New York, Feb, 14.
The cotton market early advanced on trade and speculative buying and covering by shorts, Later, prices further hardened on renewed trade China's swapping of tea to Russia buying and local covering. Finally, for war materials today. produced a the market closed very steady on the shortage of tea for export from firmness of spots, with quotations Hongkong and SI ranging from 8 to 12 points up.
A United Press survey of Hong-Prices in the rubber market today kong tea traders revealed there was early eased on overnight selling no tea available for normal export orders, unencouraging cables, hedging demand. Traders said virtually the and switching and small consumer entire China tea crop has been interest. At the close, quotations monopolized by the Chungking Government for shipment to Russia. It was understood the Soviets have been pressing for 100 per cent. delivery until China's barter committment of 220,000 half chests has been fulfilled.
British tea buyers long accustomed to filling large export requirements with Chinese tea have found no tea available for purchase in Hongkong and Shanghai this season. Several brokers understood representations will be made to the Chungking Government by the British Ambassador.
Text read from the printed page and cleaned; old type leaves the occasional error.