New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-19
RAINY WEATHER
ADVANCES COTTON
Market Steady-Gains IS Points
Aided by Liverpool
Buying.

The cotton market was more active
yesterday and sentiment appeared to
be of rather a more bullish avefage
with prices advancing on covering
shorts, Liverpool buying, and rather
more confident demand from local
bulls. The close was steady with last
prices showing a net gain of from IL
to - points.
Local traders seemed to pay com
paratively little attention to the firm
ness of Liverpool at the opening, and
first prices were l point lower 10 2
points higher The market very
quickly frmed up, however, on buying
by houses with Liverpool connections
and scattered covering, which seemed
to be promoted by reports that the
heavy rains in Texas had been accom-
panied by high winds. This suggested
that there might have been damage TO
open cotton, while some traders also
apprehended that it would delay
marketing operations and lead to
smaller early offerings of new crop
cotton. This idea was colored to some
extent by the continued absence of
Southern selling orders which were
beginning TO appear here toward the
end Of last week, and before the pub
LEGATION of the weekly weather report
prices had worked about 9 to IL points
net higher The statement that de-
teroration had been checked and the
crop improved by recent rains in the
Eastern and Central sections of the
belt was followed by reactions of to
points, but there was no important
pressure and the market showed re-
newed irmness in the late trading
making new high ground for the day
and closing at practically the best
point.
Possibly press advices indicating
that London was discussing means Of
establishing credits here TO meet pur-
chases of needed commodities helped
me days advance to some extent, for
some traders took this as foreshadow-
ing a renewal of export demand IN the
near future, and there also appeared 10
be a feeling that bearish features such
as the expected contraband declara-
ton and other export uncertainties
had been pretty well recognized in the
recent ruling of prices. It appeared.
too, that the continued absence OF
Southern selling pressure served to
emphasize the preparations OF BANKING
interests to assist in holding move
ment this autumn, but a good deal u
the buying here through houses WITH
Liverpool connections was supposed
to be for the purpose # taking proHts
on old accounts rather than an iudlca-
ton of confidence in higher prices, or
as hedge against forward require
ments. Opinions as to the effect OF the
Texas storm were more or less divided.
some being inclined TO emphasize the
possibility Of damage to open cotton
or the delay in the movement while
others took the ground that the rains
came in time to check drouth deteri-
Grafton and to increase the ultimatr
Weld. Owing TO the interruption IN the
wire service there were no very dehrlte
reports from the storm area, and the
situation in this respect may also have
been partly responsible for the with
drawal of Southwestern offerings. EX-
ports for the day were l5l bales, max
inc s9,s0l so far his season. Southern
spot markets as officially reported
were generally unchanged; the eX-
ceptions being decline Of II points
at Augusta and an advance of points
at Mobile. Range Of prices: