The Birmingham age-herald., 1913-09-20
COTTON MARKET IS
RATHER INACTIVE
Undertone Is Steady-Fluc
tuatiOns Show Much
Irregularity

New York, September 19.s-Ihe cotton
market was not particularly active to-
day and fluctuations showed consid-
erable irregularty. The undertone,
however, was very steady, II not al
| together firm. Easier Liverpool cables
and reports of clearing weather in the
southwest encouraged rather a sharp
selling movement at the start. and first
prices were from l to points lower.
while active months quickly sold to
s points under the closing figures of
last night as a result of scattering
liquidation and pressure from local and
southern sources. Liverpool also was
a considerable seller here on the de-
cline, which carried December con-
tracts about so points below the high
records of yesterday morning, but Of
ferings We're well taken and the mar
ket soon turned frmer on reports that
the trade was buying a good deal of
the early cotton. A broker supposed
to be operating for the account of spin
ners was credited with taking fully
5000 bales out of the market in the
shape of January contracts on the
early decline and the forecast for local
rains in the eastern belt together with
more numerous wet weather complaints
from that section, helped the rally. Of
ferings showed a tendency to increase
on advances above 13.20c for december,
but after more or less irregularity the
market worked up TO 13.2Sc for that
position, or 3 to / points net higher.
Realizing caused reactions of or
points In the later trading, hut busi-
ness was comparatively quiet after
midday, and the opinion was expressed
a !, ,f,,, hot amin
lative accounts had been pretty well
evened up for the Weekend or pend
ing fresh developments. The contn-
ued large English spot sales attracted
some bullish attention, but as was the
case Yesterday, an unusually large pro-
portion of the business was in other
than American growth and English
trade accounts remained of an unfavor-
able average, although China was said
to have been a better buyer in Man
chester late yesterday.
New York. September 19--The cotton
marke has shown continued strength and
activity during the past week. with prices
making new high records for the season
on the reports of damage to the crop
cember contracts sold as high as Is. 40c
at the opening here ON Thursday morn
ing, or $12 So per bale above the low
records of last August, and while this
price seemed sufficient to attract a good
deal of realizing, as well as considerable
selling for reaction, there has been
good support on comparatively moderate
setbacks 4
Crop damage reports have been COM
ing in from eastern as well as western
sections of the belt and private condi-
tion figures have indicated a deterioration
of from 20 to A per cent in the crop
outlook between the date of the Septem-
Der bureau report and the middle of the
current month. This additional cause for
apprehension of short crop has evil
IDENTIFY made a considerable impression on
sentiment and 1t was reported yesterday
that trade interests We're becoming more
active buyers on all the declines. There
are many, however, who are not yet pre-
pared to accept the extremely bullish view
of the yield, several estimates from more
or less prominent authorities placing the
yield at from li,500,o0O to Is, 100000 bales,
and buying has also been restricted by
the expectation of greatly increased
southern offerings with the advance of
the picking season
With clearing weather bearishly dis
posed traders expect rapidly increasing
movement, which they doubt the ability
of the world to absorb above the 13-cent
level, particularly in view of unfavor-
able trade accounts from abroad.
This theory on the part of some of
those who anticipate ultimately higher
prices, combined with the opera tions of
traders who hold more optimistic views
of the crop, and fear of a declining trade
has held advances in check and doubt
less accounts for considerable confusion
of the sentiment around the local ring.
The supply and distribution figures of
the census bureau indicated a domestic
mill consumption of 5,7S6,061 bales for the
season 1928, and a reduction of about
100000 bales in mill stocks of raw ma
terial as compared with the previous
year.
No,.. X6aa.ls Cot Ir..4.ases.