New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-09
COTTON CONTINUES
DOWNWARD TREND
Breaks Sharply Under Heavy
Liquidation and Closes with
Decline of 30 to 81.

There was n renewal Of heavy gen.
erol liquidation in the cotton market
yesterday and further sharp break in
prices, with the close easy at a net
decline Of 20 20 81 points. October
contracts sold down to 9.25. the lowest
price reached since the bull movement
eliminated at 1922 for that position
toward the end Of last April, and a
break Of 50 a bale from the high level
Of last week. Closing prices were the
lowest of the day, and liquidation con-
tlnued in evidence right up 10 the last
moment with sentiment evidently much
unsettled by increasing nervousness
over international politics and the fear
of a very much restricted export outlet
for early new crop receipts.
Liverpool no more than met Wednes-
days local decline, but the market here
opened barely steady under overnight
selling orders, with first prices showing
declines of r 7 points. Liquidation
seemed to be less active after the sharp
break of the previous day, and there
were rallies of or 5 points during the
morning on covering of shorts and
buying for reaction. The favorable
weather map was against any agrees
sive demand however, while the un-
settled ruling Of the stock market
caused more or less uneasiness. and
the market met renewed selling shortly
after midday. Wall Street and West
ern houses were heavy sellers on the
afternoon break, while local offerings
became more aggressive, and stop or
ders we're uncovered on the decline Of
about % points from Wednesdays
closing figures. There was enough COW
cring to check the downward movement
around 9l2 cents for December con-
tracts. but people around the ring said
they saw little sign OF either trade
buying or bull support.
Reports from Washington indicating
that the administration was not salts
fed with the forecasts of the German
note, probably contributed very largely
70 the unsettled ruling of sentiment.
Beyond such causes for uneasiness,
however, the trade was influenced by
the favorable character of the imme-
date weather news and by the ten
dency TO reduce estimates Of next sea-
sons probable exports. The demand
from domestic mills is generally ex-
pected to surpass all previous records,
and recent advices from Manchester
have indicated an improved business.
but no one now seems 20 anticipate
that il will be possible 70 get much
cotton through to Germany or Austria
while the war continues, and IL has
been estimated that this years exports
will include over million bales
shipped TO that destination. Moreover,
the trade is now more or less anxious
over the problem of European financing
of commodity purchases from this
country, as well as with respect 10
shipping and marine insurance condi-
tons. So far, however, but little sell
ing has appeared here which could be
attributed to hedging against either
old crop supplies or new crop
prospects, and sellers for short account
undoubtedly realize the possibility Of
a new crop scare before the end Of the
summer. Southern spot markets as Of
fcially reported yesterday were un-
changed to % points lower Exports
for the day were 1854 bales.