OCR Text |
Show NEW HIGH RECORDS IN C0TT1I1ET Bull Leaders iii Control of the Situation, Owing to Variety of Causes. By Leased "Wlro to The Tribune. NEW YORK, May 13. The stronglh of the old crop situation has been the dominating domi-nating factor In the cotton market during dur-ing tho past week and while favorable woalher In the south, combined with Indications In-dications that leading bull operators have materially reduced their long linos, have led to a badly mjxod sentiment, ho that fluctuations have been nervous and after tho old crop deliveries have made now high records for the season of 1910-11. Tho highest point of the movement was reached in tho market on Friday, when May contracts sold at 15,72c, July nt 15.82c and August at 15.54c, these prices representing gains of over $10 per bale from tho low records reached on the big break or last February, and In tho case or July an advance of about 34 points over tho previous high records made last December. Continued strongth inr Llvor-pool, Llvor-pool, continued firmness in the sooth, an increased export movement arid the steadily strengthening statistical position have been the bull factors. Tho largo purchases of print cloth In tho Fall River market by tho Borden interests attracted some favorable comment, but the domestic do-mestic trade situation has shown no Important, improvement and weather reports re-ports have been such as to suggest favorable fa-vorable progress for the new crop during the week. Noverthclees tho absolute absence of spot proHsure, tho prompt stopping or lho rew notes it had been found posslblo to lasuo against May contracts and the evident evi-dent ready absorption of spot cotton In the south at prices above u parity with the local market have given the bull loaders control of tho situation and to a very considerable oxtont the old crop short Interest had admitted the uncomfortable uncom-fortable position It has occupied by covering cov-ering actively on tho advance to tho highest prices of the season. It may bo noted that exports up to the close of business yesterday amounted to a little over 7,000.000 bales for thu season, sea-son, leaving a balance from a commercial commer-cial crop of tho size suggested by tho current movement of only 5,000,000 bales rrom which to supply the entire season's requirements or domestic mills and ox-port ox-port for tho balanco of the presont season. sea-son. After this date last year exports were 793,000 bales and last season domestic do-mestic mills consumed 4,798,000 bales. Meanwhllo the vlslblo supply is shrinking. Chicago Prorluco. By Associated. Press. CHICAGO. May 13. Butter steady, creameries, lGQic; dairies. 1318c. Eggs steady at mark, cases Included: 12j(QU3c: receipts, 21.114 casoa, firsts, lose; prime tlrsts, 16c. Cheese steady; daisies, 1217?)12Sc: twins. 12Jffi)13e: young Americas, 12J(Q12Jc; long horns, 12JQ)13c. |