New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-06
NOTE STARTS RUSH
TO UNLOAD COTTON
UnfavorabIe Impression Wanes
When Offerings Are Absorbed,
and Prices Rally.

An unfavorable impression Of the
German note caused active liquidation
ut the opening of the cotton market
yesterday and July sold % points
under Thursdays high level. Offer
inCs were very well absorbed AZ about
the initial figures, however, and prices
rallied later, with the close steady at
net loss of only 10 points. The
early break carried July contracts Off
TO 1887, with that position selling up
to 1856 in the late trading and closing
at 1862 The early idea appeared 20
be that Germany's position on the sub
marine question would lead almost in
eyitably TO a break In diplomatic rela-
tions, but after the first rush of liqui-
daticn there was probably a tendency
10 even up accounts while waiting for
an official view Of the German state
ment. or some fresh new crop develop
ment. Trade interests were good buy
ers, and except for the nervousness
over international affairs there APP
peared TO be no change Of sentiment
around the ring.
The opening break was a matter OF
- TO 81 points, with May selling at
1882 and October at l248. The ad-
vance Of Thursday seemed TO have left
considerable scattering long interest
in tho market, and for a time hquida-
tion was very heavy. Trade interests
were aggressive buyers on the break,
while there was also considerable buy
So. 60 D rrs... al IA H.
soon az the market showed signs Of
stcadiness there was covering by some
of the early sellers. Closing prices
were within or points OF the best.
One Of the private cables reaching
here from Liverpool, referring to
Thursdays local rumOrs of peace pros
poets. said that no early peace nego-
tiations were expected in the English
market. and that Liverpool was not
fully up 10 expectations. Prices there
broke rather sharply after the local
opening, but the widening Of the diff
ference brought in good deal Of Eng
lish buying, presumably 10 undo old
straddles. There was no sign that po-
pitical conditions had disturbed the
ideas OF the Southern spot holders, as
there was no hedge selling here, and
Southern spot markets as officially re-
ported were unchanged to IL points
higher, generally unchanged.
The worlds visible supply OF Ameri-
can cotton showed a decrease Of 103.-
PA bales for the week. against s0,l6l
last year and 124,368 two years ago.
The visible supply Of American is now
3,469.29l bales, against 4.SS3,896 last
year and 3153.135 two years ago.
Weekly movement figures Of the New
York Cotton Exchange follow: Port re
CENTS, 1O5.597, against l05,324 last
wear: overland TO mills and Canada,
20.59O. against 2I962 last year; South
ern mill, takngs, 10000, against $4,000
last wear; loss Of stocks at interior
towns. 4S.799, against 81 300 last year;
brought into sight for the week, III
3s8. against 1896 last year Total
crop movement Port receipts. $685.
GAP. against 10I15.S26 last year; over
land to mills and Canada, i,04O.S6O,
against 1.O58,42G last year; Southern
mill takings. 3,3250OO. against 2,7l2,-
$50 last year: stocks at interior towns
i'm excess Of August /. 320,7oO. against
bGo. O53 last year; brought into sight
for the season, l1310,2S2, against a.
456l92 last year.
Range OF prices.