New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-05
FEDERAL REPORT
ADVANCES COTTON
Prices at Close of Market Show
Gain of IL to ID Points.

Buying for Liverpool account, In
connection with a bullish weekly gov
eminent crop report, and a continual
ton of unfavorable private reports
from various parts OF the belt pro-
duced a stronger sentiment in the cot
ton market yesterday and prices at the
close showed a net advance of IL TO
Il points, representing top for the
day. Developments of the last hour
convinced traders that the market was
oversold, and it was believed that
Liverpool had taken more contracts
out of the market in the last few days
than generally credited, which together
with recent big spot sales there, en-
couraged aggressive support from To-
cal bulls all the late afternoon. The
weekly crop report seemed to confirm
recent complaints of backward crops
and more than Offset the further re-
ports of rains in the Eastern belt. 1t
said that hot and generally continued
hot weather had greatly retarded
growth over many portions OF the belt
and but little progress was possible
except over the more northern por-
tions, where local rains and moderate
warmth had favored satisfactory
growth. In eastern parts of the belt
the plant seems to be standing the
drouth fairly well, but shedding Is
very generally reported, and bolls are
opening prematurely In some sections.
The best conditions appeared to be IN
Oklahoma, Arkansas and Louisiana.
Regarding Texas the report said more
rain was needed in nearly all sections.
Cotton is shedding badly in many sec
tons and opening rapidly in South
Texas, but boil weevil are not spread
ing. A letter received late from a
party in Columbus, Ca, declared that
Georgia would not make over two
million bales, and possibly not more
than 1,750,000 bales, owing to spell
of intensely hot weather most of the
last three weeks.
The opening OF the local market was
steady at an advance OF to points,
being rather a poor response to firm
cables from Liverpool. whore sales OF
$4,000 bales attracted considerable at
tention, it being the theory here that
at the present rates of freight and
insurance, or transportation costs, it
is cheaper for British and neutrals TO
buy in Liverpool than here. Some
inquire tnaJ the QlUercnce between the
two markets must widen to about 175
points before proper parity Is
reached. Under scattered local selling
pressure and some offerings from New
Orleans, the market later reacted TO
the previous nights close, but this
proved to be lowest for the day, as the
weather news prevented much bear
pressure, and sentiment appeared TO
grow more bullsh as the day ad-
vanced. An absence Of rain in Texas
confirmed the government forecast for
the day, but there was considerable
rain in the Eastern belt, some OF ii
very heavy through eastern Georgia
and the coast section of the Carolinas.
For Thursday the forecast was for
generally fair weather over the entire
belt. The undertone continued quite
steady up to the last hour, when the
greatest advance of the day occurred,
forcing in a considerable short inter
est. Southern spot markets, with the
exception of a 10 point advance at
Galveston, were unchanged.
Range Of prices