The New York herald., 1920-01-29
COTTON ADVANCES
so TO 40 POINTS
General List Steady-Liver-
pool Strength Aids Market
Here.
SPOT DEMAND FOR MARCH
Southern Markets Unchanged-Local
Figures at 1880 for
Middling.

Higher call money rates and lower for
eign exchange caused a good deal of
nervousness in the cotton market yes
terday. but prices were higher owing TO
the surprising strength of Liverpool. the
apparent absence of spot pressure and
trade buying Of the near months. May
sold up to 3f65 and closed at $3.50, with
the general market closing steady at a
net advance of 80 to IS points.
The opening was firm at an advance of
IL 10 % points. which was only a partial
response to higher Liverpool cables. Buy
ing on the advance abroad was restricted
by feeling that II was partly due to the
decline In sterling exchange. which would
mean wider differences between the two
markets. Private cables. however report
ed trade calling and small offerings in
Liverpool, while houses with Liverpool
connections were good buyers here and
prices firmed UP after moderate early re-
actions.
Wall Street selling. to cause slight set
backs from time to time later In the day,
but a good many contracts had been alb
sorbed by the Liverpool buying during the
earlier trading and the demand for March
from Southern spot interests stimulated
covering during the afternoon. Prices
reached the best levels OF the day in the
late trading and closed within 8 or 4
points of the best on most positions.
The advance In the Liverpool market
would suggest that the decline In sterling
exchange rates would fail to check the de-
mand from that quarter. and Liverpool
showed continued frmness after the local
opening. At one time prices there were
about so to $50 American points above last
nights closing quotations and the diff
ferences between the two markets widened
out sufficiently to bring in the heavy
Liverpool buying. Southern shipping in
terests were credited with buying March.
The same people have taken up cotton on
January contracts and IL was supposed
they would follow the same policy next
month. The weather map made an un-
favorable showing, but was not much dis
cussed, the trades attention centring on
the strength OF Liverpool. Private advices
from the South reported very little demand
for spot cotton, but indicated no weak
ness among holders. Southern spot mar
kets. as officially quoted, were unchanged
to so points higher the advances being in
the Southwest.
The local market for spot cotton was
steady and As points higher. at 39.coc. fol-
middlng upland: sales nil. Southern spot
markets follow
Galveston firm. unchanged. at i2.ooc.; sales
l. 10 bales.
New Orleans steady. unchanged. at 39.ssc.i
sales .9s5 bales.
Mobile quiet. unchanged, at SOC: sales. 72 hales
Savannah firm. unchanged at 30. soc. sales nil
Charleston steady. UNCHANGED. at $3.50 sales
nil. .
lueusta quiet, unchanged, at 30. &c. sales nil
Memphis steady. unchanged. at 4O.Joc; sales
80 bales.
ST. Louis steady. unchanged, at 4o.Joc.; sales
nil. -
Houston steady 80 points higher. at 42c.;
sales SOC tales.
Little Rock steady. UNCHANGED. at so. 5oc.; sales
S51 hqles.
Dallas steady. so points higher. at AZ. .1Jc.
sales a2o bales.
Montgomery firm. unchanged. at 3ec.: sales nj
Fort Worth steady. 90 points higher. at i2.2oc.i
sales 90 bales.
n rripo