Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-02-19
NEW ORLEANS.

NEW ORLEANS. February 1s.-Spot
cotton quiet and steady. unchanged; mid
ding, 14Iz. Sales on the spot, 200 bales i;
to arrive, 1850 bales.
Futures opened steady at an advance
of ) to ) points on the old crop months
and an advance Of l point on the new.
Liverpool was much higher than due, and
put prices up alphabetically on this side
in the face Of rains in Texas and Okla
homa over night. May and July both
ately after the call. but fell points from
this level under the selling. At the end
Of the first half hour OF trading the LIST
was l point up to ] point down compared
was paid to the Scott bill. and dispatches
from Washington were taken to indicate
that the measure would no longer be as
disturbing a market influence as It has
been.
Toward the middle Of the morning ru-
mOrs Of a better spot demand, and that q
list Of nearly 1900 bales OF hedged cot
ton had been traded in after hours yester-
day strengthened the market and caused
an advance from a. level l to 4 points UNI
der yesterdays close to the highest level
Of the week. The market acted oversold
and sold out. and rather urgent demand
from shorts who waited to cover over the
week end supported the market in the en-
tire absence OF any bullish aggressive
ness. At the highest OF the morning
the list was to II points over yester-
days final quotations.
The close was steady at q net advance
OF to 10 points. Closing bids: Febru-
ary. 14.o7 nominal: March. 1Als; May.
14.N: July, 14.3S; August, 1875: October.
1874; December. 1884.
NEW ORLEANS. February lS.-The
net result Of the weeks t. adlng IN the
cotton market was loss OF 10 to .
points. The new crop positions were the
weakest, owing to rains In the western
sections Of the cotton belt. The low
prices OF the week were made Thursday
and the high prices strung along after
its highest on the closing session
At the lowest the whole list was Is to
80 points under last weeks close. At the
highest 1t was to 81 under, this irregu-
crops to make the same recovery as the
old. From the lowest to the highest
there was range OF 10 to 40 points.
The Scott bill pending before Congress
week. This bill. which threatens to do
away with future trading in cotton. was
taken as very bearish feature and COM
pletely overwhelmed the other and more
the effect OF causing a great amount Of
liquidation among the longs and OF slim
ulating short selling Early in the week
1t was reported that one trader alone
had thrown overheard a line Of $1,000
week the cotton trade came to the con-
clusion that tie b i. all ha II
becoming q law and the market made q
substantial recovery.
Second in lmpo lance in influence to the
Scott bill were the rains In Texas and
Oklahoma. Throughout the week more
or less rain was reported In THESE two
states. and kilograms and letters from
cotton merchants and planters stated that
the ground could not be in better shape
for the completion OF blowing and for
planting In the earliest sections. At sew
eral points In the extreme southwest OF
the belt. planting actually commenced.
It was the claim OF some plante and
bulls that while the top soil of tie r ,ught
sections Of the belt had been mostened,
the subsoil still lacks moisture necessary
to carry the plant through the gov ng
season. This. however, was los. sight of
In the relief that was In evidence on the
top Of the ground. Under these rains the
new crop deliveries showed less stren%th
than at any time since they have become
active trading months.
The weekly statistics were very bullish
and a better spot demand was reported in
some quarters, but these two features
attracted very little attention.
In the spot market prices lost one
eighth. niddling closing at 14h against
IAN last week and las this week last
year. Sales on the spot amounted to
1881 bales against ], 4S8 last week and
$3.50 this week last year. Sales to ar
rive totaled 1910 bales against 1888 last
week and 1880 this week last year.