Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-07-30
NEW ORLEANS.

NEW ORLEANS, July 29-Cotton fu-
lures opened steady at a decline. 8 to II
points under yesterdays close. Gables
were not up to expectations, but We're not
low enough to warrant the initial decline
seen on this side of the water. The close
was steady at a net decline of % to 81
points. Good crop reports, favorable
weather map and the report of the first
bale of new cotton in Alabama, against
August IA last year. caused rather heavy
short selling around the first call. The
market had little buying power in the
early trading and there were no signs of
a reaction.
The market was very weak throughout
the session and declined under it's own
weight Shorts did not force things at all
but steady selling was in evidence, based
apparently on the belief that the market
was on its way to 10 cents, in order to
discount new crop prospects. The ma
1orfty of the weekend circulars from
commission houses contained some such
statement. The gossip of the floor was
to the effect that the higher freight rates
asked Tor ocean cotton. as the result OF
the F'ranco-German dispute. was having
the effect of almost completely shutting
off all new foreign business among ex-
porters. At lowest Of the morning the
August delivery was SO points under yes
terday's close. and the new crops were
80 to 81 points under. The close was
steady.
Spot cotton quiet, % lower; middling
127s: sales on the spot 43 bales: to ar
rive, none
Closing bids-August. 11.5J; September
10.9S: October 1854: December 1854
January. .SJ; March. 1895.
In the cotton market this week it was
one continual slump, without any ma
teriai reaction. Leaving out July, which
became inactive toward the week end
the net results Of the week We're a de-
cline of 115 to 123 points. AT the high
est the list was ) to II points under
| last weeks close. At the lowest leav
| ing out July, it was III to ~ points
under
The decline was principally the result
| of aggressive and widespread short sell
ing. based on the belief in a bumper
crop and on the troubled policies OF Eu
| rope. Whenever the market was inclined
| to react from the long decline some
fresh rumor or development in Europe
would arise to send prices down again
| This was the case Thursday. VIII
October cotton selling at 1141 the gis
| of Premier Asquiths speech on the Mo
( roccan situation to the house Of com
| mons was received by the market ant
thereafter October did not stop sagginl
| until it landed at 1882 decline O.
practically 81 bale.
| News from the growing crop was high
| ~ favorable. The gossip of the day wa
that much of the selling was being dom
| by mills which had bought hedges agains
| their requirements for the coming season
| around 13 cents.
| The heavy receipts of new cotton at
| tracted no little attention and stimulated
| bearish sentiment. Both Georgia an,
Alabama reported first bales of new
| cotton.
In the spot department prices los
rs. middling closing at 121s. against l.
/ last week and lass this week last year
| Sales on the spot amounted to 1861 bales
| against Az last week and 3, 45S this weel
| last year. Sales to arrive amounted {,
81 bales, against none last week ant
| 301 this week last year.