Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-10-09
The World of Finance and Trade
Washington; New York; London.
COTTON MARKETS.
NEW YORK.

NEW YORK.
NEW YORK. October S.-The cotton
market had the most active and excited
opening of the season this morning, and
first prices made new high records, owing
to the sensational strength of the ca
bles. Reactions followed as result
Of extremely heavy realizing. but the
final tone of the market was steady. and
closing prices showed gain of from
to ID points for the day. The opening
was firm at an advance of 13a2j points,
with October contracts selling at 1857
and January at 14.72, owing to the big
advance in Liverpool, and reports indi-
eating that the foreign strength was the
result of big trade demand rather than
of bull speculation. Advices from New
England mill circles were also encourag-
ing from bullish standpoint, and at
the opening here there was a big de-
mand from recent sellers for a reaction,
as well big wave of fresh buying
for long account. and a large demand
from trade interests. 1t looked as il
many of the biggest bulls in the market
were taking profits on the initial adj
vance, while there were many predictions
of a reaction, and prices eased off from
the top in consequence, but offerings
were SO we'll absorbed that the market
showed no sign of weakness, and the
close was generally up from the lowest
on the late position.
There was nothing in the weather news
to create fresh sentiment as to the size
of the crop, and, judging from the talk
around the ring. the advance represented
feeling in many circles that mills of
the world. having become convinced of
high prices for the seasons supply, are
entering the market during the early
periences Of last season. '' when
prices toward the end Of the sea
son were forced to very high levels by
the scarcity Of supplies and their concen-
to- e. H.
The big advance in Liverpool futures
was accompanied by such an advance in
the price of spot and such a good de-
mand for half session as to color the
crease in trade demand since the settle
ment of the Lancashire strike. and adj
vices from Fall River reported that the
mills there would go on full time begin
ming Monday.
NEW ORLEANS.
NEW ORLEANS, La, October Spot
cotton-Firm, 3-16 higher; middling, 14A.
Sales on the spot, go bales: to arrive, 9, 100
bales. Cotton futures opened firm to an
advance of 15 to 10 points on the unex-
pected advance in the Liverpool market,
where futures closed about Is to II Eng
lish points up instead of the 2 to 3 points
due to meet the fluctuations in this mar
ket yesterday afternoon. The general be-
lief here was that the leading bull inter-
ests. were buyers. Soon after the call
prices were IL to q points up, but on
profit-taking by longs soon reacted 2 to
points
The market held very steady through
out the morning. Prices at their highest
were put 81 to % points over yester-
days closing. Reactionists who sold
short yesterday were the heaviest buyers
Very heavy rains in many sections Of
the eastern half of the cotton belt did
not add to the peace of mind of bear
traders. Cold weather still prevailed in
the western half of the belt The close
was very steady at net advance of
16a17 points.
Close: October, 144o: November. 14.4O;
December. 14.4S: January, 14.6O; March,
14S1; May. 1892: July. 1904.
The cotton market rose steadily this
session. The net results were an adj
vance of 6S to Sc points. or about s. to
81 a bale.
The lowest levels Of the week were on
points over last weeks close. The high
est prices were made Saturday. when the
market was SO to 80 points over last
weeks final quotations.
Although bears and not a few bulls
believed in q reaction and worked hard
for 1t, the market had little tendency to
lose the ground it had gained. At the
end of the week. the late positions were
over the lucent level.
The main features Of the week were
all bullish.
The market opened on two reports from
the government, one on ginning and the
other on condition, both of which were of
a bullish nature, and caused an advance
in prices.
The lockout In Manchester was at first
disturbing feature to the bulls. but
Thursday 1t was announced that it had
been called off and that the mills would
resume work Monday morning.
This was followed by heavy buying by
both spots and futures in the American
and English markets.
Toward the end Of the week cold weather
and heavy rains visited the cotton belt.
This was the first cold snap of the sea-
son, and caused great nervousness among
shorts, as the crop needs several weeks
yet of favorable growing weather. Heavy
rains did much damage to the grade of
cotton in the middle sections Of the cot
ton country.
The one bearish influence in the market
in addition to the continued unsatisfac-
tory state Of trade in general, was the
bill of lading question, but nothing new
developed in connection with IT.
In the spot market prices advanced 11-16
middling closing at 14A, against 13 9-16
last week and Ii lie this week last year
Sales on the spot amounted to 2, 40 bales
against 1881 last week and 1925 this
week last year.