New-York tribune., 1919-04-02
In d u s trial
Cotton

Cotton sold higher yesterday, but all
Of the gain was not held to the close.
The final figures showed reactions of
about 16 to 32 points from the best
prices. New style months at the close
were points lower to 27 points higher.
Old style contracts were up l to 81
points. Old crop months were the
feature in the early trading, and they
were strong.
When the market opened prices
showed advances of 10 to IA points.
This was attributed to the fact that
cables from Liverpool showed that the
market was steady there, to reports
OF unseasonably low temperatures in
the South and orders which had been
placed overnight to buy. Following
this there was selling, which was in
the nature OF realizing by those who
had bought cotton for speculation.
Some of this selling came from the
South. Liverpool houses bought for
their clients at this point
Another factor which had something
TO do with the action of the market
Liverpool that the blockade would soon
be lifted. After the market closed,
however, an official statement came
over which was made by the British
Under Secretary for Foreign Affairs
denying that there had been any lift
ing Of the embargo on Germany. Those
who follow the market were of the
opinion that the reports of the lifting
of embargoes referred to the ship
ments of goods to neutrals.
Lifting of embargoes would affect
Manchester favora5ly. 1t is under
stood that in the Manchester district
there are now S50,00O,OO0 worth of
cotton yarns and piece goods ready
to be sent to the five neutral coun-
tries-Switzerand, Denmark, Holland,
Sweden and Norway-if the export re-
strictions are removed. For Switzer-
land alone there is said to be stock
ready which is valued at So 100000, in
addition to which there is a half mill
ion pounds OF yarns for the embroidery
trade Of that country.
The manufacturing situation for
cotton goods in England is understood
to be in a very unfavorable condition.
To relieve this situation cables yes
terday were to the effect that the Lam
cashire mills would close on April 10
English mills to get a chance to un-
load some of the supply of goods
which they have on hand, it would in
crease the demand for the raw mate
rial from the United States, it is held
Great Britain again took all of the
cotton which was exported yesterday.
The total amount was 10955 bales,
making 3,432, 1877 bales for the season,
against 3,O46,590 bales last year Both
France and England are understood to
have a large amount of cotton bought
in this country awaiting shipment.
Domestic shippers said that freight
room hplnr nffproC littlo
freely. The official British rate from
North Atlantic ports to Liverpool is
SO per hundred. Some room has been
booked from Galveston to Liverpool
for early April shipment at SLIGO per
hundred pounds. The official rate of
the United States Shipping Board is
$l.25 from North Atlantic ports
Manufacturers in England arc ex-
ercsed over the fact that orders have
been placed in the United States by
Norway and Denmark. Sweden also
is said to have placed orders here, but
not for such large amounts as the
other two countries.
An indication of the general plan of
the growers in the South to reduce
their acreage can be had from the fact
that fertilizer sales in the South have
been ahnormally small this season as
compared with last. Preparation for
the new crop also is backward, aver
aging about a month. The cause of
this is rainy season, which has made
the land too water soaked to plough On
account of the mild winter reports
already have begun to gain currency Of
fears of the boil weevil
Reserve supplies have been used up
to some extent by spinners, and there
are those who expect that the spin
ners will enter the market to make
up their stocks by buying futures.
The local market for spot cotton
was quiet, and 80 points higher
at 2860c. for middling upland, COM
pared with 28.3Oc the day before and
35.30c the year before.
The range Of prices follows: