The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1914-11-17
COTTON EXCHANGES OPEN FOR
FIRST TIME SINCE THE WAR

New York, Nov. 16.-The New Or
leans and New York cotton exchanges
opened today for the first time since
the war began. In New Orleans the
transactions were not out of the orGin-
airy. Prices worked lower. but the mar
ket at all times has a good undertone
and offerings well received. In New
York there was not the rush of invest
ment buying that some traders anti
cipated. There was no great volume
Of selling as a hedge against south
ern spots and trading was compare
kiz%ssas quiet.
1.4ss lloo1 IT tl1s exenange were
tfronged with brokers when the gong
sounded today. During the first few
minutes trading was exceedingly brisk
and somewhat nervous. There was a
little confusion because of unfamiliar
ity with the new style contract and
the new rules imposed on the market
by the operation of the so-called cotton
futures law.
Early trading was confined almost
entirely to December cotton, sold on
old style contract. The market opened
at 7.45 cents and dropped quickly 10
7.40. A low level of 7.39 was reached
in the first half hour. The market
then grew steady and the nervous tone
departed.
At the end of the first half hour
trading appeared to be normal and the
number of brokers on the floor had
dwindled to the usual size. Prices
were approximately three cents below
what they were when the exchange
closed on July 81. January sold at
IT'S to 7.S5; March at 7.S5 to 7.8S; May
at $40 to 8.12 and October at $40 10
$50, all on new style contracts
Wall Street brokers, inactive because
of the darkened stock exchange, were
interested spectators at the opening
A Sprinkling of other spectators,
friends and families of cotton brokers
were in the gallery.
a general laugh greeted the reading
Of a letter of congratulations from
members of the Liverpool Cotton Assc-
citation. The letter was read from the
rostruul shortly after the opening gong
sounded.
Old and new style contracts We're
dealt in and this caused some confu- |
sion, but generally speaking trading
progressed very smoothly, and prices
held fairly steady after some early ir-si
regularity Old style December con- |
tracts opened below z 1-2c, which |
meant that the contracts taken over
by the corporation would go into the /
hands of the syndicate and later sold |
off to 1856, but new style contracts |
ruled generally steady with March |
selling around 7.S5 and May sos. There /
was considerable trading in old style |
December and January contracts, but |
business was comparatively quiet in /
the later new style deliveries, with |
evidences of some investment buying, |
while there seemed to be very little sell /
ing pressure.
After the first hour of trading 1t /
was estimated that between $4,000 and
125000 bales had changed hands.
Heavy liquidation of old contracts
which had been thrown into the pool
was in progress. The south was buy
ing little but Liverpool and the con-
tinent were evidently proceeding with
much caution. Prices held fairly
steady. !
Trading was quiet during the middle
or the day and prices eased off several
points under the early high level un-
der scattered selling, part of which
seemed to be the liquidation Of early
buyers Liverpool was a moderate
buyer of December contracts at the de-
cline to 7.2S but also seemed to be
selling here in liquidation of old COM
nltments, and there may have been
some southern selling of new style
contracts which eased off to q shade
Inder cents for March and May con-
racts.
Selling attributed to members OF the
iyndicate who had taken over old con-
4