The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1920-09-02
GOOD DEAL OF COVERING
SEEN IN COTTON MARKET

New York. Sept. 2.-The cotton mar
ket showed continued nervousness dur
ing today's early trading. but there was
a good deal OF covering after yester-
days big break and after opening
steady at an advance OF TO IS points,
active months soon sold ~ to 65 points
net higher. There was further liqui-
dalton and scattering pressure pro-
NOTED by the weakness of southern spot
markets late yesterday AMI nervousness
over the labor situation at home and
abroad. Private cables, however. said
there was a slightly better feeling over
the conl mining situation In England
and the disposition to take profits on
short contracts here was promoted by
rains In the central belt and the APP
proach OF the holidays. October, sold
up to 26. 10 and December to "a. 7Sc be-
fore the end OF the first hour
Liverpool was credited with selling a
good deal of cotton here during the
morning. The offerings caused some
irregularity and there were occasional
spurts OF southern selling, but the con-
tracts were promptly taken on reactions
OF Is or 20 points. with the market firm
late In the morning. October sold up
active months generally showing net
advances of 81 to 95 points. Business
then became less active and there were
reactions of 20 to 80 points early in the
noon hour.
Offerings seemed to be quickly taken
on the midday reactions and the mar
ket showed renewed strength during
the afternoon. October contracts were
relatively firm, selling up to 7.05c. or
1856 points higher while other months
showed net gains OF 102 to 1873 points on
covering accompanied by predietion of
an increased mill demand after Labor
day and talk Of light ginning figures
NEW ORLEANS COTTON
New Orleans, Sept. 2.-Wide upward
swings opened the trading in cotton to-
day, but almost Immediately general
selling started and drove prices back to
within few points OF yesterdays clos
ing level. Reports OF heavy and gem
eral rains in Texas poured in and the
market swiftly recovered all of It's ini-
tial gains and few points more, stand
ing at the end Of the first hour of busi-
ness at advances of IS to II points. Oc-
tober touched "a. Csc and March 20. coo.
Realizing shorts furnished the market
with a demand that the ring found diff
ficulty In supply and the market f1rmed
up rapidly in the face of cablegrams
from Liverpool stating that there were
rumors of short time among Lancahire
mills. Late in the morning prices were
rs to los points up and October was
trading at rs 26c.
In the late trading the demand was
for a time very strong and rumors had
1t. that certain extremely large line
OF short cotton was being covered. One
or two points In Texas wired in that
the spot demand was somewhat better.
At the highest October touched rs .63c
and the trading months weres107 to 142
points over the final quotations Of yes
terday.
NEW ORLEANS SPOT COTTON.
New Orleans Sept. 2.-Spot cotton
quiet: quotations revised; middling, rs
points lower; sales on the spot, 90 bales;
to arrive, none; low middling, IS .25c;
middllng. 20 GOD good middling, SO Esd;
NEW ORLEANS COTTON FUTURES
OPENING.
New Orleans, Sept. Cotton futures
opened steady! October. "a 46@24. 48c;
December, 20 soc: January. 23 zoe;
March, %. 06c; May, 22.75c.
NE" oRLEAH Us o s0T1oN FUTURES
New Orleans, Sept. Cotton futures
closed steady at net advances of 90 to
119 points: October, % 40c; December,
"a. Csc; January, 2S.S4c; March, 23 coo;
May, % .40c.
NEW YORK COTTON FUTURES
CLOSING.
New York. Sept. 2.-Cotton futures
closed easy: October, rs. 95c Decem-
Der, 25 Csc; January, "a soc; March,
"a soc; May, "a 00c.
NEW YORK COTTON FUTURES
OPENING.
New York. Sept. Cotton futures
opened steady: October, rs .90c; De-
cemb2I, "a. 4Oc: January, 23.73c; March,
N'''O'' "s coT = 5SHi OIL
New York, Sept. 2.-The cottonseed
oil market closed strong; prime sum-
mer yellow, $12.40@13.00; prime crude
nominal; September, S12.45; October,
STATS; November. s127O; December.
1920 January, $1202; February. $13.05:
March. $131S; April, $1S,15. Total sales
1900 barrels.