New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-17
GULF STORM
WEAKENS COTTON
Prospect of Damaging Winds
Causes Market to Close at
Loss of 8 Points.

Relatively firm cables and apprehen-
sion that the Gulf storm might be &C
companied by damaging winds in the
Southwest served to check selling on
the bearish view Of the export and
statistical situation in the cotton mar
ket early yesterday, but offerings in
creased during the afternoon on reas-
surfing reports from Galveston and
bearish private crop advices, with the
close steady at net decline OF IdS
points.
Bearish sentiment was more or less
in evidence from the start. The con-
tinued weakness of the sterling ex-
change situation was considered very
much against the export business, while
there were reports that the increased
movement of new crop cotton IN the
Southwest had resulted in freer offers
for August shipment and had also
brought in some hedge selling here
toward the end Of last week. Liver
pool, however, was considerably better
than due, and the local market opened
steady at unchanged prices to an ad-
vance of 8 points in sympathy. frices
worked off to a net loss of 3d4 points
right after the call, but selling was
checked by the continued steadlness
of the English market and apprehen-
sions that the Gulf storm, which ap-
peared to be reaching the Texas coast
near Galveston, might damage more
open cotton in the Southwest than The
rains would help in the shape OF new
growth or development Nervousness
in this respect was increased by re
ports from Galveston that the wlnd
was blowing at the rate Of 70 miles
hot
than at any time previously since 1900.
No aggressive buying developed, how
ever. and later in the afternoon reports
came in that there we're heavy rams at
Galveston but no damage from winds:
while a bearish report was received
from F. NJ. Cordill on crop prospects
in the Southwest. The market weak
ened in consequence, with active months
selling about IL to IA points net lower
under liquidation by early local buyers
and scattered selling, part OF which
appeared to come from Southern
sources. The decline to the lowest level
reached since the early month advance
attracted a good deal of covering, while
some new Liverpool buying also devel-
oped. and the close showed rallies Of
3 or 6 points from the lowest. The
failure of Liverpool to buy here early
in the day at a considerable widening
of the differences was accompanied by
predictions that the straddle would in
crease to about 225 points owing to
the low exchange rate and various
items of transportation cost. Some OF
the people arriving here from Georgia
saw that growers in that state Will sell
their cotton freely this autumn, as /;
has been grown at greatly reduced
cost. but offers of new crop shipments
so far appear to have come chiefly from
the Southwest, and were reported
shade steader in tone on Saturday,
owing to a better demand from Japa-
nese buyers. Southern spot markets as
officially reported yesterday were ger,
orally steady, with prices unchanged
except for an advance of 6 points at
New Orleans, and several points re-
ported rather larger business. pr,-
waite crop report issued before the open
ing made the condition 722 per cent,
against 76.9 per cent toward the end
of last month, but the indicated de-
terioration of about Al per cent made
little impression on sentiment, as the
average falling off in crop prospects
for the month of August has been over
per cent. Exports for the day were
1897 bales, making S9,642 so far this
season. Range of prices: