New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-21
ARABIC DISASTER
LOWERS COTTON
Calmer Tone Succeeds Weak
Opening, However, and
Close Is Steady.

The nervousness over international
relations created by the sinking OF the
Arabic was more or less in evidence
during the entire day in the cotton
market. Conflicting reports as TO the
circumstances of the attack caused
more or less irregularity, but an early
decline was partly recovered, and
rather a calmer feeling seemed to pre-
vail toward the close with the tone
steady at a net decline of only 6 TO 8
points.
There was quite a furry of liquida-
ton at the start with nervousness in
creased by weakness in Liverpool, a
sharp break in New Orleans and the
lower opening Of the stock market.
First prices were II to - points lower,
and active months sold - to II points
under Thursdays closing figures shortly
after the call, with December contracts
touching go. Offerings were pretty
well absorbed at this level, partly by
Liverpool buying of October to undo
old straddles, and enough covering de-
veloped TO cause rallies of several
points from the lowest. Favorable
private crop reports from the south
west and the absence of confirmation
of some of the reassurng early adj
vices with reference TO the Arabic
affair sent prices off few points
shortly after midday, but the market
frmed up again toward the close,
reaching the highest point of the day
with December selling at 1853. Last
prices were at practically the best
points on reports that the attack on TIC
Arabic had been under conditions
which would minimize its influence on
diplomatic relations.
Private advces from Texas indicated
that there had been damage to open
cotton from the recent storm. but one
of the more prominent travelling eX-
perts reported that the rainfall would
prove of benefit TO the crop as a whole,
and sentiment around the local rlng
appeared TO lean toward that view OF
the situation. The expected contra
band declaration was less discussed
during the day, tending TO increase
confidence in the assumption tnat an
official announcement had been pretty
we'll discounted, but, as a matter OF
fact. trade attention appeared largely
monopolized by submarine develop
'ments. Reports from New Orleans
said that Georgia was offering cotton
at tenderable basis compared with
New York. and the market as officially
quoted at Savannah was nc lower for
middling. Otherwise Southern markets
were unchanged except for advances Of
l3 pbints at Memphis and Little Rock
which are in later sections OF the belt,
and which may have been influenced
TO some extent by the heavy
central belt rains. particularly IN
Arkansas. where the moisture was
considered undesirable. Exports for
the week were 36032 bales. making
1O01i2 so far this season. The visible
supply of American cotton decreased
1183fs 'q'es. comparing with de-
crease of II 602 bales last year. max
ing present visible supply , S2lOl5 ba es
against 1.57S.S2s last year. The weekly
movement figures Of the New York
Cotton Exchange: Port receipts, 2S,iil
bales. against 6,058 last year; over
land to mills and Canada. 1858. against
4S6 year ago; Southern mill taklngs,
estimated 10000, against nil last year;
gain of stocks at interior towns, 36l8'
against 3 last year; brought INTO
sight for the week 66050, against
6.552 last year. Total crop move
ment: Port receipts. 65,90l, against
2O.27O last year; overland to mills and
Canada, 10.577, against BATS last year;
Southern mill taklngs, s5,OO0' against
nil: decrease Of stocks at interior
towns since August /. 1928 bales,
AGAINST an increase Of 4,94l last year;
brought into sight for the season, TO-
2G5, against 1897 last year. -.