New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-04
Comm Oditie s
Industrial
Cotton

Definite announcement of Il break IN
6iplomatic relations 9th Germany
brought out only small volume OF ad-
dltional liquidation in the cotton mar
kct yesterday, and was followed by an
excited advance in prices. After sell
ing at 1898 on the early decline, May
contracts sold I'D to l5.2O, an advance
of 6.35 Der bale from the low point ana
of 81. go per bale from the closing price
of Friday. That delivery closed al
1910. with the general list closing eX-
cited at a net gain of 90 TO los points
for the day.
After the extraordinary nervousness
and the drastic liquidation earlier in
the week. the announcement came as a
relief from uncertainty, and evidently
found the trade fully prepared for some
such action. The comparatively small
number of contracts that came out on
the first receipt of the news suggested
that the speculative long interest had
already been pretty well eliminated
Under such circumstances the market
readily responded to heavy buying by
houses with Liverpool connections and
covering by shorts.
The opening was steady at an ad-
vance of If TO Is points. but this bulge
met scattered selling from commission
house and Southern sources. The mar
ket eased in consequence. The ad
vance on the late trading was rapid.
Liverpool was a particularly active
buyer, two houses alone being credited
with purchases of approximately 45,OoO
bales. There was also active covering
on the advance of about 100 to l45
noints from the low level OF the morn
ing. Closing reactions Of TO 10 points
reflected realizing, which was probably
promoted by uncertainty as 10 the ef-
feet of the weeks Developments OF
Southern SPOT holders.
The action Of the market suggested
that speculative commitments had been
adjusted to practically any conIih'
gency. 1t was argued that in the evenf
of hostilities the demand for equip
ping armies would lead TO material
increase in domestic consumption
There were also some who thought that
the addition of the American navy TO
the forces of the Allies would aid IN
clearing the path for shipping: Ihen'
too, the question Of labor for the cultl-
walton of the coming crop was dls-
cussed, and in many quarters 1t was De,
lleNeu tDdL dCllOi " lHio SOuh1is
shorten the duration of the confilct:
At the same time there was feeling or
uncertainty as to the immediate attl-
tude of Southern spot holders. The eX-
cited buying of the late morning par
took in some measure of a patriotic
demonstration. The point which Will
be most carefully watched with the be-
ginning of the new week will be the
Southern spot markets, for while no
speculative pressure of consequence is
expected. few feel that the markets
could withstand such pressure as might
be brought about by spot liquidation
Trade interests were active buyers on
yesterdays advance.
The local market for spot cotton was
steady and 30 points higher, at 14.6Oc
for midding upland. Sales, 278 bales.
Southern spot markets were teie-
graphed as follows: Galveston steady,
10 points higher, at 1860; sales, 200
bales. New Orleans nominal, at l7.19c;
sales, 200 bales. Savannah nominal,
unchanged at 18Isc; sales, nila Nor
folk nominal at 1880; sales, nil.
Baltimore nominal at l5c; sales. nil.
Memphis and st. Louis unquoted.
Houston steady, 75c higher, at l5.23c;
ualas I O2o halps