The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-11-15
THE COTTON MARKET
New Orleans

New Orleans
NEW ORLEANS, Nov. 1.-The
trend was strongly higher In the
earlier part of the session in cotton
today but the late trading brought
new selling of consequence which
pared the gains down materially. At
the highest OF the. day prices were 70
ito IS points over the close Of last
week while last pieces were at net
gains of 80 TO Al points. December
traded as high as 1882 and closed at
1888 cents a pound.
The main buying feature Of the ses-
sion unquestionably was the bullish
construction placed on the opening
events OF the conference to limit arm
lament and for a while this construc-
ton outweighed anything and every
thing else that could be brought for
ward. Liverpool was much better than
due and it helped to open the market
at a higher level Another bullish
factor was the report that a private
crop reporting bureau had come out
with a crop estimate OF 1850 600 bales.
Shorts covered on the opening and
for some time after in a large way and
in this covering movement, according
to the gossip of the market western
traders were most prominent. Prices
went to their highest In satisfying this
demand for covers. In the afternoon
buying pressure subsidized and bearish
traders commenced to feel of the mar
ket again. Buyers withdrew and at
one time the advance amounted to
only about Is to 20 points. Just on
the close the market steadied again
on executions of large American con-
sumption figures in the report to be
issued the first thing tomorrow morn
ing by the census bureau. This report
was originally scheduled for this
morning, but was postponed one day.
New York.
NEW YORK, Nov. 14.-Optimism
over the prospect for limitation Of
naval ornaments was considered re-
Sponsible for an advance of nearly a
cent a pound in the cotton market dur
ing todays early trading January
contracts sold up to 1892 or 81 points
above the closing quotation Of Satur-
day and December did even better, ad-
vancing to l710 or IS points net
higher. After the more urgent demand
from shorts had been supplied. how
ever the market showed lack OF any
good general demand from the trade
or fresh buying for long account and
a good part of the advance was lost
with January 1911. The general mar
ket closed steady at a net advance of
20 to 40 points.
The opening was firm at an advance
Of IS to 81 points on the over Sunday
negs from washington, and covering
was stimulated by talk Of smaller crop
estimates and expectations that to-
morrow's report from the census bu-
reau would show heavy domestic con-
sumption for October For a time the
buying was very active and general,
sending positions about IS 10 s5 points
net higher with March selling at 1895.
Most of the demand created by the
hope of a successful outcome Of the
arms conference was attributed to
covering by Eecent sellers. however,
and as soon as the demand from shorts
became less active, the market showed
signs of hesitation. The break later
in the day was promoted by reports
of an easier or unsettled late tone IN
the stock market and Wall street sell
ing which was absorbed by further
local covering and foreign buying on
a scale down.
1t is reported that the statistical
bureau of a prominent exporting in
terest estimate the crop at 7,150.000
bales which seemed a very bullish fig
ure as compared with the 5000, 600
bale estimate of late last week. Pti-
vate returns are said to indicate do
nestle mill consumption Of $4,000
bales for October compared with $50,
600 for the same month last year. The
census report on consumption is ex-
pected at the opening tomorrow.