The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-29
COTTON DECLINES
DURING THE WEEK
Bears Were More Aggressive
Than the Bulls
WEATHER FAvORS CROP
The Highest Prices of the Week Were
Scored on Monday and the Lowest
on Friday Under General
Selling BY Benrs


ket this week showed a net loss of 81 to
SO points on the old crop months and
net loss of II to 10 points on the new
crops Bears were more aggressive than
the bulls and with the aid of favorable
weather in the cotton country they were
able to sway the market their way after
rather a strong opening, based on too
| much rain. The high prices Of the week
| were made on Monday, when the more
active months were to II points higher
than last weeks closing. At that time it
seemed as If the advantage was to re-
main with the bulls as reports from the
cotton belt were bad enough to cause
serious apprehension of foul crops. Tues
day the weather took a turn for the bet
ter and over the larger part of the cot
ton belt was favorable the week through.
| The lowest prices were made on Fri
day when the old crops were 40 to 56
points under last weeks closing and the
new crops were % to % under. On Sat-
urday there was a small recovery on the
forecast of rain in the south and crop
reports indicating not altogether salts
factory progress in the earliest section
of the cotton bearing region.
| The bears were helped In their cam
paign by considerable liquidation from the
long side, especially in July and August.
This selling was induced by rumors that
the big western interests in cotton had
abandoned their position in July.
Weakness in the wheat market was
pointed to as confirming this story. Not
a few bulls, however, preferred to be-
lieve that the heavy selling Of wheat con-
tracts was done SO that the western in
terests might all the better protect them
selves in the cotton market.
This week closed with as much uncer-
tainty as ever expressed over the stu
alton in the summer months.
Business was curtailed to some extent
by the nearness of the bureau reports on
acreage and condition. These reports will
be dated May rs and will be issued June
2. Not few traders were disposed to
shorten their lines on the weekend be-
cause of these reports. At no time did
belief in the bullishness or bearishness Of
these reports crystalline sufficiently to
sway prices much either way. The gen.
eral expectation was for a moderate In
crease in acreage and condition re-
port that would be lower than last year'v
figures on ST. per cent.
Late in the week 1t was announced that
the impending lockout in the Lancashire
mill district Of England had been averted
by the postponing of the dispute between
master spinners and operatives for three
months, but the bulls made no attempt ia
take advantage Of this as a market fac
tor. .E-....
The visible supply of American cotton
fell below the 2,OOO.0O0 bales mark, being
put by Hester at 1905, 900 bales, but the
bullishness of these figures was lost
sight of in rather small spinners takings.
In the spot market prices lost 1-16c,
middlng closing at IA 15-16c against 16c
last week and lie this week last year.
Sales on the spot amounted to 1855 bales,
against 2725 last week and $50 this week
last year. Sales to arrive totaled 1850
bales, against 1873 last week and 2c75 this
week last year.
New Orleans Cotton Market
New Orleans, Max 2S.-Cotton futures
opened steady at decline of to points
on the old crop months and to on the
| new. Cables were much lower than due,
| and weather returns indicated practically
no rain anywhere in the cotton belt over
night. In the first half hour Of trading
no great volume of business was done and
prices did not move much. August was
stronger than July, trading at net de-
cline of points against a net decline Oh
July of points. October started In at
q decline of 4 points, but at the end OF
the first half hour business was I'M
changed compared with yesterdays last
quotation.
The market gained strength in the last
half of the session ON reports from south
west Texas that the crop was in decided
ly bad shape as the result of cold weather
and too much rain Intensifying the eff
feet of these reports was the weather
forecast of rain In southwest Texas over
lSunday. August advanced until 1t was
points over yesterdays closing and the
new crop months rose to level points
over yesterdays last quotations. July
showed little strength, and at the highest
was only 1 point up net. On the closing
| the tone was steady and July stood at a
net decline of point, while the other &C
tive months stood at net advance of .
to points. .-..