Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-05-29
COTTON MARKETS.
NEW ORLEANS.

NEW ORLEANS. May 2s.-Cotton-
Spot - Steady; unchanged; middling.
II 15-16. Sale on the spot, 40 bales; to
arrive, none. Cotton futures opened
old crop months and to points on the
new. Cables were much lower than due
and weather indications practically no
rain anywhere in the cotton belt over
night. August was stronger than july
trading at d net decline of points
against a net decline on July Of points.
The market gained strength in the last
half of the session 6n reports from south
western Texas that the crop was In de-
cidedly bad shape as the result of cold
weather and too much rain. lntensify1ns
the effect of these reports was the weather
forecast of rain in southwest Texas over
Sunday. August advanced until 1t was
points over Yesterdays closing, and the
new crop months rose to a lever OF I
points over last nights closing. AT the
close the tone was steady and July stood
at net decline of l point, while the
other active months stood at net ad-
vance of ) to points. Cotton futures
closed steady Closing bids: May, l4.64 /;
June, 1864; July, 14.A: August, 14.44:
September. 1881; October, 1888; Decem
Der, 1886; January, 12,?S.
NEW ORLEANS. May 2s.-The cotton
market this week showed a net loss of
81 to "a points on the old crop months
and a net loss of II to 10 points on tine
than the bulls, and with the aid of ia
yorable weather in the cotton country
they were able to sway the market their
way after rather strong opening, based
on too much rain.
The high prices OF the week were made
Monday, when the more active months
We're q to - points higher than last
weeks closing. The lowest prices were
made Friday, when the old crops were
10 to .,6 points under last weeks clos
under. saturday there was small re-
covery on the forecast of rain In the
southwest and unfavOrabie crop reports.
The bears were helped in the campaign
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 aban-
doned their positions in July. Weakness
in the wheat market was pointed to as
confirming this story. The week closed
with as much uncertainty as ever ex-
pressed over the situation in the summer
months.
business was curtailed to some extent
by the nearness Of the bureau reports
on acreage and conditions. These reports
will be dated May % and will be issued
June . Not a few traders were dis
posed to shorten their lines on the week
end because OF these reports. AT no time
did belief in the bullishness or bearish-
ness of these reports crystalline suf-
ficiently to sway prices much either way.
The visible supply Of American cotton
fell below the 1000. 600 bales mark. being
put by Hester at 1856. 900 bales. but the
bulishness of these figures was lost slght
of in rather small spinners takings.
In the spot market prices lost i-lG.
middling closing at II 1915. against 10
cents last week. and IL cents this week
last year Sales on tine spot amounted to
1,s65 bales against 2.7:o last week and
$3.50 this week last year; sales to arrive
totaled 1.6JO bales. against l,4'3 last
week and 2,O75 this week last year.