New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-28
DROUTH CAUSES
COTTON SLUMP
Lack of Rain Throughout the
Eastern Belt Makes Mar
ket Inactive.

II any one feature stood out more
prominently than another in yester-
days cotton market it was the increas-
ing attention being paid to lack oil
rain in the Eastern belt. Heretofore
conditions east of the Mississippi have
been regarded as very favorable. ana
the dry weather, with moderate tenn
peratures. has permitted rapid growth
and good cultivation. But within the
last day or two many complaints nave
been received from South Atlantic
states to the effect that If rain does
not come soon the crop Will begin TO
deteriorate. Much of yesterdays steadl-
ness was due to this situation. In Texas
a lack of rain has been complained of
for some time past, and as yester-
days weather map showed little re-
lief, sentiment was noticeably affected,
and more or less buying developed.
At the same time bears were careful
TO point out that. taking the month of
July as q whole, conditions over the
entire belt have been as nearly ideal as
they have been in several years past.
II was expected that the weekly
weather report. which is due to-day at
noon, would show another week of
favorable crop progress. and this had
the effect of restraining outside sup
port somewhat, so that the market.
while steady. was rather narrow.
The opening was steady. with prices
3 points lower to | point higher. in
fluenced by private reports of rains in
Texas. which. however. proved to be
scattered and very light. The Liver
pool market was stcadier than expected
by a few points, confirming Mondays
impression that it would be less agi-
al. Il. L..
were American markets. The South.
with Liverpool and Wall Street. bought
rather freely after the opening call.
and prices sold up or s points above
the previous nights close. This level
was maintained with some irregularity
through midday. as there seemed TO be
little selling pressure in evidence.
owing to the complaints about condi-
tions in the Eastern belt. which caused
more or less covering by traders who
went short on the break on Monday.
Through the late afternoon similar
steadiness prevailed. and the market at
the close was | point net lower to 6
higher. although the active positions
were generally 4 to points over the
previous night. A late wire from Geor-
gla said dry. hot winds were causing
shedding, and it looked like ruin UNI
less ram comes soon. An Atlanta man
now in New York said that crops in
both the Carolinas and Georgia looked
delicate. were obviously in need of
moisture, and not in as good shape as
the trade here appears to believe. The
days exports amounted to 1850 bales,
and for the season are S,297,616 bales,
compared with 9,02S.221 a year ago.
Southern advices said that receipts at
Galveston have passed the 100000
mark for the season to date. and the
total for the crop year should be close
to the previous record. which was A.
O35.OOO bales. received in 1928. In
the detailed weather reports the only
officially reported precipitation in the
cotton states outside of Texas during
the last twenty-four hours was at Tus-
cumbia, Ala, where IA of an inch fell.
Southern spot markets were II points
lower to Is higher, but generally un-
changed from the previous day.
Range of prices: