New-York tribune., 1919-02-11
Cotton Market
Receivers AfterLow
Records Are Made
More Favorable Labor Re-
ports Help Strengthen De-
mand: Lower Grades Sell
ing at Heavy Discounts

The cotton market was extremely
nervous and unsettled again yester-
day, but after making new low records
for the season on old crop months
prices rallied sharply, with the close
steady at net advance of to 27
points.
There was considerable Liverpool
and Continental buying of the later
months at the start and continuation
OF the scattering demand which had
been in evidence at the close of last
week This accounted for an opening
advance OF IL to 35 points. but the
South was a seller and the market soon
Weakened
A. prices worked lower without any
indication OF broadening or more
aggressive demand offerings became
mere general, with May selling off to
1850 during the middle of the day,
when the old crop deliveries showed
net losses of 80 to IS points. Later
mon rs were relatively steady on for
cign buying and reports that the de-
cline was strengthening the agitation
for reduced acreage in the South. but
sold about 30 to i5 points below Sat
urdav's closing figures.
Offerings then became lighter and
thc market improved III the later trad
ING on bnNinr inspired by reports Of
larger domestic consumution figures
for january, disposition to take prof
its among recent sellers for decline
and renewed buying of old crop deiv-
cries by Liverpool interests.
For time the recovery met little
opposition. but after an advance of
about 90 to 90 points from the lowest
there was selling by New Orleans and
houses with other Southern connections
which caused closing reactions of sew
cal points.
The rather more favorable tone of
r-pore>' concerning the labor situation
attracted some attention around the
ing. More operatives were said to be
reporting for work at the Lawrence
mills and there we're reports
circulating that textile manufacturers
rs q general thing were finding labor
more plentiful and more disposed to
work steadily. In this way it was said
producing costs were being reduced to
some extent. and there were also
claims that the demand for some lines
Of goods was improving both in the
domestic markets and Liverpool.
According to local spot cotton
brokers. however, spinners are unable
to buy the grades they desire in the
South without paying the high limits
set by holders, and these they refuse
10 meet on the ground that business
does not Justify such prices. This
restricts the business in Southern spot
markets and naturally finds a rehec
ton in futures. Discounts on low
grades continues to increase.
In the Montgomery market good
ordinary cotton is now quoted II cents
a pound below middling, and this
Grade delivered on the New York con.
tract at the present differences is now
worth SIC points less than middlng
some traders regard these increase ed
iow grade discounts as indicating dc
ire on the part of Southern holders
10 lind buyers, but the widening oil
he differences here makes it CORE
spondingly less profitable TO deliver
them on contract
Private returns indicated domestic
riil consumption of $4,000 bales fol
January, compared with 473,0OO fo
December. which seemed unexpectedly
large in view of reported mill curtail
ment
The local market for spot cotton wa,
quiet and 5 points higher at 25.15
compared with % cents the day before
INC market was closed a year ago be
cause of fieatless Monday.
he range OF prices follows: