New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-23
COTTON PRICES
GAINING STEADILY
Bullish Weekly Weather Report
Hats Bears and Market ADJ
vances II Points.

An early reaction was followed by q
renewal of active general buying In the
cotton market yesterday, which sent
prices into new high ground for the
movement, with December contracts
selling up from 1880 to 11.73e or "A
points above the closing price of Tues
day, and s4.35 per bale above the low
level of last Monday morning. Closing
prices were several points off from the
best under heavy realizing, but the
final tone was steady, at a net gain OF
from 6 to II points for the day. The
bullish weekly weather report seemed
largely responsible for the revival of
bullish activity and led to increasingly
confident predictions Of a low condition
figure from the government at the be-
ginning Of next month, while buyers
were also encouraged by large esti-
mates of the worlds consumption and
reports of continued firmness In the
Southern spot markets.
There seemed to be quite a good deal
OF ItdCllOHdIY sentiment a. AlAN oNNA ~
and after opening at a decline of to
s points, the market sold some 8 to 13
points under Tuesdays closing figures
during the early trading. Relatively
easy cables and predictions Of rising
temperatures In the South encouraged
some local selling as well as the heavy
realizing. which seemed more or less
natural after the rapid advance of the
two previous days. Offerings. however,
were very well taken around l0.9Sc for
October and 11.49c for January, with
the buying becoming much more active
and aggressive after the publication of
the weekly report, which stated that
good weather for opening and picking
had not led 70 any improvement in the
crop outlook. October sold up 70 1l.32c
during the middle OF the afternoon,
while January touched l1.8ic, or about
"a to 35 points above the low level of
the morning. The close showed reac-
tions of some 10 or 10 points from the
best under profit-taking, but most OF
the early sellers were credited with
having covered on the afternoon adj
vance, and while il is said that most
of the local operators have sold out
their long cotton, fearing to follow the
advance further at this season OF the
year, fresh outside buying orders ap-
reared to be reaching the maket on all
reactions.
According TO private cables, Neill
Brothers estimate the worlds consump-
ton for the year at 100000 bales.
Expectations Of large domestic mill
consumption were also encouraged by
reports that the advance in raw ma
terial had stimulated the demand for
cotton goods. and bullishly disposed
operators claim that neither foreign
nor domestic buyers have, as yet, Sc
cured much cover against their for
ward requirements. Reports received
here from Atlanta indicated a good de-
mand for spots and said that several
spot firms reported that German inter
ests were buying and making inquiries
for storage facilities. Other spot ad-
vices were of a generally bullish aver
age, and while the cold wave seemed to
be passing without a drop TO actually
damaging temperatures, the unseasona-
BILE weather was doubtless a factor in
the advance. Southern spot markets a.
officially reported were unchanged TO
q c higher, with Houston again report
ing fair sales at the II cent level, while
New Orleans sold 400 bales at an adj
vance of IS points, to lO.s7c for mid
ding. Augusta was II points higher
at i0.75c, with sales 3,477 bales. Ex-
ports for the day were 33,469 bales
making 3S3,s13 so far this season. A
prominent East India firm estimates
the East India crop for l9l5-'16 at s.
321 400 bales, against last years final
estimate of $4,000, including home
consumption.