New-York tribune., 1915-11-30
FLURRIES
ON NEW ESTIMATE
Heavy Selling Due to New Or.
leans Report and Uncertainty
of Recent Boom.

Conflicting crop views caused eonfu-
sion IN the cotton market yesterday
and there were violent fluctuations.
January contracts broke TO 121le dur
ing tho early trading, rallied to l2.<be
and closed at 12.sle, with the general
list closing easy at . net decline OF II
to rs points.
Early selling was particularly heavy
and seemed inspired chiefly BY the re-
port Of a New Orleans authority ssti-
mating the growth Of this season at
1l,e90,ooo bales, excluding linters.
compared with estimates Of 11,600,000
bales or under which had accompanied
the advance of last week. Moreover.
many had thought the recent advance
of over $5 bale from the low level OF
the month too rapid and there was
some reactionary sentiment before tho
publication Of the larger crop estimate,
which contributed to the early press
ure.
Offerings we're remarkably well taken
on the early break, and the rally re-
fected trade buying and bullish South
ern spot advices as we'll as covering
of shorts and continued demand from
outside sources.
The market opened easy at a decline
of points on December, but generally
13 to "a points lower. Active months
sold 20 to "a points under Saturdays
closing figures during the early trad
ing. The ease with which the market
absorbed heavy offerings around this
figure encouraged bullish sentiment,
and as prices rallied the buying became
more aggressive on bullish Southern
spot adyices, and the publication OF
two other crop estimates placing the
yield at IL 100000 bales, or slightly un-
der.
After selling back TO or a shade over
Saturdays finals the market weakened
again under liquidation by scattering
longs whose confidence had been
shaken by the early break and spot
house selling of later deliveries. Clos
ing prices showed reactions of IL or
Is points.
Aside from the publication Of the
somewhat larger crop figures, there
was no change in the general character
of the news. Liverpool was relatively
steady, so the early break here was sc-
companied by a widening OF the differ
ence between the two markets. There
doubtless was some reduction In the
straddle short interest, although some
of the international traders are talking
still wider differences under present
shipping and trade conditions.
The firm showing abroad also
brought the market support as coloring
reports Of better export demand, and
practically ell reports from the South
indicated good spot demand, with SELL
ers refusing TO grant concessions. Re-
ports that experiments are being mcde
to separate potash from the tailings OF
Western copper mines, and that his
source Of supply would prove sufficient
for the present needs of this country,
should they be developed, may possibly
have inspired some of the late-mcnth
selling, although the talk Of this sort
seemed to attract little immediate at
tention around the ring. Exports for
the day were 1928 bales, making l.
775,226 so far this season.
A canvass Of New York Cotton Ex-
change members resulted in the collec-
ton of 1l6 estimates of the crop, rang.
ing from 1l,i50000 bales to l4,boo,ooo
bales and averaging 1920. 42o bales.
These figures, which were published az
ter the close last night, referred 10 the
commercial crop, whereas most OF the
estimates recently published nave oeen
of the growth of the season, sinee
considerable amount Of cotton was car"
ried over from last season In the In
terror.