The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-07-21
COTTON MARKET IS
NERVOUS AT START
Early Active Selling Gives
Way to Rallies on Report
Of Drought.

The cotton market was extremely
nervous and unsettled in yesterdays
earlier trading For a time selling was
active and general, many stop orders be-
Ing uncovered, and active positions
broke about 81 bale from Fridays
closing figures. These offerings were
gradually absorbed. however. and rallies
followed on the continued drought in the
Southwest, with the market closing
steady at a net decline of only s to %
points.
There were number OF features con-
nected with the early selling movement.
They were Of character, however,
which confused sentiment and led to
evening up rather than an aggressive
position on the market, and were doubt
less more effective than they might
otherwise have been owing to the easier
technical position created by recent ad
vances. Washington advices concerning
Price fixing prospects may have been
largely responsible for the uncertainty
reflected around the ring. According to
some of the reports. Chairman Lever of
the House Agricultural Committee advo-
Gated Government assistance in his in
tervlew with the President yesterday
through a liberal policy on the part of
the Federal Reserve Board. extension of
Government control over warehouses and
any possible increase in shipping facil-
ties. but opposed actual price fixing.
Other adyices were more inclined to
favor the price fixing proposition. leav-
ing the matter entirely unsettled, and
there was doubtless a disposition TO even
up accounts while waiting developments
i'll that connection.
Sentiment was also influenced by an
apprehension that the loss OF the San
Diego might mean the temperance of
German submarines in American waters,
although little or no nervousness was
expressed In that matter There were
more southern selling orders around the
ring than for some time past Tbs in
connection with the relatively easy rul-
ing OF Southwestern spot markets at
the close on Friday and further revi-
sions OF spot quotations at Galveston.
may have emphasized the approach OF
the new crop movement. But after the
first wave OF selling had spent itself the
market steadied on the western belt fore
cast for continued dry weather. and
there were rallies OF some Is to 25
points from the lowest. At the low
point OF the morning July showed a net
loss or 10 points and later deliveries of
IS TO At points. with October selling at
25O2c, or rs points under the high
prices or Friday morning. That de-
livery closed at 25.25c. and trading was
comparatively quiet after the execution
OF stop orders on the early break.
The local market for spot cotton was steady
sad 10 points lower at 30. so for middling up.
land sales nil.
Southern spot markets follow-Galveston
stesdy, IS points lower at 2s2; sales iii
bales. New Orleans steady. unchanged at q. II: :
sales. SO bales. Mobile steady. unchanged at
&c; sales. 10 bales Savannah steady mn.
changed at 1925; sales. IS bales Norfolk
steady, Is points lower at 3oc. sales l0i bales
Augusta steady, unchanged at %. 25 sales, 100
bales. Memphis steady; UNCHANGED nj AZ :.
sales, GOO bales. st. louis steady, unchanged
at go 20 sales nil Houston steady. so points
lever at 2s.5 sales, So bales Little Rock
steady, unchanged at 3Oc. sales. ass bales
Nange OF ILlcct- Fri.