New-York tribune., 1920-09-14
-Four full columns of ir,.
restnnent questions and an.
sapers are published i'm The
Tribune every Sunday.
Cotton Declines
On Export (. Outlook
And Good Weather
Drop Is Checked by Trade
Buying and Covering; Talk
of Big Holding Movement;
temperatures Watched

Favorable weather conditions ovor
Sunday and weak cables, which nre-
sumably reflected the gloomy labor sit
uatlon IN England, broke cotton prices
20 to % points at the opening yester-
day. and the market subsequently lost
L" to Is points more before trade buv-
ing checked the drop.
October sold as low as 2773 and Do
cember 25.45, from which levels thew
railled oo to 60 points on support from
spot interests, supplemented bv Wall
otreet and other covering, only to ease
OFT again at the close, which was 90
to 50 points net lower.
Bears were encouraged by the H.
most total absence of rain in the hel+
since Saturday and by the forecast of
continued fair weather in central and
eastern sections, as it not onlv means
check to the boil weevil activities
but more liberal movement in tho
lar southwest, the latter being re-
hec'ed by increased hedge pressure.
more particularly at New Orleans
where some of the distant months
showed more than 100 points loss a+
the start. Advices from New Bedford
also announced that Southern Texas
was oHerlng new cotton freelv. bnt
llndlng little demand for it amonp Tho
mills. ''-'0is 'ne
The most bullsh feature in the
weather news was the forecast for
eiouoy weather and possibly showers
IN northern Texas and Oklahoma
which, it was feared, might spread a, to
the central and eastern belts in the
next day or two, although the long
range government forecast indicated
generally fair weather the first half Of
the week for the entire belt. There
was quite. little buying toward mid
day OIL the western forecast and on
the report of the American Cotton As
soclatlon that condition was not better
than 81, the crop having deteriorated
severely since the end of August.
lhe National Ginners' figure was re-
ported to be 66, against 60 last month.
ana The Memphis Commercial-Appe
announced that deterioration for the
last two weeks had been normal. Thus
the crop news was about neutral On u
the whole and the market owed it's de-
cline principally to outside conditions
which were considered far from salts
factory, especially abroad, and in the
light OF export possibilities.
Temperatures in the belt will attract
increasing attention from now on,
doubtless, for with the crop from two
to four weeks late in the various sec
tions, the advent of an early frost
must necessarily be viewed with alarm.
The holding movement may also
assume considerable proportions
throughout the South for as Georgia
farmer wired yesterday, the planter.
having had several years Of high
prices, cannot reconcile himself to g.
cent cotton and will inaugurate one
of the greatest holding movements
ever seen in the South. OF course,
such movement must depend to a
considerable extent upon the banks,
and meetings are being held in many
states with view to getting favor
able financial action on the plan.
Southern spot markets were un-
changed to 100 points net lower for
the doy.
The local market for spot cotton was
quiet and SO points lower at S1.26 for