week in northern and eastern Texas and
northern Georgia. All crops were out Of
danger however. except in the south. There
the effect on cotton was not serious except
in northern Georgia. Where the claim Is
made that a top crop was rendered impos-
sible, dispa tches to Bradstreets this week
reflect tendency to reduce estimates Of
yield because of frosts. Picking weather
has been good. but farmers are slow to sell
at the present decline"
The Chronicle says Of weather in the
south: Our Geographic advices from the
south denote that rain has fallen in most
sections during the week, with the rainfall
october heavy at some points, resulting,
IL Is claimed, In damage to open cotton.
Picking, however. has made good progress
ON the whole, and in few districts Is APP
preaching completion. Light frost was re-
ported in number of localities toward the
close of the week"
The Chronicle says Of the dry goods trade:
The cotton goods market has remained
consistently firm during the weeks in face
OF Iurtner decline In raw material, and
seilefs still maintain their Independent atti-
tude. They assert that the present level Of
cotton does not warrant any lowering of
goods values, and that quite apart from this
no weakening In cotton manufacture is pos
siole as long as goods remain as far sold
ahead as they are at the present time, with
new orders constantly coming In Deliy-
cries are everywhere far behind hand, and
IN some cases the delays are serious
There Is still a scarcity of labor in both
the east and the south, and as long as mills
are not able to run their full capacity the
cost OF production must necessarily be high
er than 1t would otherwise. Buyers have
perhaps become rather more conservative
In their operations, but the amount of fu-
ture business is still of fair proportions and
the demand for spot goods is as great as
eyer.
Many buyers find themselves unfayor-
ably pleased through their absolute inability
to secure goods that they are in urgent need
OF The export demand shows signs Of
broadening, as some $4,000 bales have been
taken to China on the present movement.
Inquiries now being received carry much
wider range of goods than they did at the
outset