The New York herald., 1920-01-25
COTTON CLOSES
BARELY STEADY
Fluctuations Narrow and lr-
regular-Week End Fig
ureS BulliSh.
SPOT FIVE POINTS LOWER
Shipboard Clearances Total 2SS,0OC
Bales, Against 100000 Last
Year.
SPOT FIVE POINTS LOWER

The cotton market was very quiet on
irregular. There appeared to be some
uncertainty as to the immediate position
of the goods trade which led to scattering
liquidation. but the weekend figures were
considered bullish and the reports OF un-
favorable weather in the Southwest
seemed to be attracting increased atten-
ton. Complaints of delayed farm work
have been coming in for the last two or
three days, but they were more numerous
this morning, and some of the reports from
Texas said it would be the middle OF
TFebruary before a start could be made
with ploughing.
The situation in this respect proba bly, ac-
counted for the relatively steady ruling
OF the later months. but failed to inspire
any general buying, and after showing net
advances of about 13 to 81 points the mar
ket reacted under realizing. The close was
barely steady at a decline of to points
on the near months, while May and later
deliveries were . to Is points net higher.
The market opened steady al a decline
of points on July. but generally to Il
points higher on overnight covering orders.
There were reactions of several points
right after the call under realizing, fol-
lowed by rallies during the middle of the
morning, which carried December con-
tracts up to 29.6S, or SO points net higher,
while other months sold Is to 10 points
above Fridays closing figures. Later fluc-
tuations we're very irregular, with the mar
ket sensitive to small orders.
Reports from the goods trade indicated
no weakness. but II seems the general
impression that buyers have become more
cautious and that there is resistance TO
| - -.
1t is apprehended that a considera BILE
speculative interest has accumulated in
goods, and there was nervousness over the
possibility that higher money might cause
its liquidation.
The fear of spot liquidation expressed
earlier in the week appears to have sub
sided. but it is believed that the falling
off in forward demand for goods has
been accompanied by corresponding de-
crease in the demand from spinners for
forward shipment Manchester cables re-
ceived yesterday said that the goods
market continued quieter and that some
buyers anticipated lower prices. The
amount of cotton on shipboard awaiting
clearance at the close of business on Fri
day was 2Ss000 bales, against 10000 last
year. and spinners takings last week ex-
ceeded last years figures by about 10000
bales. The local market for spot cotton
was quiet and points lower, at 1875 for
midding; sales nil. Southern spot mar
kets follow
Galveston, steady, unchanged, at A.. Joc.; sales,
1.4sO bales.
New Orleans. steady. unchanged, at 4oc. sales.
1906 bales
Mobile. nominal at 3oc. sales. nil.
Baltimore. nominal, at fOc.: sales nil. =
Augusta. quiet, unchanged, at 80. 25c. sales, 81
bales.
Memphis, steady. unchanged. at 4o.5oc.; sales,
100 bales.
s.. Louis. steady, unchanged. at 1880; sales.
nil.
Houston. steady, unchanged, at si.7oc.; sales.
Dallas. steady. unchanged. at 4t90c.; sales. 3s7
bales
Range of prices