New-York tribune., 1916-07-08
COTTON ADVANCES.
BUT LOSES GAINS
Sharp Rise Due to Heavy Rains
Closing Prices Are About
Thursdays.

Reports Of very heavy rains, partcu-
larly in Alabama, where one station
received over eleven inches, caused
quite sharp advance IN the cotton
market during yesterdays earlier trad
ing. October contracts sold up 70
l3.16c, or II points above Thurs days
closing figure and about 80 points above
the low level of last Saturday, but the
buying did not become active or ag-
gressiye and the advance was lost IN
the late trading, with the market clos
ing steady, net l point lower to ?
points higher. The failure Of the rain
news TO create any general demand,
although 10 was accompanied by scat
tering reports Of crop damage, evil
IDENTIFY encouraged reactionary senti-
ment, while the late selling was so
promoted by reports Of "A less active
spot demand and rather a bearish view
Of the weekend figures.
The market opened steady at an ad-
vance Of 5 to 6 points, and the early
advance carried prices 9 TO II points
net higher. People who had sold on
the reassuring weather advices OF
Thursday afternoon appeared TO be
covering on this upturn, while there
was probably some fresh scattered
buying on an idea that the detailed re-
ports would show even heavier precipi-
tation than indicated by the early map.
There was enough realizing 10 check
the advance late in the morning, how
ever. and while moderate reactions
were followed by another bulge as the
extent Of the rainfall in Alabama be-
came known, the market eased off again
during the afternoon, with active
months selling back 20 about Thurs
days closing figures.
The official forecast again called for
showers in central sections, and local
map readers said that the Southern
storm centre was making slow progress
northward owing 20 the presence OF a
high barometer over the North Atlantic
States, but that IL was diminishing IN
intensity. In addition to the torrential
rains reported a. several stations IN
Alabama there was heavy precipitation
in the Augusta, Atlanta, Nicksburg and
New Orleans districts. and private
wires received here from New Orleans
said there had been good deal OF
damage in the interior Of Alabama and
Mississippi. Possibly the failure of
these reports 10 inspire more general
demand was due 70 an unwillingness
10 operate aggressively on the bull side
above the l3-cent level.
The visible supply Of American cot
ton showed decrease Of ll4,s97 bales
for the week, against l5i 500 last wear,
making the present visible 2,475.OOO,
against 1851, 600 last year Splnners
takings for the week were $4,000
against 2l2,0OO last year. Southern
snot markets were all unchanged ex-
cept for an advance of 3 points at Gal
weston.
The weekly movement figures OF the
New York Cotton Exchange follow:
Port receipts. 6l.180 bales. against 3d.
gl1 last year; overland to mills and
Canada. 9,632. against 1914 last year;
Southern mill takings. estimated 10000
against 10000 last year; loss OF stocks
at interior towns. 34.G97. against 49,
464 last year; brought into sight for
the week. 56.115. against 57.f2l last
year. Total crop movement Port re-
ceipts. 7.4SO,906 1858 added New Or
lcansl. against 1868. .T53 last year;
overland 20 mills ard Canada, l.224, sos,
against 1.171,s72 last year; Southern
mill takings. 3.55O.000, against 3,Oi2'-
s87 last year; stock al interior towns,
s.. .O9i below August /, against an ex-
cess of 3sO.55l last year: brought into
sight thus far for season, l2,l9I42l,
against l5,244,063 last year.
D.,,o - ,.rfgeas