The New York herald., 1920-01-28
COTTON DECLINES
5 TO 20 POINTS
Foreign Exchange Weakness
Has Unsettling Influence
on Quotations.
SEE SPOT MARKET EASIER
Middling Prices Range from 80 to
$3.50 at Southern
Centres.

The cotton market was very quiet yes
terday. Business was doubtless restricted
to some extent by delays in the wire
service resulting from weather conditions
Beyond that brokers were inclined to at
tribute the narrowing interest to nervous
ness over general conditions and a dispo-
sition to await fresh developments.
The continued weakness in foreign ex-
change had an unsettling Influence, but
prices rallied after an early decline and
the close was steady at a net loss of 5
to 20 points. May contracts sold UP from
1898 to 34.A and closed at 34.15, or points
net lower
There were rumors at times during the
day of an easier spot basis but whether
prevented by the interrupted wire service
or not, the South was very small seller
here, while some of Mondays local sellers
found the news from the goods trade
more favorable than they had anticipated.
There were continued reports of goods
offered by second hands at concessions
and of more cautious buying, but no weak
ness was noted in the primary markets
and Manchester cables said that yarns
were firm, with a good business doing in
cloths.
The market opened steady at a decline
of II to SO points. Cables were better than
due. but the continued weakness of foreign
exchange led to local selling and there
was some selling of May and October
for Liverpool accounts. After showing
net losses of about 25 to 36 points on ac-
tive months. the initial pressure seemed TO
subside and the market later was eX-
tremely quite with prices showing rallies
on little trade buying and covering.
May and July were relatively firm, recov-
erirg the early losses, and July sold
points net higher, but the Improvement
was not fully maintained and sentiment
was rather unsettled late In the day owing
TO the further decline in sterling.
According to Il member of local cotton
firm who has just returned from Europe,
Belgian mills are supplied with raw ma
terial for four or five months ahead but
French mills are in less favorable posi-
ton and are buying from hand to mouth.
Some disappointment has been expressed
by bullsh traders here owing to the ap-
parent failure of spot demand to become
more active for filling out January com
mtments.
This is taken as indicating that the re-
qurements of shippers were pretty we'll
provided for on the buying movement
earlier in the season. and sales officially
reported in the leading Southern markets
Yesterday were again comparatively light
Spot quotations were unchanged to 90
ooints lower with niddling prices ranging
from about SO to 1850 in the various South
ern markets. The local market for spot
cotton was quiet and 10 points lower at
9.05 for middling upland, sales nil.
Southern spot markets follow:-Galves-
ton. steady. unchanged at 1850: sales.
,752 bales. New Orleans. steady. IL points
lower at 39.SS; sales. 1,575. Mobile. quiet
unchanged at 39c; sales 30. Savannsb.
quiet; 80 points lower at $50: sales. nil
Norfolk. quiet: unchanged at 39c: salcS
Il. Augusta. quiet unchanged at 9.o5
sales, nil. Memphis, steady; unchanged
at 1850; sales. LOO bales. st. Louis
steady; unchanged at 1850; sales nil
Houston. steady: % points lower at 4t.so:
sales SOC bales. Little Rock. steady; ur-
changed at $3.50: sales, 1.35O bales. Dallas
steady; unchanged at Al. So: sales. ss5 bales.
Montgomery, firm unchanged at Ssc:
sales. nil. Fort worth, steady; unchanged
at AIS; sales, LOO bales.