Evening star., 1917-02-18
COTTON MARKET.

NEW YORK, February 1.-THE cot
ton market was very quiet today, but
prices ruled generally steady on reports
of a further reduction in war risk in
suraUce rates and covering for over the
week end. After selling at 1892 May
contracts advanced<to 1906 and closed
at 1900, with the general list closing
steady at a net advance of 4 to points.
The market opened steady at an ad-
vance of ! to . points, and the early
fluctuations were somewhat irregular
with the volume of business smaller
than for several weeks. Local traders
took this as an indication that out
standing accounts had already been
pretty we'll evened up, pending fresh
developments in the political or ship
ping situations. Toward the middle of
the morning, however, demand became
a little more active in sympathy with
tirmness in New Orleans and on the
more optimistic view of the ocean
freight situation. March contracts sold
up to 1884 and July to 1913, with ac-
tive months generally working about
lS to Is points net higher. The bulk
of the buying, however, was attributed
to covering. and closing prices were a
shade off from the best under realizing.
Reports that the British admiralty
might establish an examination station
off the south Atlantic coast, such as
that now operating at Halifax. attract
ed considerable attention, as It would
be considered advantageous to cotton
shippers. 1t was also reported that the
announcement with reference to Brit
ish restrictions on imports expected
Monday morning had been delayed, and
one of the private cables received here
said it was considered improbable that
the restrictions contemplated would Sc
riously affect cotton. Otherwise, the
days news received little comment
around the ring, and the market was
considered too narrow by local brokers
to indicate any material change in SEN
timent. March contracts continued to
rule within II or IA points of May, al
though cotton out of the local stock is
said to be offered at small premiums
on March. Northern spinners were
again reported in the market here for
small lots, supposedly to replace de-
layed shipments from the south.
Port receipts today were 9,755 bales,
and 5.7ss.l4I for the season. Exports to-
day, 27,117; for the season, 3,943, ,0S6; stock,
1919, S4f.
NEW ORLEANS, February IA quiet
but very steady tone prevailed in the
cotton market here today, trading being
devoted chiefly TO evening up OF old busi-
ness. Sellers of the last few days en-
deavored to get their cotton back and put
prices up on themselves The dema nd
was not large, but offerings were slender.
There was little disposition to enter into
new business. partly because of the po-
liticai situation and partly because OF
the holidays Tuesday and Thursday of
next week.
In the early trading prices were to 6
points up and the improvement was grad
ually widened to IL to IA points late in
the session. The close was at a net gain
of to 8 points.
The desire to learn the nature of Off
cial utterances on imports to he made
next week in England was also against
new business. II was generally consid-
cred that statements of importance to the
cotton industry of this country would be
forthcoming. Shorts apparently were
prompted TO cover by the marked shrink
age in the visible supply of American cot
ton, the total visible of American now
being 3.995.296 bales, against 5,9oS. .Sf1
two years ago.