Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-07-09
COTTON MARKETS.
NEW YORK.

NEW YORK, July S.-There was very
severe break in the cotton market To-Day
owing to reports of continued rains IN
the western belt and general liquidation
Old crop positions showed the most SEN
sational weakness. but all the actve de-
liyeries sold into new low ground Tor
the movement and to the lowest levels
that have been reached in the market
since the big break OF last February.
Closing prices showed some rally on the
near months, but were at practicaliy
the lowest on new crop positions. with
the Anal tone steady at net decline OF
Hats points.
The market opened easy at decline
of 1Sa21 points on the near months ana
of 6a12 points on new crop months under
active general liqm dation and aggressive
bear pressure inspired by easier cables
unfavorable trade accounts and private
reports Of better rains in Texas and Okla
homa than indicated by the OFFICIAL map.
There was trade buying and heavy cover.
ing at the decline, but the western oels
forecast for continued unsettled and
showery weather encouraged the selling
movement and prices showed practlcaiiy
no rallying power until the old crop had
shown q net loss Of from q to 80 points.
with August selling at 1919. and the ne"
crop had sold II to IS points lower
Then the liquidation OF old crop posi-
tons which had been attributed to
southern bulls, seemed to be a littie less
urgent, and August rallied TO 1880; ",ile
LII
the new crop positions showed practically
no recovery and the action OF the market
suggested that the speculative short In
terest had been very much reduced al
the lowest point OF the movement.
NEW ORLEANS.
NEW ORLEANS. July Section flu
lures opened barely steady at loss OF
to 10 points on poor cables ana con-
tinued rains in Texas and Oklahoma.
The weather map noted scatterea sh to1d
Of good rains over night in important
sections of both Of these states, and'
moreover. stated that 1t was still raining
at several points. The close was STEADY
at net decline of IL to 10 points. After
the call the market weakened further on
the forecast OF showers over sunday
over the entire belt and also on reports
that many gins in the earliest sectons
OF Texas were running and that picking
was becoming general.
The market had weak undertone
throughout the session. Shorts were
constant buyers to realize pronts, ana
toward the end Of the morning this buy-
ing increased owing to the cesire 10 even
up over the weekend, but much time o.
ferings exceeded the demand. Little or
no fresh buying for long account was IN
evidence and there were few signs or
trade buying, such as was predicted
would be seen should prices of the new
crops work materially under the 13-cent
level. At the lowest OF the morning the
new crops were 10 to 16 points under yes
terdays closing prices. and the OLD crops
were to II under D.
Receipts, 4S9; stock, Al, 1873: middling, 15c.
Sales on the spot. 40 bales; to arrive. 100.
Futures closed steady. Closing bids:
July. 14.70; August, 1880: September,
1904; October. 1888: December, 1884;
January, 1899; March. 1900.
The net results of the week in the
cotton market were decline Of IL to
% points. The high prices were made
on Monday and Thursday and the. low
prices were made on Saturday AT the
highest the list was 10 to 81 points
over last weeks close and at the low
est 1t was IL to "a points under. From
the highest to the lowest there was
range OF 81 to so points.
The reason for the net decline was
the moisture that fell in Texas and
Oklahoma. Up to Thursday the mar
ket had a rising tendency as the re-
suit OF the governments report on
condition issued Monday. On Thurs
day the market received reports OF
rain in the drought districts Of the
west and prices broke sharply about
a dollar a bale. From then on the
market had q weak undertone and
prices fell to the lowest levels Of the
week.
On the week end there seemed to be no
doubt that the western portion OF the
cotton region was getting plenty OF rain.
and the forecast for Sunday was for more.
Tho condition report of $50 per cent Of
the normal. taking the crop up to June
8, was a surprise to the trade. While
the figures of $50 were 50 points higher
than the ten-year average for June %.
they were called bullish because they
did not meet the expectations. They I'M
doubtedly would have supported the mar
ket right up to the week end but for the
rains in the west.
In the spot market prices lost one
against is 1-16 last week. and IAN this
week last year. Sales on the spot amount
ed to Lii bales. against 500 bales last
week and 1,1S2 this week last year; sales
to arrive amounted to 100 bales, against
$50 last week and seventy bales this
week last year.
Papa,-You have q little brother, Willie
You are not the youngest child any long