Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-02-27
NEW ORLEANS.


cotton unchanged: middling. 14%. Sales
on the spot. 1000 bales; to arrive. $50;
hedged cotton, 200
Futures opened quiet. unchanged to
three points lower than yesterdays clos
ing. No great amount of business was
done on the call, but afterward brokers
received considerable volume Of selling
orders from profit-taking longs, and
prices fell off in the more active months
until they were five points down. The
first sale of May was at an advance of
one point, and the price fell six points
from this in the first half hour of trad
ing.
The decline continued until about the
middle of the session, when May and
July were eight to nine points under yes
terday's closing. Here fresh long buying
came in, and during the remainder of
the morning the market had a strong
undertone and gradually advanced until
May and July, the most active months,
were p to "A points up from the bot
tom. There was little trading in March
or in the new crop months. Toward
the end of the day shorts bought freely
and showed nervousness over the pros
poets of a good spot demand from ex-
porters and other spot shorts during
the week to come as forecasted in bull
ish market circulars. The closing was
steady, at a net advance Of IL to IA
points on the old crops and to points
on the new. practically at the highest
levels of the day.
Cotton futures this week show a net
advance of % to q points on the old
crop months and an advance Of points
on the new. The strength of the March
position bolstered up the other old crop
months; there was comparatively little
trading in the new crop. The highest
levels were reached Saturday, and the
lowest prices were made Wednesday.
when the market opened for the week
after the holidays.
Thursday was the first notice day for
March, and the opening of the liquidation
of the March position was easily the most
important happening of the week. Shorts
did not tender much cotton, their notices
amounting to only 5000 bales, but what
little they did offer on contract was
eagerly grabbed at by March longs. A
feature of Importance was the buying
of March by the strongest interests in
the trade, the exporters and spinners.
Many exporters, finding it next, to inn
possible to buy spots in the interior at
big markets, turned their attention to
the future markets. and filled their re-
quirements by purchases of March, for
which they openly stated they intended
to demand the actual cotton. Liverpool
was a large buyer of March around the
middle OF the week. and 1t was the gen.
eral impression that the purchases were
for the account of spinners, who were
attracted into the future market by its
discount under spots.
The market opened for the week at a
net loss and kept on declining until the
old crop positions were full quarter
of a cent under last weeks closing. This
fall was based on reports that spot hold
ers in the south were weakening and
that leading bulls were temporarily
against the market plus correction
of 5000 bales in the Bremen stock also
aided the bears on Friday.
In the spot market prices showed no
change at all. middling closing at 1875.
against 14as last week and 5-16 this
week last year. Sales on the spot
amounted to 6,575 bales. against $3.50
last week and ALSO this week last year;
sales to arrive totaled 1850 bales.
against 40 last week and 1850 this
week last year.
Futures closed very steady. Closing
bids: February, 1870. nominal: March,
14.3s; May, 14.53; July. 1853; August,
1883; September, 1897; October, 1244;
nacaphar ~ 0R