New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-31
COTTON DECLINES
ON CROP REPORT
Government Figures Fail to
Help and the Market
Drops "a Points.

While the governments crop report,
making the condition 69.2 per cent, was
just about in line with recent bullish
predictions, the cotton market broke
more than S170 a bale following its
publication, and closed easy at a net
decline of 20 to "a points. A canvass
made of the trade before the report
was issued showed that forty-eight
members Of the New York Cotton EX-
change, on the average, anticipated a
report Of exactly 69.2 per cent, which
proved the governments figures to a
fraction, but the low condition had evil
IDENTIFY been discounted by an advance
Of over S4.5C a bale from the low level
of the previous Monday morning, and
while the confirmation of bulllsh crop
estimates brought in a lot Of fresh
buying, il would also prove the signal
for heavy general realizing. Selling
was encouraged, moreover. by persist
ent reports OF increased Southern spot
offerings as a result Of the hlgher
prices. and the unsettled ruling Of ster-
ling exchange doubtless had some share
in creating a reactionary sentiment.
The market was very firm during the
early trading Cables were a shade
disappointing, but after starting 3
points higher to points lower, prices
here sold II to II points above Satur-
days closing figures on renewal OF
last nicLt's buying movement, which
was stimulated by three additional
cr0D reports confirming last weeks
bullish private condition figures, and
growing confidence in a bullish bureau.
The advance carried October contracts
I'D to 1002c and January to 10.44c, or
the highest figures reached since last
MAY. and evidently attracted a good
deal of pre-report profit taking. Re
actions to about Saturdays closing
prices followed, and the selling became
more general and active after the re-
port was published. The first break Of
about % points was followed by a
rally which indicated that the report
was bringing IN fresh interest, and
trading was more general than for
months past, but rallies of or 9
points met increased pressure, with
October breaking to $3.50 and January
70 1010c in the late trading. Last
prices were at the lowest point of the
day under continued realizing. local
and Southern selling. mere appeared
70 be a feeling around the ring that the
prices reached on the early advance
might prove attractive TO Southern
holders, and il was reported that a
good many inquiries were being re-
ceived here as to the charges incurred
by shipping cotton here for contract
delivery. Southern spot markets have
recently been more active, however,
and it remains TO be seen whether the
reiteration of small crop views may not
stimulate the demand from exporters
or domestic spinners. Yesterdays re
port showed a condition about the same
in relation TO the ten-year average as
indicated by the report of the previous
month, and there was, consequently,
but little change in mathematical de-
ductions as to the probable size of the
crop. which, on the basis of the official
" estimated acreage. were said to point
to WELD of about II 100000 bales, eX-
GLIDING lnters. Exports for the day
were 1O,101 bales, making 1856 436 bales
so far this season. Southern spot mar
kets were unchanged TO 1sc higher,
with the exception of Houston, which
was 20 points lower. Range Of prices: