New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-30
COTTON STEADY;
CLOSE UNCHANGED
Dry Weather in South Has De-
pressing Influence on Local
Market.

In spite Of the fact that crop and
weather news was quite as bullish as
on Wednesday, yesterdays cotton mar
ket was characterized by lessening of
activity on the part of shorts and a dis
position to take profits on long cotton,
which resulted in rather sharp declines
during the early afternoon. The open
ing was TO points higher in re-
Spouse to firmness at Liverpool. and
subsequently, influenced by the official
weather forecast predicting continued
dry weather in Texas and the Eastern
belt, prices advanced 7 to points over
the previous night. representing the
highest level since the break of last
Monday. But the lack of covering or
ders was very apparent, and attempts
TO sell any cottor resulted in frequent
reactions during which the list sold
about 13 to 10 points under the highest
of the morning. II appeared to be diff
ficult to promote further upturns, as
outside buying alone was hardly Of suf-
ficient volume to accomplish much bull
result. and the big covering of the las.
two days seemed TO have pretty well
eliminated the short interest. The
highest point of the day was reached
when detailed reports from the Hous-
ton district showed a return of high
temperatures, thirteen stations IN the
district reporting maximums of 100 or
over. Heretofore the absence OF high
temperatures has greatly modified the
effects Of dry weather, but the trade
viewed with considerable apprehension
this tendency toward a return OF the
hot weather, unless it is accompanied
by showers. It was expected that the
hot spell would work into the Eastern
belt, where drouth Is also complained
of. although it is only about ten days
since fairly general showers were re-
ported east of the Mississippi. Bears
were inclined TO discredit the most eX-
IRENE unfavorable weather advlces put
out by the bulls, and for one thing
called attention to the absence OF com
plants concerning the progress OF the
corn and other grain crops in Texas,
such as might be expected to follow
any prolonged dry spell. Official rec
ords show that Texas rainfall from
January / this year up to the end OF
June amounted to 1863 inches, compared
with 1916 inches for the correspond
ing months last year. The rainfall this
month so far has been about 1.30 inches,
against Isl inches last year. The rain
fall in Texas during August year ago,
however, was 6.39 inches, which was
the heaviest on record for that month.
Further reports in a trade paper this
morning said that deterioration IN
Texas has not been unusual during the
month, percentage condition having
fallen / to points, and is now better
than a year ago at this time, when IL
was rs per cent. The Oklahoma crop
has lost 4 or 5 points in percentage
condition since last month, although
recent improvement in weather Will
raise prospects. The percentage con-
dition in Tennessee was said TO be
about the same as a month ago, when 1t
was SO per cent, against "A per cent
last year Several private crop reports
are expected to be published to-day,
and the government report on Au-
gust condition will be issued next Mon
dav. Exports were only $40 bales to-
day, making 1892, 291 bales for the sea-
son, against 9,035,376 last year. South
ern spot markets were unchanged, with
the exception Of Augusta. which was II
points higher. The increased activity
in spot sales has been noted at New
Orleans this week, the demand coming
largely from abroad, but other Amer
can markets have been dull. Range Of
prices: