New-York tribune., 1916-02-26
COTTON SELLING
HITS NEW LEVEL
Influence Of Grain FURRY Seen In
Sales for Western Account
Close Steady.

A very moderate rally encountered
heavy selling for Western and Southern
account in the cotton market yesterday
morning. and a break followed which
carried prices into new low ground for
the movement May contracts sold off
from 1l.44 to 1926. or II points under
last nights closing figures. Offerings
then tapered off and there were rallies
Of 7 or 8 points in the later trading.
with the market closing steady at a net
decline of TO points. II anything
there seemed TO be rather less nervous
ness over international affairs, but
some of the traders here thought they
saw indications of increasing uneasl-
ness among Southern holders. II
seemed possible that the unsettled rul-
ing Of the grain markets was partly re-
sponsible for tho heavy selling from
Western sources.
The market showed rather better
tone at the start Cables were a shade
lower than due, and the opening was
points lower to point higher, but
prices steadied right after the call,
with active months selling about to Z
points above Thursdays closing fig
ures. This reflected covering by local
and Liverpool shorts, and there may
have been some buying for a reaction.
but the market very quickly weakened
and became extremely nervous and ex-
cited late in the forenoon. when March
contracts sold off to ll.07 and July TO
ll.46. The heavy selling on this break
seemed 20 relieve the market Of imne-
date pressure. and while there was
continued scattering liquidation prices
ruled steader during the afternoon.
Southern selling here was supposed
10 reflect hedging against spot holdings
in the interior. The idea that South
ern holders were uneasy was encour-
aged by a rumor that spots were Of
fered at concessions in Boston. There
we're also reports Of increased Offer
ings in the Southwest. but on the whole
very few sDot advices reached here
from Southern sources during the day
The report that the British Admiralty
had released another OF the big ocean
liners from the naval service for the
trade between New York and Liverpool
probably promoted the early rally
While this does not appear to have at
tracted much attention, exports OF cot
ton have been rather larger since the
end of last month. While this is re-
lieving the pressure on the Southern
uorts 10 some extent, il is also re-
fected in larger arrivals at Liverpool,
and Liverpool stocks showed an in
crease for the week.
The weeks exports amounted 70 l56.-
2l6 bales, making 34O6,70l so far this
season, against 5,lS8, ,664 last year The
visible supply Of American cotton
showed an increase OF 2,79S bales for
the week compared with decrease Of
53 OBS last year, and is now 4,337 ,2O5
bales, against 5,s29,227 last year.
Southern spot markets, as officially re-
ported, were unchanged 20 20 points
lower.
The weekly movement figures Of the
New York Cotton Exchange follow:
Port receipts 177,430 bales, against
306,63l last year; overland 10 mills
and Canada, 30,329, against 35,052 last
year. Southern mill takings. estimated.
10000, against $4,000 last year; loss of
stocks at interior towns, 44.30S, against
20.507 last year; brought into sight for
the week. 27S45l, against 40l, ,l76 last
year. Total crop movement: Port re-
ceipts. 5.477 ,246, against 1880 last
year: overland to mills and Canada,
823.319. against 1861 760 last year;
Southern mill takings, 1926, 900, against
2,0l7,S67 last year; stock at interior
towns in excess of August l, 29,230.
against 935,403 last year; brought into
sight thus far for season, 9,554,795
against l1,76s 146 last year.
Range Of prices: