New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-12
COTTON BREAKS 81;
MARKET NERVOUS
Many Caught in Unexpected Fall
Later Trading Receivers
Part of Loss.

\ break OF al TO II points IN cotton
prices yesterday, representing loss or
about s. a bale from the previous
night. and decline of a little more
than S. a bale from the highest of the
season, swept the market off its fee:
temporarily, caught a large number OF
stop orders in commission houses and
thoroughly unsettled sentiment for the
time being
While many had expected a selling
movement on the government report,
particularly IL IT was bullish, very few
anticipated, in view of the relative
steadiness shown late Friday, any such
mt decline as took place yesterday
morning. Some thought, however, that
il was only postponed from Friday by
the active support from Liverpool,
which was conspicuous by its absence
on Saturday. At all events, the trade
al large seemed taken Unswares by the
Generalization which developed soon
after the opening. Selling orders
poured in from all quarters, especially
from the South and commission houses.
Wall Street was also a moderate seller
in the first hour. Heavy covering and
buying, which seemed TO be for trade
interests, checked the decline, and
quick upturn of about 20 points fol-
lowed toward the end Of the first hour.
For the balance of the session the mar
ket was very nervous, but acted fairly
steady, and at the close was 81 TO -
points net lower.
Trade buying at the decline was a
feature which attracted considerable
comment, and had much to do with
checking the break. There was also
l. "a "a
South, being financially strong, might
not be willing 10 follow the decline IN
futures. The export situation, how
ever, is not encouraging, and some pre-
dict that by the middle Of January ex-
ports will be in the neighborhood OF
ia millions behind last year. Freights
continue high at all Southern ports,
and even II Europe was inclined 10
buy, the high transportation rates
would handicap business. Sentiment at
the close was quite as mixed as II has
been at any time recently, except that
IL was felt the market had been i'm
proved technically by the heavy stop
loss selling, and might prove attrac-
tive 10 speculative buyers Tor TINS
reason.
A local trader who has been credited
Win DuNlfR lDF hAoHiah AANtAN'No ""'
a leading buyer Of July during the
weakness on Saturday. The steadiness
Of Liverpool was attributed 20 Egyptian
strength, and Manchester cables were
20 the effect that some counts Of Amer
lean yarns were quite exhausted. India
was said 10 be buying poorly, while
China is purchasing small lots Of gray
staples. and South America is buying
small lots steadily.
Further eurtailment In the produc-
ton Of yarn and cloth is proceeding.
A private advice received here from
oklahoma said November was very
favorable for picking, and there was
little remaining 20 pick except bollies.
,he supply Of which would be limited.
The dispatch said Oklahoms would sup
plv 700 bales Of linters and that
commercial crop Of $4,000 bales
sbogld be looked or ~ 8 maximum
ngUTe
The local market for spot cotton was
sfesSy and 70 points lower OF l2;55c
Cor middling upland; sales nil.
asass - pries, y,.,.-.