New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-07
COTTON GAINS
BY CONTRABAND
Market Closes Steady with the
Aid of Rain in
South.

The actions Of yesterdays cotton
market conveyed the impression to
many that an advance Of So per
bale from the low point of last week
was sufficient inducement TO holders to
cause generous selling movement.
That such pressure failed to seriously
disturb the level Of prices was due
largely to q continuation Of Liverpool
buying on a scale perhaps greater than
AT any time this week. In the first
hour purchases on this account were
estimated at about $4,000 bales Of 0c-
tober and $4,000 bales of January. At
the opening Of our market Liverpool
was considerably better than due, which
accounted for the initial advances of 8
to points here. Following this
the local market sold 10 to IL
points over the previous night, which
proved to be high levels OF the day as
realizing developed on considerable
scale. October sold off fr m 9.53c to
9.42c, and the close was about lowest,
or / point net lower to higher, being
generally 1 to loyer on the active
positions. Some of the midday and
afternoon selling WAS influenced by a
renewal of rumors that cotton was
about to be placed on the contraband
list, and by private reports, later con-
frmed, of a hard rain at Waco, Texas,
in the centre of the state. This was
not indicated on the detailed report
showed light rains at only few points
in Texas. Among the early sellers
were Wall Street houses and houses
with Southern connections. An in
creasing hedge pressure is expected,
especially if the market gets any near
er the ten cent level, as spot demand
is reported very light at the moment.
Exports, while comparatively -.ght,
compare favorably with last year and
probably will for some time TO come,
as this time a year ago shipping was
practically demoralized by the war.
The weeks statistics were considered
bearish, but appeared too late to be
effective. Weather conditions over the
Eastern belt, by reason of further good
rains in Georgia and South Carolina,
rtly compensated for the continued
drouth in Texas, especially as the Waco
rain gave bears reason to hope that
the weather was becoming unsettled In
the central and. eastern part Of the
state, as it has been for several days
in the west. Estimates of the probable
crop in Texas vary, the traveller for one
big commission house figuring only
one-third bale per acre, without Au-
gust rains, which would work out about
$500 900 bales, but other people IA
miliar with the Texas situation claim
that Texas has already made four mill
ions. Outside buying was in evidence
again yesterday, but seemed to be
checked in the afternoon by the news
of the Waco rains. According to the
New York Cotton Exchange figures,
worlds takings of cotton for the year
ended July 81 were 14,049,519 bales,
compared with 14,4S3,312 bales the pre-
vious year. Southern spot markets
unchanged - 10 points higher. The
weekly movement figures of the new
York Cotton Exchange for the first
week of the new season follow: Port
receipts, 1924 bales, against 5,9Ol
last year; overland to mills and Cana
da, 4,216 against 1888 last year; South
ern mill takings, estimated, $4,000
against nil last year; los Of stocks
at interior towns, 8942 against 3,724
last year; brought into sight for the
week, 27,548 against $3.50 last year.
Range of prices: