Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-03-12
NEW ORLEANS.


cotton firm, unchanged; middling, IA Ole;
sales on the spot. 116: to arrive, $50.
Futures opened steady l point down to
2 points up compared with yesterday
close. Gables were about as due and
stimulated neither buying nor selling.
Longs were rather inclined to take profits
over the week end, but the effect of SELL
ing from this direction was more than Off
set by the weather map, which indicated
continued dry weather everywhere in
the cotton country. Shorts covered on
this and absorbed offerings from realtz-
ing longs. At the end Of the first half
hour of trading the list was 1 point over
yesterdays close.
Prominent bull operators were good
buyers toward the middle OF the morning
and this induced fresh outside trading
for rise. The market was steady and
at no time did any great volume OF busi-
ness come in, but prices rose slowly until
they made new high levels for the week.
The fact that the stock of cotton IN this
port, exclusive of that on shipboard
awaiting clearance. is under 100000 bales
attracted much attention and advertised
the strength Of the statistical position.
At the highest of the morning the trad
ing months were to II points over yes
terday's final prices. The close was bare
ly steady / point down to points up
compared with yesterdays close. Closing
bids: March. 143S: April, 1889: May, las;
July. 1856; August. 1895; October. IL 20;
The net results in the cotton market
this week were an advance OF to IA
points. The high prices were reached
on the closing session, when the market
was II to 10 points over last weeks close;
the low prices were made Tuesday, when
the trading months were % to 50 points
under last weeks close. From the low
est to the highest there was rise or
II to SO points. The low levels of the
week were the result of the selling for
both accounts that followed the an
nouncement by the supporters OF the
Scott bill, which failed in the last ses-
sion of Congress, that Immediately on
the assembling Of the extra session they
would introduce an anti-option bill. AT
the end of last week 1t was felt that
the market would have rest from this
influence. but early in the week It was
did better, on the report that an effort
would be made to secure federal control
OF the cotton markets, in place Of threat
ened wiping out Of the future markets
altogether.
Toward the end of the week prominent
bull operators were more aggressive than
they have been for a long time. This
was partly due to the dry weather pre-
vailing everywhere in the cotton peit
and partly to the very bullish showing
made by the weekly statistics.
Nearly every state in the cotton belt
complained of the dryness of the soil, and
several important points in Texas sent IN
word that planting was being interfered
with by the drought.
The statistics of the week indicated
q small into sight and large out OF
sight movement which resulted in a
decrease in the visible supply OF 114,-
90. bales against a decrease this week
last year OF 1852 bales and a de.
crease this week two years ago OF 49,
<S4. This great decrease brought the
visible supply down to three and one
half million bales of cotton and served
to call attention anew to the strength
Of the statistical position.
The market acted very much over
sold during the larger part Of the week
especially in October. and this condf-
tion undoubtedly attracted buying or
ders. Bears were less inclined to sell
short than for several weeks past and
the weaker following covered at every
opportunity. No attention at all was
paid to the, army movements along the
Mexican border.
In the spot market prices made no
net change. rniddling closing at IA 9-1S
cents. against IA 9-1S cents lest week,
and IA 1I-16 cents this week last year.
Sales on the spot amounted to 3,223
bales, against 3,l25 last week and 5,60J
this week last year; sales to arrive
amounted 20 5.I9S bales against 1850
last week and e,210 this week last