Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-04-24
The World of Finance and Trade.
Washington; New York; London
COTTON MARKETS.
NEW YORK.

NEW YORK. April 2s.-The cotton
market was very quiet today. and
the nervousness caused by the near
month end situation. large financial
losses as result of the southern spot
failure announced earlier in the week.
proposed legislation at Washington and
an expected continuation Of the proceed
ings before the federal grand jury
seemed to be still further restricting gen.
eral business. The market closed steady.
net 1 point higher to points lower
The opening was steady at an advance
Of points on June, but generally I'M
changed to points lower In line with
the cables. Buying Of the new crop
bly, as a result OF cold weather COM
plants. caused slight rally right after
the call, but the market soon eased off
under scattering liquidation, with May
contracts selling at 14.7O and July at
1850, or about 3a5 points net lower. At
this level the market found some sup
port from the bull leaders, who emphat-
ically denied rumors of q private settle
ment, and the close was a point or so
up from the lowest.
1t is reported that the southern spot
failure has caused heavy losses in local
as well as foreign circles, and. accord
ing to published estimates, New York
firms stand to lose about $500. 0OO This
loss, however, is said to be distributed
among five or six strong houses. and
hension that the local situation would
develop any trouble in consequence.
The new crop received some support
during the day from readers of the
weather map, who predicted that the
cold weather in the north would work
down into the eastern belt over Sunday.
Private cables reported no fresh feature
in Liverpool, and the somewhat disap-
pointing week and figures, showing
big drop in spinners' takfngs, had been
81 N,,I
NEW ORLEANS.
NEW ORLEANS. April 23.-Cotton-
Spot steady. unchanged. Mid. 14ss; sales
on the spot. $50: to arrive. none: hedged
cotton. 20. Cotton futures opened quiet
at a decline Of 1 to 3 points on an ac-
emulation of selling orders over night.
Cables were slightly better than ex-
pected. Selling on the call appeared to
be based on fear of the effects of the
Alabama spot firm failure, but while it
continued to be one of the chief topics
Of conversation on the floor of the cot
ton exchange 1t was the general opinion
that no local firms would lose by 1t.
After the call the market had some of
the better tone on reports Of too low
temperatures over the cotton belt gen.
orally, and prices made a small advance
The market Showed little strength at
any time during the morning. Longs ex-
hibited a desire to transfer their interests
from the old to the new crops This
was evidently inspired by reports Of
heavy buying of October and December
by the quill leaders.
Around me middle of the morning the
market sagged to s points down. but
toward the close the tone was better
The market closed steady 1 to 5 points
lower than yesterdays closing on the
old month crop and 3 to ) points higher
on the new crops. Futures closed steady.
Closing bids: January, 1229a31 April,
1442, nominal; May. 14.46a47; June, 14.49,
nominal; July, 14.45a56; August, 1372a75;
September. 1882 bid; October, 1236a37;
november. 1929. nominal December,
12.2Sa29.