New-York tribune., 1896-01-01
COTTON ADVANCES SHARPLY.
UNEXPECTED STRENGTH IN LIVERPOOL
QUOTATIONS MAKE NET GAIN OF II POINTS o.
THE LOCAL. ExCHANGE-COTTON TOO
C.uraP BELOW CENTS.

o,-or.r1oNs MAKE A NET GAIN OF II POINTS ON
THE LOCAL ExcHANGE-CoTToN TOO
CHEAP BELOW CENTS.
1,.-noo, fairly startled the cotton trade An this
o,,n,rv vesterday by opening at 364d. advance ana
steadily moving upward until at the close IL sho"eu
q net gain Of 7-64d. equal to 20 American po."'s
This rapid uplift almost took the breath away io'
the bears and croakers on the New orh So''o''
rxchange The excitement was great ana con-
.,,,o,s oil tbe session and the buying Of two COM
mission houses caused heavy purchases FOR Do'h
long and short account one OF these houses 'ooN' II
was estimated 1900 bales and one 2aooo paes AZ
,;mes IT looked as If it might be only tremendous
raid on the shorts. who had recklessy oversoiu 'e
market recently At night. however the trade was
all at sea as 10 the future course OF prices i"o
general feeling. however, was that cotton was
far too cheap below cents, under pre'aiii"s 'o"
ditions. -,
cnot sales in Liverpool were up to the high level
,ho, have sustained ever since December opened.
70 o0o bale. with the price l-32d. higher than on
Monday Private Manchester advices received mere
announced very bullish conditions and IT looked as II
the predicted January bull movement had been be-
run before the New Year was fairly mere
Tho advance in exchange on India for the last ten
days has been about ) per cent ana that worhs 10
the advantage of Manchester spinners, ana as 'he
supplv of goods India is very light much better
business is expected from that direction during I'
During the last year India has taken about % per
cont less than its quota OF goods. The local market
opened at an advance Of to points. and within
the first half hour there was an advance OF ruliy
as much more, with considerable trading shorts
covering and buying orders were executed for lAv-
erpool account The market closed very steady In
tone with net advance Of II 70 Il points. and total
sales of $4,000 bales. March opened at sos. sold
up to S.2 and closed at s.2l The closing prices
were within about points Of the highest OF the
day. The Southern spot markets were higher. and
the local spot market sc higher. Considerable
strength shown during the latter part of the
afternoon, largely on continued buying Tor Liver
pool and reports that English and New-Engiand
spinners were bidding against each other for spot
market at the South. Shorts also bought. Port
vices said they at the expense of the interior
towns, which would lose 10000 bales this week. a
good part of the recent New-Orleans receipts were
faid TO be accounted for by through shipments to
finish up January contracts-cotton sold TO the
Continent and Great Britain
Total port receipts yesterday were $4,000 bales
against ALL last week. a. G5 last and 25.0f6
in 1895. New-Orleans estimates for to-day were
5000 5000 bales against H. s34 last week Los last
year and 1868 in 1888.
The results for the Cotton Exchange year have
been very satisfactory. the total sales of futures
footing up the enormous aggregate of 63. s23. 800
bales officially reported against 33,5 5000 bales
the previous year. The movement of the market
was upward from the low range in the spring when
spot cotton 9-l6c., to the elimination OF the
bull deal October 16. with spot cotton 9%c The
current price of spot cotton is sac.