The sun., 1916-10-31
COTTON Is WEAK ON
TORPEDOING OF ship
Liverpool Listlcssncss Also
Helps slump IN the New
York Market.
FEW LETUPS IN SELLING
Low Point Of so Under Satur-
days Close UncOvers Many
stop Loss Orders.
FEW LETUPS IN SELLING

Two factors were back OF the weak
rcSs Of cotton yesterday. One was the
lack of life IN the Liverpool market
tho other was tho sinking OF tho Brit
tsh steamship Marina. reported TO have
had Americans aboard. The market was
not strong n; any time. Selling started
carly and continued late. leaving the
market Mt the close some 80 to .. points
down. II was characterized rs weak.
Liverpool was duo ~ to Is points
down In sympathy with Saturdays
slump here. Considerable surprise re-
suited when h quotation abroad de-
clincd pas, the expected mark. and on
down 20 TO IS points lower. The last
prices there were .e to 30 points below
Fridays closing. the market having been
closed saturday. Spot cotton IN Liver
Doo' was OF ~ points. sending tho price
OF middling down % points to Io.s:d.
Sales were 10000 bales.
The opening In New York showed
Keen response TO The l;stlcss Liverpool
market. Longs in Live pool were SELL
ing and some hedge selling occurred
abroad. Commission houses sold. spot
houses bought the near and sold the
distant months. OF course on all weak
spots buying wa YES monertarily checked
tho slumps. hut there was none Of the
aggressive bull support noticed last week.
Al Its lowest December was quoted
81 1870: January at 1884. March at
1915. May at 1850 and July at 1851.
These low Levels were touched on the
FIRST ncws OF the torpedoing OF tho Ma
Iina. Reports began to trickle over the
tickers later saying that the steamship
had attempted to escape and that in al!
PROBABILITY no !nternationa, complications
would follow. Several bulls then jumped
into the ring with buying orders and
within u short time the price had
Mounted some 20 points from the low
mark.
Prices at the lowest were more than
). a bale below Saturdays closing. This
slump uncovered a large number OF stop
loss orders and drove out many short
on the wide dcc.nic, Bulls who sold out
last week when the market reached Its
high point arc reported to have come
back into the market in numbers.
Brokers with Southern connections as
sert that the spot prices are not follow
ing the future quotations down the scale.
Cotton in the South is just about as hard
to pick up now as II was a week G
despite the gyrations that the future
quotations have gone through In the
meantime. There is reliably reported,
however. a slackening in demand from
the mills. and this may eventually have
the effect Of bringing out spots that fu-
turc fluctuations cannot move.
Tho weather was reported clear In he
central and western parts OF the belt.
with cloudy conditions In the eastern
sections. Temperatures ranged from ~
~ 20 degrees. With most reporters es-
timatinG the crop a. 81 per cent. picked.
the cotton bel, weather has ceased to he
q great market factor. Most brokers say
that the technical position Of the crop
has been greatly strengthened In the last
two trading days.
The December option, which opened
A. 1850. sold ~ high as is.S2. declined
to Is. 90 on the submarine news. but re-
covered u points and closed Mt 1879.
Practicable every. other active month
followed the same route.