New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-29
COTTON RALLIES
AFTER EARLY DROP
Firm Technical Position and
Small Offerings Check New
Low Ground Drive.

A further decline at tho opening or
the cotton market yesterday carried
prices into new low ground. with May
contracts selling NJ 12.02c. or $3.50
bale. under the high loyel reached on
tho early month advance. There was
less cotton for sale on this decline than
there was earlier in the week. while
offerings were again absorbed by trade
huving or covering Prices later rail-
lied sharply. with MAY selling UP 10
4. 23c and with the general list closing
steady AZ net advance Of 70 ii
points.
Liverpool more than met the local
decline % Thursday and there WIS
number Of overnight selling orders
around the ring mere at the start. inc
market opened AZ decline Of 20 ~
points ;n consequence, but the hrmer
technical position soon showed it'ei'
in the shape Of email offerings, and
more reactionary sentiment appeared
around the ring. Doubt was expressed
as - whether the decline reported IN
the Southern spot market reflected any
more important pressure than the oNti
,ngs Of hedged cotton which usually
come out on break IN futures. MhHe
nanv advices from the South predicted
Increased offerings Of spots. there were
few - any. With claimed any immecl-
ate weakness. This. combined with
natural tendency toward reaction
after such a decline as prices recently
had experienced, promoted covering
ylife there was also . considerable
demand from trade sources. BUYING
became more active late in the AFTER
noon. when active months SOLO ABOUT
20 points above the low level OF me
morning The close was within a point
or two Of the best.
There was nothing IN tho days news
10 indicate any change IN the ocean
freight situation. The trade reaNzes
the possibility OF some action By the
Allied governments which might add 20
the supply of tonnage available FOR cot
ton. and many feel that any such de-
velopment would promptly create IN
creased confidence IN values. some
such consideration as TINS may nave
promoted the tendency 20 cover short
liouidation was less active, but unless
there Is An Improvement 10 the export
movement many traders arc convinced
that sDot holders viii weaken with the
advance Of the season.
Southern spot markets, as officially
reported. were unchanged 10 &c lower
gith the exception OF Houston, when
MAS STEADY az an advance OK points.
The largest business was reported az
Augusta. where there were sales or
..ijG bales ~ q decline OF y points 20
u f3c for middling.
Exports for fhe day were 1893 bales,
making --.90l Tor The week, compared 1
with 2eI.ge3 for the same week LAST
year Exports so far TINS season nave
been 7O7,52O bales. against 5.o44Zso
last YEAR. Soinners' takngs for the
week were 3is.0l3 bales, against o9S.94o
last wear. and the bic supply OF
American cotton decreased 42.lb4, be-
.ng now s.iG5,Oi2. against o,oOo'i'i last
year. s
The weekly movement figures OF the
New York Cotton Exchange fo4Io"
Por, receipts, 1867 bales, a8alnS,
49gs5s last year; overland 20 mills ara
Canada. 23937, against Ball last year.
Southern mill takiags estimated
ll5 0OO, against 10000 year ago JOSS
Of stocks a. interior towns, 4AoOl,
against 1910 last yeas Total crop
,1oy4ment. Port rece pts, 4.o32,oOo,
AGAINST 6.46l8il last year; overland 70
mill. ana Canada. 1il.2Il, against OIL
200 JOSH year: Southern uil taSngs'
2.lGa. 900. against l,t3HsoI last year;
e.oc. a. interior towns Do excess ~
September /. slo.129. against lOo6,4Ol
last wear. brought into sight thus isr
Cor season. s5-j.663, against s'3Oo'5ss
last year