Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-08-21
The World of Finance and Trade.
Washington; New York; London.
COTTON MARKETS.
NEW YORK


NEW YORK.
NEW YORK, August 2O.-There was q
sensational advance In the price of Au-
gust cotton today as a result OF covering
sellers around the ring, now that it Is
getting too late in the month to ship cot
ton here from the south with any GER
tainty OF its arriving In time for It's
delivery. New crop positions. held back
owing to reports of better weather IN
Texas. shared the August strength to
some extent until near the close. when
realizing caused general reactions from
the top. and last prices were barely
steady net 2 points lower to 81 points
higher. August being higher and otner
months within a point or two or iast
nights finals.
The maket opened steady at unchanged
prices to an advance of points In
spite of disappointing cables and the ne
talk of rains in Texas; The strength OF
August seemed to dominate the situation
after the opening, however. and after
selling first at 1890. that month ad-
vanced to 1914, or 80 points above the
closing figures of last night. IL was
estimated that not more than 2.5W bales
were purchased on this big advance IN
the price, and the talk around the ring
was that foreign and other shorts re-
manning in the market must cover at
sold up to a net gain of Halls points IN
sympathy with the August advance, and
on the early private wires claiming tnat
not much rain had actually fallen In
the droughty sections Of Texas, while
the western belt forecast suggested clear
ing weather over Sunday. But later re-
ports from Texas indicated that the rain
had been rather more general, and When
the advance in August was checked the
whole market turned easier under real
izin
lowest figures of the day on all positions
except August. August made new high
records for that position for the season,
but the level reached was not quite as
under similar circumstances last month
NEW ORLEANS.
NEW ORLEANS, August 2O.-Cotton-
Spot quiet, unchanged Middiing, 14A;
sales on the spot. q bales.
Futures opened quiet, unchanged 10
g points up The weather map failed
to give encouragement to either side, the
Texas cotton region getting enough rain
to prevent talk of drought. but at the
same time not as much as the bears
expected. The weather forecast served
to check aggressiveness on the bear side.
as 1t predicted dry weather over Sunday
in the western half of the cotton belt.
Toward the middle Of the morning
shorts tried to take profits over the week
be filed by the ring. Bulls saw this and
helped the bears bid prices up on them
selves. Toward noon the demand from
all sources slackened, and longs trying
to liquidate moderately sent prices to
new low levels for the day. The market
closed steady. unchanged to points down
compared with yesterdays final quota
tons. Closing bids: August, 13Oe; Sep
TENDER. 1884; October, 1926; December.
1927: January. 1893; March. 1874; May.
13.5l.
The net results in the cotton futures
market this week were advanced Sa14
points. The high prices were made on
Wednesday on the new crop months and
low prices were made on Monday. At
the highest quotations were IA TO 10
points over last weeks closing, and at
the lowest they were Ii to Id points
under.
The extreme range Of prices during the
week was only over q to "a points.
The heavy movement of new cotton in
the west was responsible for the low
prices seen around the beginning of the
week.
At this time the drought in Texas was
still unbroken and more or less alarm
was felt over II on the short side At
the same time the receipts of new cot
ton were SO heavy as to warrant the be-
1t would soon exceed the demand The
last half of the week the market was at
fected more or less by reports of scat
tered showers which appeared to cover
the larger part of Texas and for the time
being to do away with the claim of
drought. The high prices Wednesday were
due to continued dry weather in the west,
but from Wednesday on private reports
Of showers came in In a flood. The move
ment of new cotton from the first of the
season up to the week end was exceed
ingly heavy. amounting to 1896 bales
at Houston.
Georgia, Alabama, Mississippi and
Louisiana also began reporting much new
cotton and this led bears to predict that
the movement of new cotton by the LIST
OF September would be record breaking.
At the end of the week crop accounts
from Texas showed some Improvement
as the result of showers, but bulls con-
tended that the rain came too late to do
the crop material benefit. Nearly all the
states In the central and eastern portions
OF the belt sent in favorable crop reports,
and some sections, notably Alabama.
claimed that they would make more cot
ton than they did last year. some por-
tons of Mississippi, once thought to be
hopelessly in the grass and weeds were
reported to be making fair crops. All of
this increased bearish sentiment, but at
the same time caused the market to act
oversold, which condition was its chief
support. In the spot market prices lost
BIC: middling closing at 14A against
IA 1915 last week and 1914 this week
last year. Sales on the spot amounted
TO So bales. against 4.272 last week and
So this week last year: sales TO arrive
totaled % bales, against q last week
and los this week last year