The Washington herald., 1921-06-28
COTTON RETAINS
ITS STEADY TONE
Resumption of Business in
Foreign Markets Main Fac
tor; Early Gains Lost.

NEW YORK, June 27-Cables re-
ported a much better feeling on the
Manchester and Liverpool cotton
markets on the resumption of bust
ness there today than for some time
past. The vast army of cotton mill
workers went back to work on an
acceptance of new wage scale
which approximates a reduction OF
10 per cent after the mills had de-
handed a decrease of 80 per cent
and the cotton mill operatives
union leaders had held out the past
three weeks for a reduction OF only
IL per cent. In addition TO the
above cables continued to predict
an early settlement of the British
coal miners strike, which has been
in effect since April l. Cotton fu-
lures at Liverpool went up 25 to 30
English points from their closing
prices of last Friday on these de-
velopments against the advance of S
to IL due to have met our closing
prices of Saturday and ended steady
at % to 20 points net advance on
the day. Spot cotton there was ad-
vanced to 30 points to the present
basis of 7.31d for middling. with the
days spot sales 5000 bales.
Our market opened firm and ad-
vanced to 80 points over Saturdays
closing for July, and 20 to 81 for
the new crop months under the lead
of October on these advices, which
caused considerable further cover
ing of ShnFfQ and q he
encouraged some new local trade
and Wall Street buying. July went
up to ll.35 on this rise, while Octo-
ber sold at 1922. December 1874.
and January about 1880.
The improvement did not hold.
however, as the weather and crop
news continued good from most sec
tions Of the cotton belt, and there
did not seem to be any important
improvement from the recent rather
limited demand for spot cotton from
either foreign interests or domestic
spinners. Exports were large Sat
urday, amounting to $1,000 bales,
with $4,000 more being shipped out
today, making $4,000 in two DAYS.
This, however, was old business
with the clearances now merely go
ing through in completing shipments
under contract to fulfill such OBJ
legations before the end of June,
Southern spot markets were about
20 points higher on the average at
some places than the closing quota
tions of Saturday. but this was en-
tirely in sympathy with the rally in
prices here for futures and at Liver
pool.
This was the FIRST day notices"
could be rendered to holders of July
contracts for the delivery of cot
ton on them on July /. About the
equivalent of $4,000 bales of such
notices were sent out from the OPEN
ing OF the market. The ccntrac
stocks here is now about $4,000
bales with the licensed warehouse
stock up to $4,000 against $4,000
year ago. 1t is the largest held
here for the past six years.
In the afternoon the market was
duil with prices having at one time
reacted to within TO 10 points of
the closing quotations of Saturday
from the effects of considerable pres
sure of prof1t-taking sales by trade
in this and also some further South.
crn selling. In the final trading the
market was rallied to Is points net
advance on July and October and
about 10 on December and January,
mainly on support from local bulls.
outslde business continues light.