Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-07-13
Trade Reviews Optimistic.
COTTON MARKETS.
NEW YORK.

| NEW YORK, July 12-Trade buyine
OF August and early new crop. deliv-
cries were about the only features in
a generally very quiet cotton marke,
this morning. A consequent advance
or about three to seven points was fol
lowed sby slight reactions as a result
OF scattered realizing for over the
week end but the close was steady, net
unchanged to three points higher.
Reviews of the new crop and the few
private advices received during the
morning continued Of generally IA
vorable average, with scattering COM
plants that high temperatures were
checking growth, or of shedding as a
result OF drouth, about the only un-
| satisfactory features. It seemed, how
ever. that the optimistic view of the
new crops progress failed to stimulate
any selling of consequence, and in some
quarters rather a more bullish view
was expressed of the market on the
ground that with speculation limited
| by legislative uncertainties, or confu-
| sion over the trade outlook, the supply
of contracts would be insufficient to
meet the requirement of trade buyers
| pending free movement of the new
crop. Part of the days buying was
supposed to be based on this theory,
and after opening two to three points
higher the market ruled generally
steady in the absence of fresh selling.
Business was very quiet many brok-
ers having left town yesterday for over
restricted to some extent by the alb
sence Of cables, as Liverpool was closed
again today. Weekly reviews of the
Fall River market indicated increased
sales from that point and advices from
the northwest reported a continued
good demand for textiles owing to a
favorable crop situation and some of
the buyers predicted that the census
supply and distribution figures, due
early next week, would show sharp
falling off in domestic mill stocks.
This was the tame week in the cotton
| market. The net change was loss OF
5 to Ii points. The range for the week
was only 10 to 20 points. The high prices
were made Thursday and the low prices
Tuesday. At the highest the trading
months were to 8 points over last week s
close; at the lowest they were II to IL
under. Trading was restricted to con-
siderable extent by the agitation against
future trading in Washington and by the
holidays in Liverpool Friday and Satur-
day. Sentiment appeared to be about
evenly divided, although good rains over
a large part of the belt gave the bear
side somewhat the advantage. Reports
| of irregular growth of plants, spotted
crops, the boil weevil and high tempera-
lures were a help to the longs. The fea-
ture of the week was the receipt of the
| first new bale. This came into sight
| Thursday and was a week later than the
| first bale last year. At the same time 1T
was quickly followed by two more bales
| Of new-growth cotton, SO that at the end
| of the week there were three bales of new
! in sight against only two up to the same
date last year Bears called attention to
| the fact that only thirteen bales OF new
crop cotton came into sight up to August
| 1 Of last year, whereas all indications
pointed to a generous movement of new
cotton during the remainder of this
month. Bulls countered by claiming that
spot buyers were eagerly waiting for the
new crop to begin to move. and that they
would quickly snap up everything that
came forward. In the spot department
prices lost 3-16 of a cent, middl.ng closing
at 1913 against 1926 last week and 13 cents
this week last year. Sales on the spot
amounted to $50 bales. against 533 last
week and GIG this week last year; sales
to arrive amounted to 1,296 bales, against
47S last week and 372 this week last year
| Cotton spot closed quiet; middling up.
lands, 1870; do. gulf. 1865; no sales.
| Cotton futures closed steady