New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-08
COTTON STEADY,
THOUGH LOWER
Market Down II Points, Due 10
Poor Weather Conditions
In South.

The cotton market was nervous and
unsetetled to-day, with business less
active and fluctuations irregular. The
very unfavorable weather situation in
the South brought tho market support
on declines, but there was a very evil
dent disposition 10 take profits on ad-
vances, particularly as January APP
preached the 13-cent level, and the
sharp rally which followed an early de-
cline was mostly lost in the later trad
ing, with the close steady at net de-
cline of from to IL points for the day
The market opened steady at a de
cline of points TO an advance OF /
point, and sold about 10 to Is points
net lower during the middle of the
morning. Liverpool selling here was
attributed to straddle operations, while
in spite of the firmer ruling in the
stock market, there was further wall
Street liquidation. The selling of the
latter sort, however, was less active
after the heavy realizing of the past
day or two and after the close of the
English market, offerings became
smaller. This, with the prospects for
continued rain and unsettled weather
in the eastern belt, helped 70 steady
the market, and Immediately following
the delayed publication Of the western
belt forecast for colder weather, with
frosts or freezing temperatures In va
rious sections, there was sharp bulge
on covering and more aggressive bull
support. December sold up 20 l2.5fc
TO 12.S4c, while January advanced from
12.74c TO l3c. or about 9 TO 10 points
above Wednesdays closing figures. II
seemed, however, that the amount OF
fresh buying brought in by the frost
predictions for sections where the
crop is considered dangerously late
was n disappointment to bullish locai
traders. and the market reacted some
Il or 90 points in the late trading un-
der renewed realizing or liquidation.
The early decline may have been
partly due to private cables from Law
erpool reporting that Ellison estimated
the worlds consumption OF American
cotton for the season at only l2,5OO,OOO
bales. This figure was far enough oui
of line with the expectations OF local
bulls to attract some rldlcule, as II
is Anticipated that domestic mills alone
will use perhaps 100000 bales this
season. so that the estimate would APP
narentlv allow only 100000 bales Tor
tho use OF mills abroad. Moreover
there seems TO be a decided difference
of opinion as to requirements among
English statisticians, as not long ago
a cable was received here reporting
that Neill Brothers placed the con
SUMPTION at about 15,00O,OOO bales
Southern advices were somewhat con-
aicting but continued of bullish aver
age. both as 20 crop prospects ana the
snot situation. There was one wire
from New Orleans which said that
farmers were asking factors to sell
their cotton at the prevailing prices
and local spot people claim that tnere
is verv little demand for spot. cotton
from either exporters or domestic milla
at the present level. Bulls believe
however, that the crop is rapidly pass
inc into the hands of holders who are are
frmer than growers, and VINO VIII
nrobablv drive a hard bargain WIN
SINNERS later in the season snould
bullish theories as to the size OF the
CROP and probable requirements prove
justified. Southern spot markets as
officially reported late yesterday were
unchanged to 13 points higher TX
norts for the day were 25,l14 bales
making 1855 $3.50 so far this season, com
nared with 216,7O3 last year and l'54o'-
Cos two years ago. Range OF prices: