The New York herald., 1921-10-25
COTTON MARKET
CLOSES WITH GAIN
Net Advance at Finish Is 10
to 81 P0ints-List Steady
as Session Ends.

( The cotton market was lower during
Yesterdays early trading, owing 10 ner-
BUSINESS over foreign political conditions.
one effect OF which had been evidenced
in lower Liverpool cables. The rally
i'm foreign exchange tended TO minimize
the influence of those features. however
and reports of reassurng statement
from the United States Railroad Labor
Board as to prospects for averting the
strike seemed to promote good deal
of covering by Wall Street and Western
interests. As result December con-
tracts sold up from 1910 to 's.65 and
closed at 1855 The general marxe.
closed very steady with a net advance
of 10 to "a points.
The market opened steady with a
about 25 to 30 points less than las,
weeks closing figures during the middle
of the morning under scattering liquida-
ton, Wall Street and Southern pres
sure. Offerings from the South, how
ever. were not large and the market
lirmed up during the middle of the
day. when covering became active. par
ticularly for Wall Street and Western
account. Such purchases during the
early afternoon were estimated at fully
10000 bales. but buyers seemed to OBJ
tain contracts readily on the advance
Of some 20 to 26 points from Saturdays
closing figures and there were reactions
of few points in the later trading.
The tropical storm threat led to ap-
prehension of rains along the Gulf coast,
but, according to latest advices. the dis
turbance was turning eastward in its
northerly course, which suggested that
it might not work very far into the belt.
In any event possibility Of damage to
grades or crop prospects was minimized
by many reports reaching the ring that
cotton had been very nearly completed,
particularly in Southern sections. Those
reports were used in connection with
the probable showing of the ginning re-
turns, which are to be published at the
opening of this mornings market. and
while there was no change of sentiment
as to the probable showing of ginning
returns, there appeared to be less appre-
hension OF them as bearish factor.
In leading spot markets changes were
narrow. New York spot price was 20
points higher at 13 cents. New Orleans
was unchanged at 1926 cents for mid
ding. Southern spot markets. as offi-
cially reported. were unchanged to 20
points higher except in the case of Mont
gomery. which was 13 points lower at
1915 cents for middling.
Most of the markets late support
seemed to come from two sources: the
trade or outside shorts. Numerous fur
ries of covering in the final hour found
offerings limited enough to boost some
options more than a cent from Satur-
days final prices, October being bid UP
to 1886. or II points higher than its
preceding close. In some quarters 1t
was estimated that leading Western and
Wall Street shorts covered at least $4,000
bales of December. January and March
contracts during the day. The supply
of cotton came from new shorts, old
longs or the South.
The unforeseen in the way of COM
paratively low ginning returns by the
Census Bureau to-day undoubtedly would
be the basis for n big covering move
ment, as the trade is prepared for gin
nings heavy enough to point toward a
100000 bale crop. To-day's Govern
ment report can prove easily turning
post for the market. IF only IS per cent.
of the crop has been Sinned. a yield OF
10000 bales would be indicated An
so per cent. ginning would mean a crop
of around 6,750,000 bales.
Range OF prices: