The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-10-27
THE COTTON MARKET

NEW YORK. oct. 26.--About half
of yesterdays advances were lost in
the cotton market today. 1t seemed
that the covering movement inspired
Ivy smaller ginning cures than ex-
pected had been completed during the
previous day and today's market was
without any support Of consequence.
with prices easing off under scatter
inG liquidation combined with a re-
newal OF Wall street and local pres
sure. December broke to 1873 and
closed al that cure. with the general
market closing steady at a net decline
of Al to SO points.
The market opened steady at an adj
The market opened steady at an ad-
vanc eof Is points on April but gem
orally to points lower. The early
cables from Liverpool were firm but
prices there weakened as soon as the.
local market opened, while houses with
Liverpool connections Were consider
able sellers. There was also selling by
the south, supposedly nliquidation of
long contracts, and the market very
soon weakened under liquidation by
buyers of yesterday and reselling by
some of the people who had covered
short contracts on the advance of the
previous day. Trading was very quiet
until well along in the afternoon when
renewed nervousness or uncertainty
regarding the outcome of the Chicago
conferences seemed to be making it
self felt and there was increased Of
ferings rom Wall street and the west
January broke to 1855 with active
months generally showing net declines
of Al to 81 points, and while offerings
were a little better taken below the
Decent level last prices were the low
est of the day.
The feeling appeared to be that
aside from covering of shorts, yester-
days ginning figures have failed to
stimulate buying power either in goods
or raw materials. and the absence of
trade demand encouraged a renewal
OF scattering pressure.
There were reports of a slightly
easier basis in the eastern belt, but
otherwise very little was heard from
the spot situation and vey little hedge
selling was reported. Weather adj
vices indicated that the effects of the
tropical storm had been pretty well
confined 70 Florida, and the weekly
report OF the weather bureau retterat-
ing report of rapid picking appeared
to be without NAKED influence.
New Orleans
NEW ORLEANS. Oct. 2es-The OPEN
ing In cotton today was lower; the de-
ression remained in force throughout the
session, and the close was at the lowest.
at losses under the final quotations OF yes
terday Of 81 to 81 points. with December
down to 1s.2s cents per pound Profess
sional traders did most Of the days BUSH
ness, and they sold on an unfavorable
view Of general trade conditions and an
Interpretation Of the days news Of the
railroad labor negotiations, spot accounts
we're less favorable indicating little de-
while spot here was Is points lower, at
1875 for middIing.
In the early trading 3 much better
Liverpool than due had no effect on the
local market. and before the session was
half an hour old prices we're about dollar
a bale down. Galveston wired that TIE
spot demand there was poor. and Waco
telexrams indicator THAI considerable IL
ouidation OF spot holdings was accepted
on yesterdays advance.
The weekly crop reports from the gov
eminent were called highly unfavorabIe.
as they stated that piekings were COM
pletsd IN Georgia and almost completed
elsewhere IN the cotton region. but they
aroused little buying The hurricane
caused heavy rains In the Atlantic por-
ton OF the belt, but its action indicated
that it was passing away from the belt.
and it was hardly regarded a. a factor
IN the trading.