Evening star., 1905-09-29
The World Of
Finance and Trade
NEW YORK COTTON
PRICES SHOWED A MARKED AID
VANCE.

Special Dispatch TO The Star.
NEW YORK, September 29.-In spite OF
the reported circulation of October cotton
contract notices of between 1900 and 49,
000 bales, or practically the entire certif-
Gated stocks at this point, which under nor
NAL condition would have caused a break in
the market, prices showed a marked adj
vance after the opening. The apparent
reason was that this large volume of no
tees. much larger than was expected, was
reported to be all taken care OF BY the
houses operating for the Wall street inter-
ests. 1t was the general belief that the
cotton had all been stopped by these peo-
pie, and they would continue to stop all
such traders that some in their direction.
This feeling seemed to create a good deal
OF distrust by those short of the market.
and the tendency on the part of many trad
ers was to fall in line with the buying
movement rather than to contend with 1t.
Thus. although the market opened at
loss of IL points on October, it recovered
quickly, with an advance of 10 points, the
ouyins pressure being especially strong. A
good deal of the October was being set
on against sales in the later months, which
showed 25-point difference
The frmness Of the late positions was at
trlDuted to the crop report of the young
at oo;4 per cent, against 70.5 per cent last
month and ia per cent last year.
assisting also the upward tendency was
tne insight estimate of New Orleans,
Which oid not fulfill expectations. Early in
the week 100000 bales were looked for but
only between $780, and $4,000 developed.
Ihese figures are discouraging against
those for this week last year, which were
$4,000. The weather reports also con-
tinued unfavorable, low barometer areas
prevailed and rains fell throughout the belt
between Palestine and Savannah, inter-
fering with the picking. Thus the general
situation today gave more reason perhaps
for confidence in higher prices than has ap-
peared in some time.
This confidence was reflected particularly
in New Orleans, which showed a relatively
stronger advance during the early trading
than here. Liverpool was not much of a
factor In the local trading today, as it
opened about as expected. The spot mar
ket was generally steady, October opened
here eleven points off at 10. 40 cents and ad-
vanced to 1885 cents, where it ruled fairly
steady during the morning session. De-
cember opened two points off at 1915 cents
and advanced to 1915 cents. January
opened two points off at 1918 cents and
moved up to 1852 cents. May opened three
points up at 11.03 cents and held steady.
New Orleans opened from one to five points
up. and Liverpool, due to come, three to
four points higher, opened steady at four
points higher. The estimated receipts at
Houston for tomorrow are between 1880
and IL, 500 bales, as compared with 1851
last week and 1879 last year.
During the late afternoon trading the
market weakened under the selling pres
sure and all the early advance was lost.
January sold back to 10.69 cents, -yester-
days low figure, and there seemed to De
more cotton for sale than the market could
absorb. The issuing of so many notices
complicated the situation and there was not
enough general business to hold the early
advance.