Condition of Crop Poorest on Record--Production Estimated at Only
6,537,000 Bales.
Perhaps the main feature in the cotton markets for the week ending Oct.
1 was the sensational advance in prices which occurred on Sept. 27. That
day was the first day for the issuance of notices of deliveries to be
made on October future contracts at the two future exchanges and it is
reported that the notices issued were for more than 80,000 bales at New
York and over 20,000 bales at New Orleans. However, in spite of these
notices of heavy deliveries, the demand for October contracts during the
day was such that the price at New York rose 1³⁄₄¢ per lb. and at New
Orleans nearly 1¹⁄₂¢ over the low point reached early in the morning.
The closing prices for October future contracts for that day were 21.03¢
at New York and 20.70¢ at New Orleans, or 143 points and 135 points,
respectively, above the closing prices of the previous Saturday. The
average price of middling in the 10 designated markets reached 20.89¢
per lb. on Sept. 27, or very nearly $5 per bale higher than at the close
of the previous week.