New-York tribune., 1916-01-22
COTTON OVERC0MES
RECENT BEAR MOVE
Trade Buying and Strong South.
ern Spots Bring Renewed
Confidence.


Ter tone yesterday. There was re-
newal Of scattering liquidation at the
start, but the offerings were enough
smaller to indicate a stronger tech
nical position after the more or less
general selling Of the last few days.
Prices soon rallied on covering. trade
buying and bullish Southern spot ad-
vices. The close was steady at net
advance Of from 5 TO l3 points for the
day.
Cables we're better than due, but
after opening steady at an advance OF
4 points 20 a decline Of points, the
market eased off 10 a net decline OF
from 20 { points, or back 20 abou,
the low level Of Thursday on the more
active positions. II was soon seen,
however, that less long cotton was
coming on the market. 1t appeared.
TOO. that a broadening Of the difer-
ences between New York and Liverpool
was scattering a renewal Or covering
by straddle shorts, particularly IN the
case Of March and July contracts, while
there was also a moderate demand for
near months from some Of the larger
trade interests This checked the de-
cline and as prices rallied a better de-
mand developed on covering Of shorts
with prices reaching the high point IN
the late trading and closing At prac-
tically the best point Of the day.
There was nothing to indicate any
improvement in shipping conditions.
Private reports from the southwes.
said that a rate Of $500 a hundred
! -.
bookings Of ocean freight room. There
was nothing IN the days news 70 in
dicate freer offerings Of tonnage. This
naturally promoted a good deal Of bear
iyh talk with reference 20 the export
outlet with its natural implication OF
larger supplies 20 be carried forward IN
this country. But with the falling oV
in offerings OF long cotton there was
evidently more disposition 20 consider
the frmness Of the Southern spot SIT
uation. Among the features responsi-
bic for holders confidence are the ease
Of money and the liberal banking sc-
cOmmodations now available IN the
South. a. well as such preliminary
drawbacks to new crop prospects as tho
scarcity Of fertilizer and the spread OK
boil weevil
Rumors that much Of the cotton re
Gently liquidated around the ring had
been absorbed by trade buyers partly
10 fix prices also helped the afternoon
rally. Renewed steadiness Of Liverpool
directed attention 70 the fact that sup
plies of American cotton IN that mar
ket were still diminishing.
Southern spot markets as officially
reported were unchanged % points
higher, with Southwestern markets rel
atiyely steady. Exports for the day
were only 236 bales, and for the week
amounted 20 $3.50 bales, against 3d.
966 for the same week last year The
visible supply Of American cotton de-
creased rs ,320 bales for the week, COM
pared with an increase OF 2lS.23s bales A
for the same week last year, when the /
crop movement was much heavier.
The weekly movement figures of the
New York Cotton Exchange follow:
Port receipts. l56,309 bales. against
429,2l8 last year; overland 70 mills and
Canada, 30 ,4S0. against 40, ,5s9 last year;
Southern mill takings, estimated, llo-
600, against 10000 last year; loss OF
stocks at interior towns, 80, 0,s07. against
1886 last year; brought into sight Tor
the week, 2729s2 against Sal, 1853 last
year. Total crol movement: Port re-
ceipts, 4,675,7l7. against 6,02l ,553 last
year; overland to mills ana Canada,
1884, against COZ .o2s year ago;
Southern mill takings, 2,050OOO.
against 1867, ,s67 last year; stock at
interior towns in excess Of August /.
S32 ,3O4, against 1,0s2,S76 last year.
brought into sigh. thus far for season,
S,250,355, against 9,379,345 last year.
Range OF prices