Evening star., 1916-07-02
COTTON MARKETS.
NEW YORK.

NEW YORK, July 1.-The govern
ment's crop report was followed by
sensational break in the cotton market
here today. October contracts. for In
stance. sold of from 1928 to 1885. clos
ing at 1891. while the general list
closed barely steady at a net loss of
26 to 20 points.
Trading was quiet before the report
was published and prices were gen.
orally steady. Owing to the holiday
| there were no official cables from Liver
pool. but houses with Liverpool con-
nections were moderate buyers. while
there was also some demand from New
Orleans sources. and after opening at
an advance Of two to three points the
| market sold about six to eight points
above last nights closing figures dur
ing the early trading. This advance
carried July contracts up to 1908 and
December to 13.45, and there was prob
ably some scattered covering by local
shorts. who had carried their cotton
| eminent report making the condition
sl-1 and indicating an increase of 121
| Der cent in acreage proved very much
| more favorable than had been gener-
ally expected. however. and proved the
signal for heavy general selling
Recent private reports had Indicated
condition of slightly under so per
cent on the average. while the oficial
| acreage estimate was above the aver
age OF private figures and the market
I
END OF the morning. with July selling
| on to 1910 and December to 1902. or
the lowest prices reached since De-
cember sold at 1851 June 22. Closing
lowest on covering and there was a
| feeling in some circles here that the
general remarks on the crop outlook
which accompanied the Official figures
were We LESS less favorable than suggested by
Inc government statiSttciane hou,
ever. interpreted the report as point
Ing to crop of 14.26S.000 equivalent
eped epedpound i,s bales; s, which was consid-
suggesting a total growth in the
neighborhood of 100000 bales. Aside
from the government report there
seemed little in the news to attract
after the publication of the figures that
the market showed any activity.
Port receipts today. 11.74o bales: for
the season: 7;3ss,245 bales Exports to-
DAY DAY; .os So;s7i bales; for the season. g.
NEW ORLEANS.
NEW ORLEANS. July The unex-
pected bearish showing Of the govern
nent's reports on acreage and condi-
tion caused a sensational slump in the
cotton market here today. the most ac-
tive months breaking s6 to SO points.
or practically $500 a bale. The increase
| in acreage Of 12.l per cent exceeded
average expectations of around to 8
per cent. and the condition Of the crop
on June 25 of s1.l exceeded average
expectations ranging from 76 to 70.
| Except for few minutes Immediately
| following the reading of the reports,
the market was only moderately ac-
tive. as much evening UP Of both long
and short commitments had been ac-
| Icomplished during the week
| Around the opening the market rose
| g to 4 points. and a little later the
rise widened to to points. Most
| traders appeared to expect rather bull
ish figures from the department At
10 o'clock. when the statistics were is
sued, the market stood to points
over yesterdays close. October imme-
tdiately lost 5 points. and soon the en-
tire list commenced to fall away. With
in half an hour after the receipt Of
| the reports the market had lost 35 to
36 points. No reaction of consequence
followed the break. and the close was
within q point of the lowest. or at a
loss of 2s to 80 points. compared to
yesterdays close.