The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-02-24
THE CoTTON MARKET
New Orleans.

new OTicahSs
NEW ORLEANS, Feb. 2s.-Decided
strength was on display in the cotton
market in the early trading today but
in the second half of the session il
weakened and from net advances OF
80 to So points fell off to net declines
of 5 to 80 points, except on March
which at its lowest was still -four
points above the close of Tuesday
Last prices We're four points up to q
points down net. March traded up to
1897, fell off to 1889 and closed at
that price.
The main influence in the early
trading was the small tenders in the
New York market, notices there
against March being estimated at only
/, 700 Bales, whereas expectations had
run as high as 10000 to $4,000 bales.
A better Liverpool than due on flu
lures and spot sales there of 10000
bales were also q buying influence.
The favorable news of the day for
a while completely offset the effect of
rains in Oklahoma until longs started
to realize. After this selling set in
the market commenced to weaken and
in the late trading selling was aggres-
sfve, especially In the new crop
months, which made the widest losses.
october fell to 1892 as compared with
1850 as the high price OF the day and
close at 1897. Private forecasts Of
further rains in the extreme western
belt had much to do with this selling
New York.
NEW YORK, FEB. ga very sharp
advance followed reports that only
seventeen notices had been issued in
the cotton narket here this morning
Old crop positions made new high
ground FOR the movement with May
selling up to 1914, representing a re-
covery Of 266 points from the low price
of late last month and an advance Of
on Tuesday The demand from shorts
then became less active and there was
equally sharp reaction under realizing,
May selling off to 1888 and closing
at 1872. The general market closed
steady net one point higher to II
points lower
The market opened firm at an adj
vance of p to % points owing to the
small notices, the
strength of Liverpool over the local
holiday and reports of continued i'm
in the British textile trade.
May shorts seemed TO be even more
disturbed than the March interests as
a result OF the very few notices in
and there was heavy buy
ing of that position, presumably for
Liverpool and New Orleans straddle
account. There was also buying Of
May by spot houses who sold March
at a premium of about 80 points. while
the new crop months were compare
lively quiet and were held back by
scattered southern selling.
Before the near month covering
ended the general list sold
S5 to So points net higher with March
1870 and July 1880. These
prices seemed high enough to attract
realizing and the market eased off
durin gthe afternoon under continued
profit taking which was probably pro-
NOTED by conflicting southern spot ad-
vices and a belief that cotton was be-
ng offered a little more freely in some
sections of the belt. March broke to
1913 and July to 1928, with active
showing net losses of three TO
twenty points in the late trading
Manchester cables reported that
arms were in fair demand with cloths
,irm and there also were reports of a
more active demand for cotton goods
n the Fall River Market. More March
notices are expected before the end |
If next month, but March held prem
ufn of about thirty pionts at che close. |