New-York tribune., 1918-04-30
Cotton Prices
Fluctuate Widely
In Erratic Market
Sharp Advance Followed
by Slump, With Net
Losses for Day

After an early display of strength
heavy selling when prices broke to
new low levels for the current move
ment. While the volume of busi-
ness was not particularly large the
days fluctuations in prices were un-
usually rapid and violent, which added
to the general unsettlement of the
market. July contracts sold up from
24.85 to 26.11 in the early trading, but
broke to 24.6O later, closing finally at
24.85. The general list closed steady
at q net decline of 16 to "a points.
The break of about 145 to 160 points
from the high levels Of the morning
was accompanied by reports that some
distress cotton was coming out in the
South from owners who had found it
impossible to carry their holdings
longer.
Market Overbought
A leading interest in the trade in
discussing the unprecedented decline
that has taken place in cotton prices
in the last month said that the prin-
the excessive bull speculation INDUCED
in when cotton prices were being
forced to the 35 cent mark. Many
interests had bought, it was asserted,
on expectation Of an early peace, which
it was believed would find Germany
in the market for many millions of
bales. With this belief dissipated by
the German successes in France, plus
indications that there is plenty of cot
ton to meet the present needs of the
country both for domestic and export
+Lo ,,lr
PEELED to take heavy speculative offer
ings from disappointed bulls, accord
ing to this authority.
Figures were issued in the financial
district during the day estimating that
nearly 100000 bales of cotton have
come into sight, with probably 1,500,-
600 bales more to come. The worlds
takings are estimated at less than
100000 bales to date, and in the fif-
teen remaining weeks of the season, if
the takings amount to 100000 bales,
the final seasons mill takings would
be over 100000 bales less than the
yield
Supplies Large
Cotton is said to be steadily accum-
ulating in this country, and it is esti-
mated that American ports and interior
towns hold to-day 1851 1893 bales, $780,
100000 bales ahead Of two years ago
The amount raised but not marketed
leaves about 100000 bales unmar-
keted this year, against $4,000 bales
last year, 100000 bales in 1915 and
2,431,000 bales in 1915. The farm value
of this cotton is estimated at about
Sl3O bale, compared with S100 a
year ago, S58 in 1916 and s4S in 1915
The market opened irregular yester-
day at a decline of 35 points to an
advance of points, but the break of
between and 9 cents a pound from
recent high records had created a
frmer technical position. This natur-
ally promoted covering, and as prices
flrmed up the attention of the trade
seemed to be shifting from the talk
of spot liquidation to the less favora.
Bile progress of the new crop. The
reports of too much rain in eastern
and central sections of the belt anc
of undesirably low temperatures lee
to expectations Of another unfavorable
weekly review from, the Weatehr Bu
reau on Wednesday. 1t was pointed
out around the ring that this would
be the third bullish report in success
sion. and early spot adviccs from the
South were also Of a more bullisf
average
Very few contracts were encounteret
| until the market was 105 to 100 points
above Saturdays closing figures, whicl
made advances of 110 to 1875 point
from the low level of the morning. TIL,
more urgent demand from shorts thel
appeared to have been pretty we'll sup
piled, ard the market broke even NOR.
rapidly than it had advanced I
seemed that early buyers felt littl,
confidence in sustained recovery, ant
liquidated on the decline which carriet
the active months 40 to So points no
lower.
The close showed moderate rallie,
on covering. There was a report from
Augusta that 1000 bales of cotton ha(
been sold there on Saturday, followed
by the sale of $500 bales Yesterday
owing to the failure of interior hold
crs to meet calls for margin. The tall
OF "dlstress cotton in the South
seemed to be based chiefly upon this
report, as spot advices otherwise
claimed that holders had not been dis
turbed by the decline in futures Rut
there was also scattered Southern sell
ing here on the afternoon break, which
which local traders thought might be
against actual, and the fear of weak
ness IN the spot department was evi.
IDENTIFY sufficient to overshadow the
more bullish idea of the new cror
start. Exports for the day were 81
SAG bales. making 3,25s, ,6O7 so far this
season. Southern spot markets. as of.
nclally reported, were nominally un.
changed to 100 points lower.
Yester- Day Yea.
day. before. ago
Cash ............. 26.75 $3.50 POS!
Contract: