The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-12-28
THE COTTON MARKET
New Orleans.

New Orleans.
NEW ORLEANS, Dec. o7.-What
looked like trade buying. moderate ia
volume but most persistent. carried
the price Of cotton to materially high
er levels today in the face of dis
tinct holiday tone and in the almost
entire absence of speculative feeling
The supply OF contracts on the market
was small throughout the day. The
opening was higher and the gains were
gradually increased until in the late
trading prices were 80 to ~ points
Last prices were 80 to "A points net
higher on the day January rose to
1928 and closed at 1875.
On the opening it was plain that
brokers were filing buying orders
which had accumulated over the I1oli-
days and there was a general verdict
on the floor that this buying was based
on the growing strength OF the statis-
teal situation AS the day progressed
the demand was strengthened by
somewhat better accounts from the do
nestle wholesale cotton goods market
and reports of slight Improvement in
the inquiry for spots here and there
in the south.
JTnfavorable comment was aroused
by political news from both India and
Egypt but It had no sustained effect
on prices and all recessions OF the day
lasted only a short time and the widest
amounted to barely more than 10
points There was much gossip regard
ing probable builish developments in
connection with the liquidation on
January, which was the strongest
month on the board
New York.
NEW YORK, Dec. 2T-The cotton
market was quiet but generally steady
today with prices making new high
records for the movement Oyer holt
day reports 10 the goods trade We're
considered favorable, while southern
advices Indicated a continued absence
Of spot pressure, and there were very
few sellers around the local ring AS
result prices were easily influenced
by buying orders with March selling
Iup to 1885 or 90 points above the
closing prices Of last Friday. That
delivery closed at 1882. and the gem
eral market closed firm at a net ad-
vance of 19 to IL points
The market opened firm at an adj
vance of 10 to % points on buying for
japanese and continental account and
local support. This early bulge met
some scattered realizing and a little
/ southern selling. under which prices
reacted nine or 10 points from the best
The offerings were very small, how
ever, and after they had been absorbed
the market showed renewed firmness.
active months selling % to 80 points
net higher in the late trading with
( January touching 1892 and May 49, 80.
The close was two or three points off
from the best under realizing. There
We're eight January notices which
caused some scattering liquidation
during the early trading and January
/ lost most OF it's premiums over March,
closing within three points of that po-
sition compared with II points at the
close OF last week.
Owing to the continuation OF the
/ Christmas holidays. there We're no
cables from Liverpool, but trade adj
! vices from Manchester said there had
! been an improved inquiry for Lanca-
/ shire goods before the holidays
I Eastern belt advices received here
/ during the day said there was no de-
Inand for spots with little or nothing
offering. but there We're reports OF n
1 better demand for spots IN some of
/ the southwestern markets.
I The little southern selling reported
i here early was attributed TO scatter
+ ing liquidations. rather than hedging,
and trade interests were reported 10
be competing with speculative buyers
/ for the few contracts offering here in
4 the late trading. October deliveries
sold at 1900. the highest prices they
have touched so far this season.