New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-27
COTTON MAKES
MODERATE DECLINE
Market Nervous Over the For.
eign Political Situation, and
Loses 10 Points.

The nervous undercurrent in the cot
ton trade over the foreign political
situation was we'll illustrated yester-
day. when the market broke nearly
$3.50 a bale on receipt of cable adj
vices TO the effect that an American
freight steamer had been torpedoed
by the Germans. Confidence was slow
in returning even after it had been
announced that the vessel was carry
ing contraband and that all the ele
ments of capture had been in strict &C
cordance with international law, show
ing the Importance the trade Is likely
to attach in the future to all such con-
siderations, or at least until the ar
rival of the German reply to the last
note from this country. Facts regard
ing weather and crop conditions, which
had dominated the market early in the
day, including "The Commercial APP
peal" condition figure of 1872, against
500 last month and ten-year govern
ment average of 1876, were practically
ignored in view of this larger inf1u-
ence and hardly regained an important
place in market considerations for the
balance of the day. On the whole. the
crop news was of favorable charac-
ter. with the possible exception of dry
weather in Texas, but even this was
modified somewhat in the afternoon
by reports of rain at Houston, which
rather confirmed the predictions OF
local map readers to the effect that
barometer lines over the Southwest
suggest rain in Texas within the next
forty-eight hours, contrary to the gov
eminent forecast, which indicated con-
tinued fair weather over most Of
Texas.
The immediate opening Of the mar
ket was steady at decline OF from D
to S points, influenced by easier Liver
pool cables than had been expected.
There WAS a fairly good class of buy
ing on the decline, however. In which
Liverpool houses appeared prominent,
and on the big break at midday brokers
supposed to be identified with spot
houses bought a large amount of DC
tober. December and January contracts.
At the time the Leelanaw incident
took possession of the market prices
had recovered all of their early loss
and the market was in quite a steady
position and seemed to be getting good
support without much for sale. Early
advices from Texas were TO the effect
that there was a considerable decrease
in acreage around Temple. and the
traveller for one house estimated the
Texas condition about rs and Okla
homa about rs. A crop expert in Mem
phis wired that it would seem that the
condition reports TO the end of July
will show little deterioration, and this
seemed TO be the general impression
regarding the government report which
is due next Monday. Efforts Of local
traders to cover held the market steady
throughout the late afternoon, the idea
being that Liverpool, with all the facts
in connection with the sinking of the
Leelanaw before it, would not follow
the extreme decline shown by the local
market, owing to the apparent absence
of any basis for international compli-
cations. The close here was very
steady at a net decline of from 10 to
10 points. Southern spot market were
unchanged at all important points. Ex-
ports for the day were 7,040 bales, in
Guiding $40 bales from New York, and
for the season to date were S.293,O56
bales, against 9,015.7S6 last year.
Range of prices:
C.fttr