Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-10-15
COTTON MARKETS.
NEW YORK.


NEW YORK. October 14.-Recent
oeartsh predictions Of cents for cot
ton materialized In today's market
when both October and January con-
tracts sold at that level, while every
month on tho list made new low rec
oros under continued heavy southern
oner1ngs and continued local pressure.
Inc close was steady. but only point
OF Two up from the lowest, at net
decline OF from IL to 81 points.
me market opened steady. at a de-
cline OF 5aS points in response to lower
Liverpool cables. There was some trade
Duylng around the initial figures. and
heavy. but rallies Of 4 or s points were
Quickly succeeded by renewed weak.
ness. and In the late trading prices
SOLD on to net los Of 14a1S points on
the active positions. Business was
very active for Saturday, with the con-
tinued good weather in the south sug-
costing big wagon receipts at interior
points today. and the probability of
neavy southern hedge selling against
s snem at the opening Of the market
mere Mohday morning undoubtedly in
spired much of the local pressure
frivate cables attributed the decline in
Liverpool to liquidation by disappointed
buyers owing to continued free offerings
~ actas Land ana while comparatively few
private reports were received here during
tne morning from the southern markets,
the neavy southern selling was taken as
renecting continued weakness in the in
terror There were indications around the
ring that some recent strong local buy
ers were liquidating on the decline, and
1t was claimed that old shorts who had
covered above 81 cents were putting out
their cotton again around the 9-cent
level. Houses with southern connections
ana spot houses were particularly heavy
sellers here just before the close, and
the broker OF a leading spot interest
was the first to sell January contracts
at cents: representing decline of Ats
airy deliveries last June. and a break Of
about PSI points since the 9Th Of Septem-
Der.
NEW ORLEANS.
NEW ORLEANS, La, October IA
cotton futures opened steady at decline
of Sa1O points; cables were disappoint-
Ing and the weather map was considered
very good for this time of the year.
The close was steady at a net decline of
II to 81 points. There was much week
end covering on the short side as soon
as the market opened, but there was
more fresh short selling, based apparently
on reports from the interior that the crop
was still being picked and ginned in rec
ord time. and that the spot demand
were among the heaviest sellers. The
market had a weak UNDERGONE all the
morning and prices sagged slowly but
steadily without showing any decided signs
OF reacting. even when weekend realizing
Of profits by the bear side became heavy.
1t was rumored that two or more leading
operators on the short side were closing
out their lines, leaving their following
to keep the decline going. This rumor
did not help the market in the least. At
the lowest, prices were II to 81 points
under yesterdays last quotations The
close was steady at the lowest.
Spot cotton-Easy; 1-18 lower; middling,
9as; sales. 2OS bales; to arrive. 1900 bales.
Close: Futures closed steady; January,
9.07: March. 9.2l; May. ga; July. $40;
October. 91O: November. 9.O3: December
oO3
The cotton market this week opened at
the highest and closed at the lowest. The
net results were decline Of b6 to 81
were to ID points over last weeks
close: at the lowest they were "a to 81
points under. From the highest to
the lowest there was a drop of 63
season were established during almost
every session. Easier spot markets. fairly
good weather, the continued holding of
policy Of spinners and spot buyers and I'M
satisfactory trade conditions over a large
part OF the world sum up the influences
that worked against prices this week.
From the high point of the season there
has now been drop of nearly ~ cents
q pound. Prices are cents a pound low
er than they were a year ago.
About the only support the future mar
ket had came from the profit taking by
shorts. 1t was rumored that some Of the
largest shorts closed out their lines COM
pletey. Little talk OF a reaction was
heard.
No encouragement to buy cotton came
from the gossip OF the spot market. 1t
was said that holding market was
growing in the interior, and that southern
banks were withholding funds from New
York In order to be in position to
finance this movement, but at all times
there was more cotton for sale than the
buyers could take and the consequence
was that spots closed at the lowest OF
the week. At all times this weakness of
spots was the principal factor of weak
ness in the future market.
Locally spots lost half a cent, middllng
closing at 9as. against 9M last week, and
1Ass this week last year. Sales on the
spot amounted to 2.S3S bales, against
1850 last week and 7,13O this week last
year. Sales to arrive amounted to 10. 500
bales. against 1880 last week and 49,
375 this week last year.