New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-03
COTTON BREAKS
ON SEA FIGHT NEWS
Market Rallies and Closes Steady
After an Unsettled Day
South Heavy Seller.

The cotton market was very nervous
and unsettled again yesterday. Rather
a reactionary sentiment developed dur
ing the middle of the day, but mod
crate rallies were followed By renewed
weakness. with prices making new low
ground for the movement during the
late trading. July contracts sold at
l250c or 1855 bale. under the re-
cent high record. The close, however,
showed rallies OF a few points on Liv-
erpool buying and local covering, and
the final tone was steady. with prices
net point lower 10 points higher.
Reports Of a big naval battle IN the
North Sea seemed TO be partly re-
sponsible for the afternoon break,
while sellers were also encouraged by
the continued favorable character OF
weather and crop advces.
The market opened steady. al an
advance OF to points on relatively
steady cables, and active months sold
about ) To 7 points net higher on or
Immediately following the call. Llv-
crpool was good buyer, and there
was covering by some of Thursdays
scattering sellers, but prices soon
weakened under continued liquidation
Of Wall Street and Southern long ac-
counts. After showing a net loss OF
about TO 6 points. the market stead
led on covering and buying for re-
action, with July working up to Thurs
DAYS close, while later months sold |
20 3 points net higher. Demand failed
10 broaden on the advance, and with re-
ports Of the naval battle tending 20
unsettle ideas of export conditions the
market became weak during the after
noon, with the list showing net losses
of about TO 8 points, July being rela-
lively easy.
Private cables from Liverpool said
that the South was offering very little
cotton there. and similar advices were
received from New Orleans, while peo-
pie around the ring Mere said they saw
no indication of hedge selling by
either present or prospective holders.
The South was a considerable seller
early. but this was supposed TO be
i'm liquidating long contracts rather
than against actual, and the absence
Of hedge selling figured in the reac-
tionary talk which at times was rather
general around the ring.
Exports for the day were 2l,o3l bales
and the total for the season now
amounts 10 J,UO-iot4 pales' abaI"S1
7.SsS.120 last year. Southern spot mar
kets as officially reported were all I'M
changed. except for decline OF II
points at Augusta and l3 points at
Norfolk. Sales were very small. New
Orleans market will be closed to-mor-
row.
Weekly movement figures OF the New
York Cotton Exchange follow: Port
receipts. 1883. against 5o,O7s last
wear: overland 10 mills and Canada,
23.452. against 1861 last year; south
crn mill takings, estimated, 3O'OOO'
against 10000 last year; loss OF stocHs
at interior towns, 1884, against 20
5f4 last year. Total crop movement;
Port receipts. 7,094,slS, against To-
434.77s last year; overland 70 MUS
and Canada, 1,142,045, against LEI
364 last year; Southern mill takinss,
3 .AA5,O against 2,S92,ss7 last year;
stocks at interior towns in excess OF
August /. 1868, against 46',24o last
year: brought into sight thus far for
season. ll,S12,5l6. against l4,922'2'o
last year.
D.. Of ,~ieee.