New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-14
RENEWED COTTON
BREAKS CHECKED
Market Rallies After Early
Liquidation and Closes with
Steady Tone.

further break OF approximately p
a bale was practically recovered in the
days cotton market There was re-
newal Of general and excited liquidation
at the opening. and May contracts soon
sold at 1926. or just about s. bale
under the high level Of last week and 81
O. bale under the closing price of SGtur-
day.
Houses with Liverpool connections
were very heavy buyers 10 undo strad-
dies at this level. while there was also
an active demand from domestic trade
interests. As soon as offerings Of long
cotton began TO taper off prices de-
ve!opcd a much steadier tone. Bulish
Southern spot advices contributed 20
the rally. which carried May contracts
Up to 1886. The marked closed az about
the best point. with the tone steady. a.
a net decline Of only I 20 points.
Liverpool did not meet fully the To-
cal decline of Saturday, but the mar
ket here started al a decline Of 10 20
Al points, with active months selling
% to "a points net lower during the
first few minutes. Practically all Of
the local commission houses seemed 20
have selling orders. and IL was evident
that builish confidence in speculative
circles had been severely shaken. Fail
ure of Fridays official crop estimate
TO inspire any general demand. COM
bincd with the rapidity Of Saturdays
break. was the chief reason for uneasi-
ness. Nervousness over international
politics or a less favorable view Of
peace prospects also added TO the un-
certainty Of the remaining long inter
est The break here led to a further
widening Of the difference between New
York and Liverpool, which attracted
further active covering and straddle
shorts. IL was estimated that this buy
ing alone took fully $4,000 bales out Of
the market here during the first hour
There was also active buying by trade
interests, supposed TO be against price
fixing by domestic spinners. and offer
irgs were well enough taken at the de-
cline somewhat to modify the anxiety
Of speculative longs.
Liverpool buying tapered of after
the close abroad but the selling also
became less active. The market
showed a decidedly better tone during
the afternoon, with trade buying one
of the prominent features. Most Of the
private spot advices received during
the day said that holders were refusing
to follow the decline, and the bullish
idea was that about all the spot liqui-
dation likely would be the usual selling
Of hedgcd cotton after the big break
in futures.
The trade will watch the South very
closely, as any sign of weakness in that
direction probably would inspire more
aggressive operations for short ac-
count, as well as liquidation by con-
tract holders who had carried their
commitments over the break. II is esti-
mated that the straddle short interest
has been reduced by at least 25OOOO
bales during the last week. at profits
averaging in the neighborhood of 50
a bale. This buying has been respons.-
BILE for much of the realizing or Hqui-
dation which has been i'm progress since
May contracts sold at 1921 on Deem
Der p.
Exports for the day we're 1929
bales, making 2,O25,2O6 so far this sea
son. Southern spot markets. as Off
cially reported, were unchanged to sc
lower.