New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-10
COTTON STEADY,
THOUGH LOWER
Although Abundance of Rain
Market Closes at Loss of
~ Points.

Considering the possibility for rains
IN Texas on Tuesday, as indicated IN
the official forecast of showers and
thunderstorms, yesterdays cotton mar
ket was well sustained, and while clos
ing 9 TO II points under Saturday, was
several points up from lowest of the
day. There seemed TO be little aggres-
sive selling pressure at any time, and
after its opening loss of 10 7 points,
following easier cables than expected,
the market rallied easily from each
setback, Liverpool and Wall Street fur
nishing most of the demand. In fact,
stock exchange houses seem to be &C
cumulating cotton on all soft spots, evil
IDENTIFY taking the view that crop and
general business conditions warrant
better prices. To Offset the talk of i'm
minent hedge selling bulls also pointed
out that there appeared TO be latent
buying power Of several hundred thou
sand bales on straddle account, which,
If true, would care for quito a good
deal Of early hedge selling. provided
the differences were satisfactory TO ar
bitrage people at the time. Private
advices from Liverpool said some Of
the purchases of distant months there
were dictated by a fear that the re-
duced use Of fertilizer in the cotton
belt, especially the older sections, may
result in q poor spinning quality. II
was felt here that outside of Texas
there might be some basis for appre-
hension of this sort. In the detailed
weather reports Of the day the
heaviest rainfall was noted in the Okla
homa district, where precipitation
ranging from "a to 5.54 inches was
noted, a number of sections in the
state complaining Of excessive moist
ure, although bears maintained that
this rainfall increased the chances for
a break in the Texas drouth. For the
first time in some weeks Texas was
covered with a low barometer-mod-
crate, it is true, but suggestive Of
shoWery conditions. Il was this posi-
bility, too remote, perhaps, to inspire
aggres sive bear pressure, which never
theless held the market in check all
day and prevented it from responding
more readily TO supporting orders. The
outlook for the Eastern belt was gen
orally fair. Some of the more north
ern sections of the Carolinas and
Georgia need rain, but the central and
coast districts have received ample
moisture in the last two weeks. A
summary of the crop published in q
New Orleans paper indicates moderate
deterioration. Weather during the cur
rent month will decide the crop, while
it was said that farmers are disposed
to sell if prices remain around the
present level In some quarters it IS
believed that the Federal Reserve plan
for handling cotton will result in TAX
ing care of at least half of the crop
now coming on, besides that left over
from last season. A Memphis crop
expert said news from the fields was
not favorable, except over the rain
reached areas, and with the major por-
ton of Texas still dry and the rainfall
quite insufficient in Alabama, Missis
sippi. Tennessee, Arkansas and part
of Georgia, there is possibility for
much trouble before the month of Au
gust is ended. Meanwhile the general
run of reports induces the belief that
only a moderate yield is promised per
acre Southern spot markets were un-
changed aside from a drop of II points
at Memphis.
Range Of prices: