New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-17
COTTON STEADY,
THOUGH LOWER
Liverpool and Local Selling
Cause Market to Decline
II Points.

The cotton market was nervous and
unsettled yesterday, with prices selling
of under heavy realizing and Increased
operations for a reaction. Wet weather
in the Southwest and apprehensions
that a low barometer reported OIL the
Florida coast might foreshadow an
other tropical storm inspired fresh
buying on declines and there were
frequent rallies, but the buying was
not so general or aggressive as carrier
in the week and January contracts SOLD
off to lille during the afternoon OF
about 26 points under Wednesdays
closing figures. There were final raj.
lies Of several points on q renewal OF
bull support and covering, however,
with the close steady at net loss Oh
II to II points.
Relatively easy cables were followed
By an opening decline OF ii TO Is
points in the market here, and there
seemed to be a feeling around the ring
that the advance had carried the mar
ket into increased spot offerings from
the South. There was a good demand
at the initial figures promoted by the
unsettled weather and there were raj
lies of several points right after the
call. but the market soon weakened
again under Liverpool, Southern, Wall
Street and local selling. Reactionsry
sentiment seemed to be more aggressive
than previously, and there were rumors
that some of the stronger bulls were
taking profits. The detailed weather
report for the Houston district show
ing quite general rains in Texas was
followed by rallies of several points
around midday, but the market soon
weakened again, reaching net loss OF
about 81 to % points during the after
noon. Reports of an easier spot basis
in the Southwest and talk of increased
offerings at the advance seemed to be
chiefly responsible for reactionary
sentiment, while easier turns in the
stock market and reports that affairs
were approaching crisis in the Bal
kans, probably tended to restrict fresh
buying for long account. Nevertheless,
the market turned frmer just before
the close on reports of higher Southern
spot markets and last prices showed
rallies of or 10 points from the low
est on the fall and winter deliveries.
Private cables attributed the decline
in Liverpool to some hedge selling ana
increased liquidation. Liverpool sell
ing here was supposed to be on the
differences. There was some scattered
spot house selling Of near months, pre-
sumably for Southern account, these
offerings again being absorbed by sales
of later deliveries. Some OF the local
spot people are still talking bearishly
on the market, predicting lower prices
as the new crop movement increases
but in bullish circles it Is believed that
there is still a large short Interest:
against the forward requirements OF
spinners, and while sentiment was
more divided yesterday, the action OF
prices showed the continued presence
of a strong buying interest. Southern
spot markets as officially reported were
unchanged to % points higher, with
the exception of Houston, which was
10 points lower on rather smaller
volume of business. A local statistical
bureau issued report placing the con-
dition of the crop at $50 per cent on
September s, against 69.7 per cent on
August %. A prominent local Spot
house reported that replies from its
Southern correspondents indicated that
with a normal frost date the crop
would not prove less than 12'oOO,OOo
bales. Exports for the day were -
1853 bales, making 269,496 so far this
season. -.. ,,,,