Step 1: Understanding the Concept
In an open circulatory system the heart pumps blood into open spaces called sinuses.
Step 2: Check each statement
1 is true: blood flows through body cavities.\n2 is true: tissues are bathed directly by blood.\n3 is false: blood moves slowly under low pressure.\n4 is true: it occurs in arthropods and most molluscs.
Step 3: Conclusion
Statements 1, 2 and 4 are correct.
Final Answer:
Statements 1, 2 and 4 only are correct.
\[ \boxed{\text{(A) }\text{1,2 and 4 only}} \]