New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-09-25
Cotton Is Higher
AS Hedge Selling
Fails to Develop
Early Declines Followed by
Rallies ON Short Covering
and Prices Work Up 20 to
80 Points Before Close

Early declines in the cotton market
were followed by rallies yesterday, the
close being firm at a net advance Of
20 to 80 points. For the first time in
several days people who sold carly in
anticipation Of increased hedge sell
ing before the close were disappointed
and the strength OF the late market
represented final furry of covering.
The anticipated pressure of hedges
may develop at the opening on Monday
AS matter Of fact the half session of
Saturday allows very little time for
purchases of spots in the interior and
the sales of hedges against them in
the contract markets, but in any event
there was very little pressure against
yesterdays market except for some
further scattering liquidation. Dccem-
Der contracts sold off to 1856 carly
and rallied to 1920, closing at 1898,
compared with 1870 at the close Satur-
day.
A less favorable view of the expert
situation, probably accounted for some
of the early selling. Experts for the
week ended FRIDAY were only 86,177
bales against 89,347 last year, and these
figures naturally were emphasized in
connection with the gloomy opinions
attributed to former Postma ster Cen
eral Burlcson, who has recently re-
turned from Europe, and who believes
that European spinners will not buy
cotton ahead until exchange is stabil-
lied
At the same time it was pointed out
that 100 ,653 bales remained on ship
board awaiting clearance compared with
only 1924 last year, and while the de-
fo nd lzA1 l..
relatively free buyers last month, may
now be subsiding, recent Liverpool adj
vices have suggested a pending revival
of interest on the part of British i'm
portcrs.
This has accompanied the improved
tone of the Manchester market and a
good volume of spot sales in Liverpool,
whose stocks of American cotton have
been drawn down conside rably during
the past two or three weeks Private
advices received here from Waco,
Texas, said that Continental and do
mestic demand was slow, but that the
demand from England was improving
and this may help the expert move
ment next month.
Reports that a Southwestern trade
publication estimated the crop at $780,
900 bales were without any apparent
no change of Importance in reports
from the domestic gods trade, where a
general trading basis has still to be
established There was no feature of
Importance in the weather news, and
roughly speaking, the days business
and fluctuations seemed to result large
ly from a further reduction of out
standing accounts for over the ap-
preaching government report.
The general market opened steady at
an advance of points on March, but
generally to Is points lower, sold ~
to 20 points net lower on the early de-
cline and later showed net gains of
about % to 80 points, closing within
a few points of the best. Mail adj
vices fran Texas say that unless there
is severe winter and many freezes,
the boil weevil menace will appear even
more alarming next season.
Southern spot markets, as officially
reported, were unchanged to SO points
higher, with continued fair volume of
business.
The local market for spot cotton was
steady and 25 points higher at 20.15 for
mi6dling; no sales were reported.
The range of prices