New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-14
COTTON CLOSES
WITH POOR GAINS
Ruling of the United States Dis
trict Court Halls Advance
of the Market.

Reports that tn United States Dis
,rict Cour, had declared the cotton
future law unconstitutional caused
more or less confusion in the market
here yesterday and were followed BY
very sharp break in prices. There may
possibly have been some vague appre-
hensioK that such a decision would
leave the contract situation in more
or less unsettled position. and the hrst
effect Of the news was evldentiy 10
check fresh baying and promote ten
dency . even up con mitments pendlng
a clearer view Of the affair AFTER me
big advance Of the early trading TINS
resulted in liquidation. and Tor TIME
the selling seemed somewhat excited.
II was very soon pointed out, however,
that even II the decision OF the DIstriet
Court was sustained contracts mere
would still be subject 10 the bylaws
and that there could be no change IN
the status OF the contract Tor al least
a wear. Trading then became less ar-
tive, but fluctuations during the aiter.
noon were irregular and sentiment Sun
seemed 70 be more or less unsettled
AZ the close. which was barely steacy,
net point lower 10 points higher.
The market was very firm during the
early trading. Strength in Liverpooi
over the holiday was attributed 70 ouh-
ish crop advices from English buyers
in the South. while there was an m
creased tendency in local circles 70 re-
duce estimates OF the yield owing 20
the recent low temperatures IN the
northern half OF the belt and the rams
shown on the early map. The market
opened firm at an advance OF from
10 25 points and sold from % 10 30
points ne, higher shortly after the call
on covering and a renewal OF Mon.
DAYS buying movement. This carried
December contracts up 20 l2sO ana
January 70 1905, or within from 10 10
~ points OF the seasons high records.
Naturally enough there was good deal
of realizing around this level, while
Liverpool was quite heavy seller here
on the narrowed differences, and pros
poets for rather better weather may
have promoted some selling for a re-
action. At any rate the market turned
slightly easier, and following the news
of the court decision broke 10 1850
for December and 1877 for January, or
back 70 practically Mondays closing
figures. Rallies of or 10 points fol-
lowed, but were not maintained, and
the market seemed 10 be Influenced IN
the late tra9ing by reports OF freer spot
offerings in the South Most OF the re-
ports received here from the South
during the day, however, were very
bullish, and many think that the low
temperatures reported in the northern
half of the belt on Sunday and Mon
day have practically eliminated all
possibility of top crop this season.
Some traders may possibly have
Jumped 10 the conclusion, or at least
apprehended, that the courts ruling on
the cotton futures bill foreshadowed
more or less immediate return to the
old contract, which was generally adj
mitted to be worth less money in rela-
tion TO Southern spot markets than the
present contract. This, however, was
emphatcally der ed by leading mem
bers of the exchange, who pointed out
( that the government might carry the
case up to the Supreme Court and that
/ in any event there could be no change
| in the status of the contract until after
/ the maturity of all deliveries already
traded in. On the whole, consequently,
the selling which followed the an
nouncement was considered as reflect
ing the general effect of confusing
news on a probably long market, rather
than any careful weighing OF its i'm
portance. Southern spot markets as Of
ficially reported were about unchanged
to % points higher. Exports for the
day were 24,254 bales, making 902, l92
so far this season.
/ Range of prices: