Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-09-24
COTTON MARKETS.
NEW YORK,

NEW YORK, September 23.-The de-
cline in the cotton market continued to-
day, new low records being again estab-
lished, with prices closing barely steaay
at a net decline of from . to lS points.
The opening steady at unchanged
prices to a decline of 4 points, and while
there were a GOOD many overnight COW
ering orders around the ring, which ac-
counted for the steadiness of the initial
tone. the market quickly weakened under
more or less general selling, encouraged
by the sharp break In the spot position
at Liverpool, prospects for good weather
in the cotton belt over Sunday, reports
that the interior was Still offering spot
cotton freely in the eastern belt, the
bearish visible supply figures and con-
tinued southern selling of futures in the
local market. Realizing by shorts for
over the week end was active enough to
check the decline during the middle of the
morning and cause a rally of 3 or 4
points. but there was no snap to the buy
ing. and the market eased off again in the
late trading. when October sold to 1888
and December at 1862, from 8 to l.
points net lower. with the close at the
lowest point of the movement. The sharp
break in September contracts and spot
cotton in Liverpool was supposed to re-
fleet final weakening of the old bull
position in that market, but the domi-
mating influence of the day, so far as
could be gathered from opinions expressed
around the ring, appeared to be a feeling
that trade demand would be insufficient
to absorb the daily increasing receipts
Weekly reviews reported a better de-
mand for cotton goods in the domestic
market and rather a steadier feeling as
to prices, but southern advices continued
to claim slack trade demand in the in
terror, and local bears are predicting that
spinners will buy only from hand to
mouth until prices reach a more at
tractive level. Leading bull brokers gave
the market some support on scale down
during the morning, and there was a lit
tie demand from spot houses, but the
chief demand was attributed to realizing
by scattering shorts.
The net results of the week in the cot
ton market were a decline of 10 to 81
points. The high prices We're made Mon
day and the low prices Saturday. From
the highest to the lowest there was a
fall of Is to 81 points; at the highest
the trading months were unchanged to
2 points under last weeks close, and at
the lowest they were % to 81 points
under.
Prices made new low levels for the
season, as the result of heavy and gen
eral selling based on weakness in the
spot markets of the south. Spots led the
way to lower levels at all times At
first futures resisted. but once the de-
cline was started it became violent. News
from the crop intensified the effects of
the marking down of spot quotations.
Open cotton was reported on larger
scale 10 the eAlIeIle IL VI
the belt than was ever known before, and
labor was taxed to the utmost to keep
up with the picking.
The weather of the week was favora BILE,
on the whole. Under this condition spot
buyers withdrew as much as possible
from the spot market Gable messages
from Liverpool said that spinners were
buying only to supply their current needs.
This development made spot offerings
look all the larger. At the end of the
week the market practically was at the
lowest.
In the spot department prices lost three
10 1916 against II 9-16c last week and
13ssc this week last year. Sales on spot
amounted to S71 bales against ZIG last
week and LIS this week last year;
sales to arrive amounted to 9.175 bales
against 3,S40 last week and 1873 this
week last year.