Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-09-28
NEW ORLEANS.

prices of cotton rose to new high levels
for the season today and to the highest
levels seen on the boards in several
years. Continued unfavorable weather
coupled with the fact that encouraging
news early in the day from Washington
regarding market legislation gave the
bulls free hand at first led to the i'm
provement in values. but at the highest
Underwood had introduced the Smith
Lever future tax bill caused one of the
worst breaks of the season. The market
lost 26 to "a points from the high and
closed in a demoralized state.
In the earlier part OF the day buying
for long account was heavy. much of 1t
apparently coming from outside sources.
The market went up In the face Of con-
siderable profit taking by buyers Of the
first part OF the week.
On the opening the tone was steady
and prices were 5 to 10 points down.
This initial decline was due to the fact
that Liverpool did not make a good
enough response to the advance on this
side yesterday. Liquidation of long cot
ton was heavy around the opening.
After the first call prices were to 8
points under the close Of yesterday. The
market gradually did better on reports OF
crop damage from many sections of the
western belt and at the highest the trad
ing months were ID to 16 points over yes
terday's last quotations. The market was
at about its highest levels when the re-
ports concerning legislation were re-
ceived. The close was irregular at net
loss for the day Of Is to % points.
Spot steady, Il up: middling, 1873: sales
on the spot, 625 bales; to arrive, $50.
The cotton market closed irregular at
net decline Of 10 to 70 points:
Close: January, 1870; March, 1877:
May. 1885; September, 1875: October,
1894 December, 1854.
Weekly Cotton Review.
The price of cotton went to new high
levels for the year this week. several
options crossing the fourteen-cent
mark. Values were the highest in sew
eral years. The market closed for the
week at a net gain of Is to 35 points.
The high prices were made Saturday
and the low prices Monday. At the
highest the trading months were 81 to
60 points over last weeks close; at the
lowest they were II to Is points under.
close would have been higher but for
a sensational break right on the week
end on unfavorable rumors from Wash
ington regarding legislation. The chief
reason for the advance was the grow
ing conviction that this crop at it's
best can be only Of moderate size. Bulls
claimed much crop damage was done
during the week.
Posting of the weekly statistic was
followed by increased buying, as they
pointed to demand for cotton that
appeared to be out of proportion to the
supply. or at least the supply claimed
by the bulls. Exports for the season
were put by Secretary Hester at 633, 671
bales. against 456,903 bales a year ago
and 624.039 two years ago. Bulls called
attention to the fact that exports two
years ago were the largest on record
to that date.
In the spot department prices gained
nine-sixteenths of cent middling
XII 10 or
week and IL 7-16 this week last year
Sales on the spot amounted to 4025
bales. against 1922 last week and 2,715
this week last year; sales to arrive
amounted to 1914 bales, against 3,21I
last year and 500 this week last year