The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-01-14
THE COTTON MARKET
New Orleans.

NEW ORLEANS. Jan. 1s.-Covering
OF the short interest furnished the cot
ton market with good demand today
and after moderate declines in the
early trading. there was a complete
recovery. which, around mid session,
ran into small net advances. From
declines Of Fl to 81 points under the
close OF yesterday there was a rise to
levels 1 to 10 over The close was
point down to points up. net on the
day. March traded as low as 1864.
rose to 1922 and closed at 1880.
The early decline was started by
poor cables and continued under
more pessimistic feeling regarding the
French political developments than
was enter tanned yesterday. AS the
market dropped important buying
came from the short side and this
continued during q good part of the
remainder OF the session.
While mill takings were smaller than
expected they caused only monetary
recessions and little later fresh buy
ing arose because of the bullish var.a-
ton in the visible supply OF American
cotton. The mills of the world took
this week 273,O00 bales of American
cotton. according to Hester, against
coo this week last year and 299, 900
this week two years ago. The visible
supply decreased $3.50 bales against
a decrease this week last year OF 1852
and an increase this week two years
ago of 71,92S In the late trading
there was much comment regarding
the shrinkage in supplies.
New York.
NEW YORK, Jan. 13.-An early de-
line In the cotton market reflected
the unsettling influence of the French
political upset, but after selling off to
1852, or 26 points net lower, March
contracts rallied 10 1886 on covering
and trade buying. This movement
vas not fully maintained as late re-
alizing sales caused slight reactions
n a narrow market but the close was
steady, net points higher to points
over
The market opened at a decline of
IL to 16 points. with active months
selling 20 to 81 points net lower dur
ing the early trading in response to
relatively easy Liverpool cables, re-
newed liquidation and scattering pres
sure which included some selling for
southern account. Trade interests
were moderate buyers on a scale down
and after the break to the low level
or last Wednesday on March and into
new low grounds for the season on
later deliveries, the market turned I
steadier Oh covering for over the
weekend. The firmer tone reported
In stocks and ruling OF foreign ex-
change rates seemed to minimize
over political conditions
abroad. while the smaller volume OF
liquidation on the early decline was
regarded as Indicating healthier
technical position IN futures
These features increased the dispo-
sition to cover short contracts but
failed to inspire much fresh buying
and the afternoon market was COM
quiet January sold up
from 1915 TO 1875 and May from 1723l
to 1857, or about 3 to 9 points net
higher on the active months. Late re-
ports of an easier spot basis at Sa-
annah and rather less bullish week
end figures than anticipated probably
led to some realizing toward the close
Spinners takings for the week were
212,371 bales against 243,S0 last year
Sea Island.
SAVANNAH, Ga, jan 13.-Sea Is
land, market quiet; fancy, Al; extra
choice, 40. choice. &c ass; extra fine,
81 035; sales. o; receipts, Q; shipments.
so; stock, ira. Crop in sight, 2.479.