New-York tribune., 1919-04-08
In d dus trial
Cotton

old-style deliveries were IS to IS
points higher, compared with the
much cotton paper-that is, ware
newstyle contracts showed gains of
5 to 81 points. New-stYle October
deliveries established a new high rec
ord at 22.75c. The highest previous
quotation was 222Oc, reached on
March II.
On the floor of the Cotton Ex-
change and among those represented
in the trading in the staple there
seemed to be a more optimistic view
taken in regard to the possibility of
early exports in some volume, as, in
their opinion, news reports from
overseas denoted possibility of
early coming of peace These were
spoken of as the chief factors affect
ing the markets action yesterday.
Those who watched the market yes
terday spoke of increased selling by
the South, and it was said that much
of the cotton which sold came
from this section or the country
This was taken to indicate that grow
ers and bankers in the South were
seeking to reduce the loans which
have been granted on cotton. Re
ports which have been received here
that banks in the cotton belt had
much cotton paper, that is, ware
house receipts for the staple-which
had been placed with the institutions
as collateral for loans, the grow
ers having taken this action because
they wanted TO hold the cotton until
they received price which they con-
sidered adequate.
Another thing in line with this is
that the money which many Of the in
stitutions in the South have loaned
has been we'll up to the actual mar
ket value of the cotton as now ruling
inclination to bring down their loans
therefore, Is not surprising in the
view Of some of the trade who spoke
on the subject.
From day to day the premiums in
the old crop months have been narrow
ing. This has been brought about as
result Of transferring long contracts
to the later deliveries; in other words,
those who had bought cotton as a
speculation and had placed their or
ders in months the delivery on which
Is near are selling and buying in the
later months Also there is tendency,
it said, Of buyers, and by this is
meant the spculator TO an extent, who
have not been active in the market re-
Gently, to place their orders for de-
livery In tho later months. In addi-
ton there is said TO be broadening
general interest.
1T was commented on that tho short
interest, representing those who have
sold cotton in the expectation OF de-
cline, is the smallest at the moment for
several weeks. Spot houses, the cotton
brokers who buy and resell TO the ac-
in o,.La 70
considerable extent and were said to
be active on the buying side Liverpool,
too, was good buyer. Cotton has been
bought in the last few days which was
thought to be destined for eventual de-
livery in Italy and Belgium.
In line with this and indicating that
an export demand will come with the
final clearing up Of conditions to pre-
war basis, market observers say, was a
telegram which was received from
Chsrleston. This wire said that there
was a good demand for export there,
the cotton to go to Liverpool and
Havre.
A cable from Liverpool said that
the Board of Trade announced there
that the raw cotton prices and returns
order of 1918, under which prices are
regulated. will not be continued be-
yond April 80 in so far as it relates
to American cotton. The last of the
emergency contracts, as a consequence,
will expire on that date.
Exports for the day totalled 26,27O
bales, all for the Continent. The
cotton will be sent from the follow
ing ports: Galveston, 81 ,13O bales;
New Orleans, 1925 bales, and New
York, 2,614 bales. This makes the
total exports for the season 3,b56,419
bales, against 3,o48,os0 bales in the
corresponding period Of last year.
The local market for spot cotton
was quiet st 29.05 for middling up
lands, decline Of 90 points compared
with Saturday. Last year the price
was 1910
The range Of prices follows:
OLD STYLE