New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-11
NEW GERMAN NOTE
TORPEDOES COTTON
Sinks October Contracts An
other 33 Points Under FRI
DAVIS Closing Figures.

There was a renewal Of heavy gen.
eral liquidation in the cotton market
on Saturday. with another big break
in prices. October contracts sold off
to S.75c, or 33 points under Fridays
closing figures and more than So a
bale below the high level Of last week.
There was enough covering TO cause
rallies of a few points just before the
close. but the final tone was easy with
last prices showing a net loss OF from
% to % points.
Cables were relatively better than
due, and the market here opened
steady at an advance of | 20 D points.
There was very little demand, however,
and after a few moments of hesitation
the market broke under Wall Street,
Western, Southern, local and Cont
mental selling. As prices made into
new low ground stop orders were un-
covered, and for a time the market ap-
peared to be almost demoraliZed, with
active new crop positions selling 81 10
"a points net lower. Judging from the
talk around the ring. the text Of the
German note served 10 increase ner-
vousuess over the political situation,
while bearish sentiment was also en-
couraged by reports of favorable
weather in the South and rumors that
foreign spot holdings were being
hedged in October and December con
tracts.
There was considerable gossip in the
Street to the effect that houses with
German connections had been among
the heaviest sellers on the decline OF
the last two or three days. Il was
pointed out that cable communication
with Germany was practically impos
sible. that mail matter between the
two countries was IN some instances
n month or more in transit. with r.
mittances very nearly out OF the ques-
ton, and il was claimed around the
ring that one of the houses with Ger
man connections had sold in the neigh
borhood Of 10000 bales for October
and December deliveries against spot
holdings in the interior. While the
situation in this respect may have
been "A factor on the recent decline, the
action of the market has also suggest
ed a more or less general abandonment
Of long contracts owing 10 the favor
able progress of the crop, the approach
of new crop competition and appre-
tensions of a very much restricted ex-
port outlet next autumn. The break
has naturally encouraged increased ag-
gressiveness among bearlsh traders,
and part Of the recent selling supposed
10 have been for short account, while
Liverpool straddlers are also believed
20 be heavily short in the local mar
ket. The stronger technical position
does not yet appear 20 have attracted
much fresh buying for long account,
and the bulk of the demand on Satur-
day was attributed TO covering by old
shorts Weekend reviews Of the goods
trade indicated that the break in raw
material had Influenced domestic buy
ers 10 some extent, but there has been
more talk of export business and the
mills are evidently well employed. Pri-
vate cables attributed the relatively
steady showing of Liverpool 20 trade
buying
Southern spot markets were un-
changed TO 20 points lower, being quot
ed as follows:
Galveston. quiet. Is points lower, at
S50c: sales. 629 bales New Orleans,
ouiet. unchanged at ss2c; sales. 455.
Savannah, quiet, Bloc lower, at
81l-1Gc; sales. 125. Charleston, quiet,
unchanged a Size; sales. 200 Norfolk,
quiet. 10 points lower. at S.25c; sales,
1853. Baltimore, nominal, a c lower,
at $50; sales nil Augusta. steady, 10
points lower. at S.50c; sales, i,0l6.
Memphis, steady, unchanged at $500;
sales, $50. Houston, quiet, 20 points
lower, az 8.40c; sales, 454. Little Rock,
quiet, 10 points lower, at 6.62c; sales
nil.