Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-08-07
NEW ORLEANS.

Spot cotton firm, lie cent up Mid
ding. las. Sales on the spot, 40
bales: to arrive, none.
Cotton futures opened steady at an ad-
vance of to points on good cables;
Around the first call shorts covered
freely on the builish showing made in
Liverpool and the lack of any general
rains in the western belt. Toward the
end of the first half hour of trading
prices fell off to points on the fore
cast of showers in Oklahoma and por-
tions of Texas over Sunday.
From the middle Of the morning on the
market acted somewhat oversold. and
was very steady on a good demand and
limited offerings. Shorts were the best
buyers, and showed open disappointment
over the failure Of rains to appear in the
detailed Texas reports from the weather
bureau. Private cablegramS from Liver
pool telling OF much better demand in
Manchester for goods and yarns in
creased the nervousness among shorts
and their demand for covers, with the re-
suit that toward noon prices were IL
points above the level of yesterdays last
quotations. The closing was steady at a
net advance of 10 to IL points. Cotton
futures closed steady.
Closing Sbids: August. 14.74: septem-
her, 1880; October, 1859; December,
1885; January, 13.4O; March. 1888; May,
1898.
The net results in the cotton future
points on August, decline of 3 points
on October. a decline of l point on De-
cember, an advance of l point on Janu-
airy, and an advance of A points on
March.
The high prices Of the week, with the
exception of August, were made Wednes-
day, following many unfavorable reports
from Texas and oklahoma, in which
great deterioration was claimed as re-
suit Of heat and drought. Thursday and
Friday rain rPnOrte0 OOtl
of these states and prices weakened
longs selling out freely and shorts greatly
increasing their lines. The low prices
of the week were made Friday, as the
result of this selling, but on the week
end the market bore evidence of having
been over sold, and shorts in trying to
cover over Sunday. quickly bid prices
up on themselves. At the highest prices
closing on the new crop months and 81
points over on August. At the lowest
they were 8 to II points under.
The rise in August was made chiefly on
few orders to fill, found almost nothing
for sale. The government report On the
condition of the crop July % was the
big feature of the early part OF tne
week, but the figures of 13.o per cent
Of the normal although bullish. were not
quite up to what the market expected
and heavy selling Immediately followed
their publication.
This resulted in a drop OF dollar a
bale. The statistics for the week did
not favor either side strongly. The visible
supply figures showed a moderate de-
crease for the week and was below the
million bale mark at 951, O62 bales,
against 1,729,459 at the same time last
year, and 1,125,261 two years ago. The
movement of new cotton attracted con-
siderable attention, being unusually
heavy for a season as late as the bulls
claim this one to be- At the week end
Houston reported receipts of new cot
ton for the season amounting in all TO
orb bates, Galveston reporting 1,6O4
bales.
In the spot market prices advanced n.
middling closing at 14A, against 14as last
week and 1914 this week last year. Sales
on the spot amounted to 1925 bales,
against 3,45S last week and 1,765 this
week last year; sales to arrive amounted
to 227 bales, against 3O1 last week and
375 this week last year.