Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-01-06
BUSINESS IN COTTON LARGER;
OFFERINGS WERE AGAIN HEAVY
More Southern Hedge Selling-Pres-
sure From Wall Street

NEW YORK, Jan. 6.-Busness was
larger on the Cotton Exchange this morn
ing. Offerings were again quite heavy
and served to hold the market in check.
There was n good demand from spot
houses and Wall street interests, how
ever, and first prices were to points
higher, with the tone steady.
This market did not follow the Liver
pool advance, which at the time of the
opening here mounted T5 to 1O1k points.
there having been q reaction of several
points from the highest Private cables
said the English market was irregular
and erratic.
After the call the local market became
quiet. At this time the action of Liver
pool Is being watched closely because of
the sharp declinec reported. Before the
end of the first Is minutes here the Eng
lsh market was off s to . points from
the highest. but this had no effect on
prices here, which were at or near the
opening levels.
Prices gradually eased off as the day
progressed, until 10 to 13-points losses
were shown. Before the close, these had
been reduced four or five points, however.
Comment was heard around the ring.
however, that the two markets would
from this time on work more in SYM
pathy with one another because the diff
ference in price virtually covered the cost
of shipments from this country on the
nearby positions.
Aside from the further covering of Liv-
erpool straddle shorts. there appeared to
be few buying orders around the ring,
while pressure was more or less persis
tent. This made itself felt whenever the
foreign demand subsided, and the market
showed increasing nervousness as the
hour of the Liverpool close approached.
with active months selling about to 10
points under last nights closing figures.
There seemed to be rather more South
ern hedge selling here. presumably of
spots by foreigners, and there was also
pressure from local and Wall street
sources. The break at Liverpool was
most generally considered nothing more
important than a reaction following the
recent steady advance, but this also
tended to restrict demand around the
local ring and after the close of the
English market, March sold off to r. 49,
or Is points net lower.
Receipts from cotton linters produced
in Texas during the last year have been
Sc, $50, 900, according to figures made pub
lie today by railroads handling a large
of the Texas crop. An en-
tirely new market has been created for
hull fibre, due to the demands for mate
rial needed in the manufacture of high
explosives used in the European war.
Market statistics show that since
year ago the price of linters advanced
from 11ac. To 615c, a pound. and during
the last three months there has been an
demand for huh fibre at Sc. a
pound, previously an unmarketable crop.
In the late afternoon the market ruled
quiet, but easitr with prices showing a
net loss of 10 to IL points. Offerings from
the South were more in evidence and SELL
ing appeared to come also from local and
Wall street houses. Dtmand from short
most of the buying. Spot mar
kets were officially reported from points
lower to IL points higher,
Arrivals of cotton at New York today
were 1893 bales. including $40 bales con-
signed. The total included 592 bales lin
ters. The local warehouse stock has de-
creased $500 bales since the first of the
month and is now PSI, ,332 bales OF this to-
tai 141, ,732 bales are inspected stock.
Exports for the day aggregated 25, l67
bales, against 74.52s bales a year ago To-
days total included 1881 bales to Great
Britain. 100 bales to France and 1000 bales
to other points on the Continent Clear
ances for the season amounted to 2,3SO,l74
bales. compared with 2.761,36l bales for
the corresponding period last season