New-York tribune., 1920-09-28
Decline i'm Cotton
Reaches &c Pound,
Maximum for Day
Renewed Selling From South
Responsible for Severe
Break; Slight Rallies Met
With Increased Offerings

There was a further and still more
sensational decline in the cotton mar
ket yesterday, all active deliveries up
to May suffering the full permitted
break of 200 points from Saturdays
closing quotation. October was the
first month to score the decline of
2 cents pound, selling at 1856, but
December, January and March quick
ly followed, and while last prices
showed slight ralliesson the last three
positions named, the general market
closed weak at net decline of 160 to
200 points.
The selling pressure again seemed
to come chiefly from the South. Wall
Street houses were heavy buyers at
times during the day and in addition to
taking profits on previous sales were
believed more friendly to cotton at
the prevailing level of prices.
Buyers for whatever account found
large supply Of contracts Offering.
however, owing to the continued SELL
ing Of the South, and the days mar
ket was evidently dominated by ner-
vousness over general business condi-
tions and the weakening of the
London cables reported a better
feeling in the stock market there on
the prospects for q settlement of the
coal mining disputes, but Liverpool
was weak and there was continued de-
preston of trade in Manchester. The
market here opened unchanged to 27
points lower, and before the end of
the first hour sold 1O5 to 145 points
below Saturdays closing figures.
Rallies Of so or 60 points followed
on Wall Street buying and scattered
covering promoted by the threat Of
another tropical storm, but the bulges
met INCREASED offerings from brokers
with Southern connections. There
seemed to be no expectation of
October notices to-d..y, but Liverpool
easier spot basis in Texas, and there
were reports that some cotton is To
be shipped here from Memphis for de-
livery,
rms probably accounted for the rela-
lively easy ruling Of October dur
ing the entire day, and as soon as tho
decline IN that month was checked by
the maximum Auctuation rule tho
selling of December. January and
March became more active. These
three deliveries showed rallies of a
&c" points at the close, but other
months were at about the lowest. and
the price of July broke below the %
cent cent, level for the first time since
A New Orleans authority issued
crop report making the condition 81 G.
against es.1 last year, representing
more than the average deterioration
but the crop and weather news was
evidently overshadowed by ths
Weakenlng spot situation as reflected
IN the persistent Southern selIin1
pressure, while nervousrcss over the
general business outlook was IN
creased by the disturbances renorted
In Boston financial circles. 'eo
southern spot markets as officially
reported were SO to 500 points e,S.'s lowsr
most of the Western belt mayret, m'
showing declines of 200 points wh;ch hi.s
brought d. the price at Dallas dow,, 1'tn ~
Sa'so Saso. for middling. Sales there wero ~
Is.7o9 bales. and there were verv ,e 49,
al slzed sales at the declines in some ~
me local market for spot cotton ua,
qales and 200 points lower at % Tas fas
maGGdIng. G No sales were renortsd I'f
Inc range OF prices: Seeo'