New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-20
COTTON SLUMPS,
BUT CLOSES STEADY
Prices Rule Lower, Although
Buying Continues Active
Rains Not Sufficient.

The cotton market was lower yester-
day. Improved weather conditions, an
easier turn in Liverpool and somewhat
conflicting spot advices, combined with
the continued vagueness of peace pos
sibilities, seemed to promote reaction
airy sentiment. There was evidently a
feeling that the technical position had
weakened as a result of Thursdays
sharp advance, while scattering liquida-
tion suggested a tendency to even up
commitments for over the week end or
pending some fresh development.
Buying was sufficiently active, how
ever, to indicate continued confidence
in the bullish view of peace prospects,
and the closing tone was steady at a
net decline of 8 to IL points for the
day. Old crop positions made new
high ground ct the opening, with July
selling at l327c. but that delivery sold
off TO 13.l5c late in the afternoon and
closed at 1317c.
Private cables said the Liverpool
market acted tired, although there was
good trade in Manchester, which
looked as though it would continue
The local market opened at decline
of TO . points in sympathy with the
cable, but there were q good many out
side buying orders around the ring,
which had evidently been attracted by
the strength of the previous day, and
prices soon rallied. On a bulge of 3
or 4 points increased offerings were
encountered, with the selling becoming
more general and active after the pub
LEGATION of the Western belt forecast
for fair and warmer weather. Spurts
Of covering or fresh buying caused
slight rallies from time TO time, but
the trend of prices was downward dur
ing the afternoon, and the close was
within a point or two of the lowest.
Rains are still believed 10 be needed
in parts OF South Carolina and Georgia.
A report from Texas said yesterdays
rains had not extended all over the
drouth sections in the extreme south
ern part OF that state. Experienced
cottonmen, however, think the most UNI
favorable feature of recent weather
conditions has been the rather low
temperatures and claimed that a spell
OF warm weather now would lead to
rapid improvement.
Unto sight" figures for the week
showed moderate increase, which
some took as indicating the effect Of
higher prices, and there was some talk
OF an easier spot basis, but the scat
tered Southern selling reported here
was supposed TO be based on improving
crop conditions rather than against old
crop holdings.
Exports for the day were only 1900
bales, making s0,752 for the week,
against l14,96l for the same week last
year The visible supply OF American
cotton showed a decrease OF ll6,3O2
bales. compared with a decrease OF
l03,309 for the same week last year.
Southern spot markets officially re-
ported were s points higher to ~
points lower, generally unchanged.
Weekly movement figures of the New
York Cotton Exchange follow: Port
receipts, l24,654 bales, against S7,712
last year; overland to mills and Can
ada, 32,165, against 22,169 last year;
Southern mill takings, estimated 3d.
600, against $4,000 last year; loss of
stock at interior towns. 45,867, against
SC, 100 last year; brought into sight for
the week, 140,952, against l3O,l42 last
year. Total crop novement-Port re-
ceipts, G,S79,252 against l0,298.263 last
year; overland TO mills and Canada,
1000 ,438, against l,10l,05e last year;
Southern mill takings, 3,3S5,00O, against
2,sl2,8S7 last year; stock at interior
towns in excess OF August /. 23l $50,
against 81, 1878 last year; brought into
sight thus far for season, 1l,5S6,326,
against 14.724,0S2 last year.
Range of prices: