New-York tribune., 1918-06-04
Ind u S tria |
Cotton

The cotton market was extremely
irregular yesterday. There were con-
flicting items in the news which pro-
noted a disposition to even up commit
ments during the earlier trading, and
later sentiment was unsettled by the
reports of submarine activities off the
Atlantic coast There was ~ excite
ment and no great activity. This aver
age trader seemed to feel confident
that appearance of hostile submarines
in American waters might mean the
possibility of raids, but that there
could be no systematic campaign so far
from the German bases, and that there
was little danger of more than brief
disturbance of shipping. July, how
ever, broke from 24.90 to 24.23, or 26
points under Saturdays closing figures,
and the new crop which had been rela--
lively easy earlier in the day showed
a net loss of some "a to az points.
The close was several points up from
the lowest on covering with the tone
very steady at q net decline of to
"a points.
Private cables attributed the
strength of near months in Liverpool
to an announcement that because Of
the action Of American markets, a
wider difference mad been fixed be-
tween good middling in Liverpool, and
middling cotton in the Southern mar
kets. The opening here was 81 points
higher on July, which was Influenced
by the strength abroad and Liverpool
buying. Houses with English connec-
which opened at decline of ! to p
points, and the general list eased off
after the call, owing to the continued
favorable character of crop and
weather news. At the same time sell
ing Of the near month was held in
check by the spot advices and the mar
ket was showing disposition to steady
when the submarine news was received
Unsettled labor conditions in New
England contributed to the nervous
ness of sentiment. 1t had been hoped
that tae acceptance of proffered wage
advances by mill operatives in Fall
River and some other sections would
clear the atm osphere, but New Bedford
operatives were reported to be demand
ing the full increase of 20 points and
to be striking in an effort to secure it,
There were also further reports of re-
strictions on the mill outturn in Lam
cashire, where the Board of Cotton
Control has ruled that mills licensed to
run not more than fifty hours a week
must stop the whole of Saturdays and
SlOliudyo'
Beneficial rains were reported in the
Southwest, where, owing to the absence
of subsoil moisture, frequent precipi
taton is considered desirable Two
more private crop reports were issued
one making the condition 81 and the
other 81.2. A canvass of sixty New
York Cotton Exchange members made
yesterday indicated an average expec-
tation that to-day's report from the
government will show about sos Ex-
ports amounted to 4,400 bales South
crn spot markets. as officially reported
were unchanged to so points higher
1t was holiday in most of the larger
markets.
Walter l.. Johnson, retiring vice
president, was elected president of the
New York Cotton Exchange yesterday
at the annual election of officers. Leo
pold S. Bache was CHOSEN vice-pres-
dent. and James F. Maury, treasurer.
There was no opposition ticket.
Yester- Day Year
day. before. ago
Cash ........... 1900 1900 22.70