The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-03-14
THE COTTON MARKET
New Orleans,


NEW ORLEANS, March Is. -
Steadiness marked the trading Of the
early session in cotton today but in
the late trading the market weakened
under liquidation of long contracts and
private reports OF considerable rainfall
in western sections of the belt which
have been complaining of drouth
long time past. The close was at the
lowest at net losses OF Is to 20 points,
May closing at 1850
The first call brought gains of about
points. better Liverpool prices than
due stimulating moderate buying, but
almost Immediately the market fell off
under rains in west Texas and Okla
homa
When May touched 1859. at which
level the list stood at net losses of to
. points, new buying came in based on
a private bureau report placing Amer
lean consumption during February at
4S9 900 bales against $4,000 in the
same month last year and the steadiest
stage Of the session developed. Prices
rose until they were IL to IA points
higher than Saturdays final, March
advancing at 1888
After the middle OF the morning
there was little left of the early stead
mess and a gradual sag set in. It was
accelerated in the late ira ing by re-
ports Of further rains in the west but
new sellers could not take full advan-
tage of this moisture because of rains
in more eastern sections of the cotton
region which were considered highly
detrimental in connection with the
preparations for a new crop.
New York.
NEW YORK, March 1S.-Early
steadiness on better cables than ex-
pected and prospects for further
rains in the eastern belt was followed
by declines in the cotton market yes
I terday. May contracts sold off from
1916 to 1884 and closed at that level
with the general market closing easy
at net decline Of 19 to 26 points.
The opening was somewhat irregular
at an advance of two points to a de-
cline of 2 points as a result Of some
scattered southern selling and local Ii
quotation. Liverpool bought here,
however, and the encouraging trade
reports from Manchester soon brought
in little local and scattering com
mission house support. This became
little more active after the publication
OF the eastern belt forecast which
pointed to rains in sections which are
already complaining of delayed farm
work, and there was also some buying
on reports of better spot demand from
Dallas.
Active months sold about 10 to IA
points higher in consequence, with
March advancing to 1912 and July
17.44. Buyers found no encouragement
in the news from the domestic cotton
goods trade or mill situation. however,
and the market eased off during the
afternoon under liquidation of near
months accompanied by reports that
no less than $4,000 bales of cotton
might arrive here before the end of
the month for delivery on March con-
tracts. March sold off to 1910 and
July to 1904, or % to 20 points net
lower
There was selling of May and July
late in the afternoon by brokers who
were supposed to be operating for
some of the larger holders Of March
contracts. Private advices received
from North Carolina said that some
OF the southern yarn spinners were
beginning to curtail their productions.
Private cables said Liverpool was easy
at the start, owing to unsettled politi-
cal and labor conditions but rallied
later on and continued good in Man
chester. Private returns Were pub
lished this morning indicating domes-
tic mill consumption OF 4Ss, 900 bales
for February, compared with $4,000
last year.