The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-12-30
THE COTTON MARKET
New Orleans.

NEW ORLEANS. Dec. 29.--l fQCiCla
ton of the long interests was the big
influence in the cotton market today
and it held prices down in the face Of
a great deal of buliish news. at one
time prices were to 10 points over
the close of yesterday but during the
greater part of the session they were
at net declines and at the lowest the
net declines amounted tos 10 10 Is
points.
January in the early session was up
to 1902, falling off to 1880 later and
closing at 1870.
on the close prices were , points up
to points down compared with the
last price Of yesterday. The opening
was slightly higher on the quick stop
ping OF about half dozen January
notices and good cables. Reports that
Fail River sold $4,000 pieces of print
cloths yesterday increased the steadi-
ness but news that large Italian bank
was in difficulty soon caused a selling
wave.
After wiping out the gains and
causing small decline under Yesterdays
close, the selling subsidized and the
market again steadied up on kilograms
from Dallas that cotton houses there
had instructions to ship out 1900
bales and more buying came in when
Liverpool cabled that a large British
concern had sold 5000 bales Of cloth
to India. This hard spot, like all SIM
liar spots during the day brought out
realizing Lowest prices was reached
in the early afternoon on kilograms
from Washington telling OF serious
friction between delegates to the in
ternational conference
New York.
NEW YORK, Dee. 29.-TRe cotton
market was very quiet today and ir-
regular fluctuations were attributed
chiefly 20 evening up of commitments
for over the approaching holidays.
After selling at 1882 early, March con-
tracts eased off to 1858 and closed at
1875 compared with 1874 at the close
yesterday. The general market closed
steady. net one point higher to 10
points lower, active months being one
point higher IS seven points lower.
The market showed a fairly steady
tone at the start and after opening 5
points lower to points higher. sold
up a point or two on the relatively
steady Liverpool cables. Reports that
an Italian bank had closed its doors,
made rather an unfavorable impression
on sentiment, but it was stated that
1t was not failure but a moratorium
and the market held pretty well dur
ing the morning
There was little trade buying
which helped to absorb scattering Ii
quotation and there was some New
orleans buying, around midday, ac-
companied by reports that cable ad-
vices received in the southern market
stated that an English firm had sold
rs, 0O0 bales of cotton goods to India.
These features failed to stimulate any
general buying, however, ana prices
turned easier during the afternoon on
reports that the New York branch Of
the Italian bank whose troubles had
been reported earlier in the day, had
suspended.
There was no active or general sell
ing but scattering liquidation made it
self felt in a narrow market with Nay
contracts selling off from 1888, the
early high level to 1913 while October
declined to 1880, making net losses Of
10 to Is points.
The close was several points up
from the lowest on covering but bust
ness during the entire day was 50
quiet that local brokers attached no
special significance to the price move
ments. The early steadiness was en-
couraged by reiterated reports OF
cotton goods market and expectations
that Fail River would report a good
volume Of sales for the week. There
was no change in the news from south
ern spot markets and very little south
ern selling was reporaed here.