The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-03-02
THE COTTON MARKET
New orleans


NEW ORLEANS. March while the
cotton market was DEPRESSED during a
good part of the session today il had
| its strong periods, rs the result of the
abnornnally cold weather crossing the
belt from the west and at one time stood
I to points higher than the level OF
Mondays close. At the lowest ii was 20
to 81 points under Mondays close. Last
prices of the day ON March was 1907, the
lowest price was 1915 and the closing
price was 1857.
The opening was lower under poor
cables and reports from New York that
March tenders in that market amounted
to about 5000 bales. March traded off
to 1886 before any support Of consequ-
ence was encountered. Around the mid
die of the morning heavy buying sprang
UP, based on the very cold weather over
Texas. freezing temperatures being noted
in the official reports to the southern
most points in the state while the fore
cast called for a hard freeze in the lower
Rio Grand Valley and freezing tempera-
lures to the Gulf coast generally. Priv
ate messages from the earliest sections
of Texas stated that all cotton planted
and all cotton that was up would have
to be replanted. 1t was claimed that
this would result in a scarcity of seed
anu NOull utlet4 ttIG Ctpp an lntS SSNLAO'A
of the belt at least 20 days. These re-
ports carried prices to the highest of the
day.
After the noon hour the weakness in
the wheat market caused a reaction from
the advance and for n while a good deal
of fresh selling followed the argument
that the cold wave would kill off enor-
NOUS numbers of the weeyils Moreover,
it was pointed out that the cold wave
had been preceded by much rain and
snow which had broken the drought over
the northwestern section of the belt.
Prices fell to new low levels but toward
the close the tone was steadier again,
NEW YORK. March IAN early de-
cline was almost completely recovered in
the cotton market today but prices broke
again later with May selling off from
1928 to 1874 or thirty points net lower.
That delivery closed at 1903 or II points
up from the lowest, with the general
market closing steady at a net decline
OF is to 20 points.
The market opened barely steady at
decline of 16 to % points on near month
liquidation accompanied by reports that
March notices representing between
$1,000 and 10000 bales had been issued.
There also was selling on relatively easy
IpCoi CetDlSS anu less ldNOl dplC MAN
chester trade advices. but leading spot
interests bought the March at a premium
of % points over May, and the market
soon turned stesdier, The apparently
ready absorption OF March promoted Gov
ering of May and July, while there WAS
scattered buying of new crop deliveries
on reports that the cold weather in the
southwest would necessitate replanting
of cotton in some parts of south Texas.
March sold UP from 1928 to 1880 and
July from 1923 to 17.44, or back to
within three or four points heavier on
this advance, however, and the market
weakened early in the afternoon when
there was western selling and sentiment
was unsettled by sharp break in grain
and less favorable reports from the stock
market which appeared TO be connected
with Washington advices indicating in
creased prospects for the passage OF the
bonus bill. March sold Off to 1924 and
July to 17.14, and it was reported that
there were still March notices circulat
ing. There was enough trade buying
however to absorb offerings just below
the is cent level for May, while March
maintained a premium OF about thirty
points and last prices showed rallies of
IA to 10 points from the lowest. Man
chester cables reported that yarns and
cloths were both quieter and March
liquidation was reported in Liverpool in
anticipation of tenders of both Egyptian
and American cotton.
New York