Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-11-12
The World of Finance and Trade
Washington; New York; London
COTTON MARKETS.
NEW YORK.

| NEW YORK. November n.-After
opening lower in response to disappoint-
| Ing Liverpool cables. the cotton market
rallied during todays trading on bull
| support and covering which was probably
| inspired chiefly by predictions of unfavor-
able weather over Sunday. The close was
very steady at net advance of las
points. The market opened steady at a
, decline of 3a6 points. which was rather
better than due If anything on the
showing of the English market. This de-
cline carried January back to a little
under the &c market once more. and very
| much the same resistance developed
around that level as previously during
the past three or four weeks. At any
rate the market soon Steadied, and later
in the morning sold about to points
net higher on support from the same
strong interests who were aggressive buy
ers Thursday and Friday and covering
for over the week end. The close was
within a point or two of the best on the
active months. The forecast for snow
and cold weather in the western belt no
doubt accounted for much of the covering.
as scattering shorts showed little dispo-
sition to carry their commitments over
weather map and in view of the talk OF
continued southern holding.
Some were inclined to regard the rela-
tive weakness Of Liverpool. which has re-
Gently shown leading strength. as re-
flecting a less favorable view of the sit
uation in the China trade. but it Is said
that while China merchants have at
tempted to cancel orders for goods in the
domestic market the mills have refused
to permit such action on the ground that
the port of Shanghai Is open, and that
there Is no reason why the shipments
should not be made. Comparatively lit
tie news was circulating from southern
spot centers during the morning. and
probably the failure of yesterdays late
report of an easier tendency to receive
confirmation of a character suggesting a
general loosening up of holders helped to
steady the futures market during the
morning in connection with the prospect
of more unfavorable weather for GIN
ming and the movement
NEW ORLEANS. November IL
Cotton futures opened steady at a de-
cline of to points on poor cables and
some improvement in the weather. The
Of Gao points. First prices were the
lowest in the early trading as yesterdays
sellers started covering, and their de-
mand was more than the ring could APP
ply. The weather map was cloudy. but
no great amount of rain fell over the cot
ton region. A small amount of fresh
short selling was In evidence based on
the bearish weekly statistics. but the
market had a good tone, and at the end
Of the first half hour of business prices
were I to :; points over yesterdays close
on the more active months.
The forecast Of rain, snow and cold
weather for the cotton belt over Sunday
stimulated buying and around the middle
of the morning the market was very
steady in view of the moderate amount
of business being done. On scale the
longs took profits, but the selling from
this source was small. Signs of a further
falling off in the movement caused bulls
to renew their claim that the crest of the
movement for the season had been reach
ed and passed. At the highest of the
morning prices were Sa10 points over
yesterdays last quotations.
Spot cotton firm unchanged middling.
~: sales on the spot. 57J bales; to ar
rive. 2.1JO bales.
Cotton futures closed very steady.
November. 9.23: December, 9.2l: January,
9.23: March, 9.32: May. ga: July, 9-55
The cotton market this week closed L.
points higher than last week on the more
active months. The high prices of the
week were made Friday and the low
prices Wednesday: at the highest they
close and at the lowest they were to 8
points under. The range of prices was
25 to % points.
The low prices of the week followed the
publication of the census bureau report
Of approximately ten million bales of cot
ton ginned to November 1. the largest
amount on record to that date. Heavy
covering by shorts was in evidence in all
three Of the big markets of the world
and was estimated at over quarter of a
million bales. This prevented further
decline brought about by the ginning re-
port
The tone of the market was helped by
purchases by scalping longs and favorable
reports from English markets.
Crop estimates by prominent brokerage
firms were as high as 16OOO.O0O bales.
They encouraged scalping shorts. but had
no other effect.
The weather of the week was in the
main unfavora ble as too much rain fell.
In the spot department prices remained
unchanged at 9L the week through This
was also last weeks closing level.
This week last year middling closed, at
14ss. Sales on the spot amounted to 2.3l5
bales. against 1864 last week and ALSO
amounted to 1873 bales. against 1866
last week and 1873 this week last year.