Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-06-22
NEW ORLEANS.

NEW ORLEANS, June 2l.-The cotton
market was under considerable pressure
today. the gossip of the floor being that
professional traders were sellers in ar
effort. which was fairly successful. tc
bring about weekend reaction after a
week of bull trading. In the early part
Of the session the market was fairly
steady, but later it gave way sharply
However. fluctuations were within narrow
limits. The opening was steady. with a
decline of 3 to points on poor cables
and a good weather map. In the early
trading prices went I to points down
under favorable crops and kilograms from
Texas predicting first bales at several
points at dates ranging from the list to the
Goth Of July. Bears claimed that this
was conclusive proof that the crop is not
as late as the bull element has been con-
tending. A moderate amount of fresh
long buying came in and prices recovered
to within I to 3 points of yesterdays
close. Around the middle of the morning
heavy selling made its appearance, and
the market broke to level to Ii
points under the final figures of yester-
day. The close was firm at net loss OF
5 to II points.
The weather map was warm and dry
except for a few showers widely scat
tered over the belt. The forecast prom
ised little change in weather conditions
over Sunday, except that the indications
were for increased precipitation in the
there was chance that the droughty
conditions in Arkansas would be relieved
Spot cotton quiet, unchanged; middling,
II 9-16; sales on the spot, 81 bales; to
1.6O; March. 11.67; June, 1921; July,
12.41; August. 1918; Semtember. 11.60;
October, 11.57; December. 11.57.
The price of cotton was held above
the level Of last weeks close throughout
practically the entire week The net
at1o mo nv y IL naHyov of
15 to II points. The high prices were
made Tuesday and the low prices Mon
day. AT the highest the trading months
were 81 to 80 points over last week s
close; at the lowest they were I'M
changed to points over. The range
was 20 to "a points.
Bearish news was almost wholly ig-
nored this week. Favorable crop ac-
counts and weather news, lighter spot
sales in the English market and less
goods and yarn market and predictions
that the first bale OF new cotton in
Texas would be ginned around the first
Of July, at the latest. did not weigh
against values. The operations in the
July position made shorts nervous,
caused more or less covering of short
cotton and resulted In intensifying the
effect of all buillish influences.
Bulls made much of the quiet spot de-
mand on this side which swept nearly
Gal oiCiihSoS dt 6oCu PAASCo, oiio diSO
played up the quiet but large trading
in dry goods at centers in this country.
The chief weapon Of the long side, how
ever, was the threatened squeeze in July.
All sorts Of gossip concerning the inten-
ton Of holders of long July contracts
were circulated and caused buying for
both accounts. At the close of the week
the bears commended that, technically,
the market was in weak position,
having liquidated its short interest and
replaced it with a trailing long interest.
News from the belt was favorable.
Throughout the week temperatures were
fairly high and while no great amount of
rain fell. the scattered showers were suf-
ficient to prevent drought talk, except In
Arkansas, which claimed to need moist
ure very badly. The gist Of crop &C
counts was that the plant, while small.
was healthy and making good growth.
Good stands were generally reported and
fields were said to be clean and unusually
we'll worked for this time Of the year.
Over a part of the belt fields were con-
sidered to be 100 per cent clean. While
the bulls admitted the truth of some of
the bear claims, they pointed out that the
crop was still late.
In the spot market prices advanced
IA, middling closing at II 9-16, against
II TIC last week and 121s this week last
year. Sales on the spot amounted to 749
bales, against 1873 last week and 525
this week last year: sales to arrive
amounted to 1858 bales. against 1,63O
last week and 1927 this week last year.