Evening star., 1917-06-03
COTTON MARKETS.

NEW YORK. June "A further ad-
vance encountered very heavy offerings
in the cotton market today, and there
was a sharp reaction. october contracts
broke from 22.16 to 21.70, and the gen.
eral list closed steady at net decline
Of 81 to 26 points
The market opened at a decline of S
to 10 points under profit taking, but the
were very quickly absorbed by con-
ttnuation Of yesterdays buying move
ment. Before the end of the first half
hour active months sold 16 to 22 points
net higher and more than a cent a
pound aboye the low level of yesterday.
July contracts touched 22.56 and De-
cember 22.1s. and the buying was evil
IDENTIFY encouraged by reports that yes
further stinening of an already Arm
goods situation. Demand tapered OF on
the advance, however, and the market
soon turned easier under realizing.
panied by reports that spots were now
onering on tenderable basis. and
sentiment later was unsettled by re-
newed nervousness over the Russian
situate situation; July broke to 22.!7 and De-
with the close At the low point OF the
day. Aside from the southern selling.
which was supposed to be against ac-
tual offerings. declines were attributed
chiefly to proflt taking. although there
was a good deal OF reactionary talk
around the ring.
The market at both New Orleans and
New York will be closed on Tuesday.
while New Orleans will also be closed
on Monday. which is southern Memorial
day. and the approach Of these adjourn
ments probably increased the disposi-
tion to take profits for over the week
end: Trade interests were among the
earlier buyers. while the early advance
also reflected a further broadening of
demand from western and Wall street
sources. Week end reviews Of the crop
situation suggested that some improve
ment had occurred in the outlook dur
ing the past few days. although tenn
peratures were still considered rather
low in northern parts of the western
belt A Dallas spot cotton firm pub
lished report indicating that replies
from correspondents throughout the
belt, dated May 2S. showed an average
crop condition Of 71.s. and indicated
reduction Of s per cent in acreage.
Port receipts today were 1928 bales,
and 6,s28.7s5 for the season; exports to-
day. 1900. and 4.sas.a41 for the season;
stock, S33,371.
NEW ORLEANS. June 2.-The cotton
market here displayed strength for
q while today and rose to new high
levels on fresh buying. but pro-
appearance late in the session. and the
close showed q net loss of to IL points.
At the highest levels active months
were 10 TO Il points over yesteroays
close: at the lowest they were IL to II
under.
The opening was at q loss Of 2 to 8
points. but the market quickly i'm
proved on buying stimulated by ex-
tremely cold weather for this time of
year in the Northwestern portion of the
belt and on reports Of good spot de-
mand at higher prices. A bulge i'm
mediately after the first call soon met
heavy offering from holders Of long
contracts who wanted TO realize their
profits and even up over the triple hoii-
days in this market following the close
today. For q time the tone held fairly
steady. but softness gradually de-
toward the end.
Spots were quoted steady at rise Of
81 points to 21.75 for middling. a new
high record. At the best Of the day July
stood ut 2l.S7. or practically 90 cents
a pound.