New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-02
COTTON LOSES,
THOUGH FIRM
Closing of New Orleans Ex-
change Sends Market Down
Nine Points.

There were extremely violent fuctua-
lions in tho cotton market yesterday,
with a sensational early break Of some
40 or 40 points, followed by recovery
Of 30 TO 40 points and with the close
firm at a net loss Of only 20 points
for the day. Possibly a misconception
OF the first reports received here with
reference TO the closing of the New
Orleans Exchange was partly responsi-
bic for the big carly selling movement,
under which prices broke so rapidly
during the frst half hour. II was soon
learned, however. that the closing of
the New Orleans Exchange after the
end Of business on Wednesday had been
only due to the practical isolation Of
that city as result Of the storm. and
tho market here showed a decidedly
better tone after the widespread early
liquidation.
The market opened steady at an ad-
vance Of l3 points 10 a decline of l
point, the advances being in sympathy
with relatively steady cables and the
unfavorablc weather in the South. Al
most Immediately, however. prices
weakened very sharply on the reports
that a wireless message from New Or
leans had been received AZ Houston
saying that March had sold at very low
prices and that the New Orleans Ex-
change had been closed. This was fol-
lowed almost Immediately by advices
indicating that the break referred to
had occurred last Wednesday, when
there had also been a sharp break In
the market here, and explaining that
New Orleans would remain closed until
the wire service was restored, but many
stop orders were uncovered on the de-
cline here, and before the end Of the
first half hour December contracts had
sold off TO l1.70c, January TO ll.s5c and
March 1910, or about $3.50 per bale
above the high records of last Tues
day. The market then steadied, with
the afternoon advance encouraged by
apprehensions that the Southern storm
had caused considerable damage during
its progress through the belt. the ex-
banding export movement and reports
that Southern spot holders were refus-
ing to sell at declines. December
closed 10 l2.0sc, January at l2.23c and
March at 125lc. Two private crop re-
ports were issued, one making the con-
dition 62.7 per cent and the other 63.7
per cent, and both OF them suggesting
rather less deterioration for the month
than talked of earlier in the week. In
reply to a request from the officials OF
the New York Cotton Exchange for a
postponement of the government re-
ports scheduled for publication this
morning a message was received from
Washington announcing that the re-
norts would be published on Monday,
owing to the poor wire service. Exports
for the day exceeded 10000 bales and
Southern spot markets were 20 points
lower 70 &c higher.
The weekly movement figures OF the
New York Cotton Exchange follow:
Fort receipts, 290,90l bales. against
1862 .22l last year; overland 20 mills and
Canada. 1852, against 4,6i6 last year;
Southern mill takings (estlmated),
s5. 600. against 10000 last year; gain OF
stocks at interior towns, 1000, against
~. 4O6 last year; brought into sight FOR
the week, 32,7s3. against 3lO,213 last
year. Total crop movement: Port re-
CENTS. l.090,s26 (2,68S added Texas
CIV. etc.0. against 45l.790 last year;
overland to mills and Canada, 4s,I45,
against 1904 last year; Southern mill
takings, 365.000, against 242lSoI last
vear: stock az interior towns IN excess
If August l, 150.652, against ls3,OZo
at year: brought into sight for the
season, l,595,224, against sOo'oos last
year.
Uanes Of prices w..