New-York tribune., 1922-12-03
Trade in Cotton
Goods Slack, but
Prices Hold Firm
November Shows Little Act
ual Advance in the In
dusiry; Better Business
Il Now i'm Prospect
SPECIAL DispaieA to ne TribaHs


NEW BEDFORD. Mass, Dec. 2.-
Prevalence Of the holiday atmosphere
checked whatever tendency tho cotton
manufacturing industry displayed 70
overcome this wck the adverse trad
lnT influences which have been at work
the last three weeks. Little business
was transacted IN any market Prices
however, are unchanged and generally
hrm.
Novsmber closes with little aetual
advance In the industry. In fact, the
heavy demand into which the market
for all kinds Of finished goods and cot
ton had worked itself By the last OF
October has declined 40 TO 80 per cent
The violent fluctuations In the cotton
market has been an influence. This
carried all goods TO n point where buy
ers became cautious, and buying since
the middle Of last month has slowed
down when price concessions have
been resisted.
Within the first fifteen days Of No
vember cotton goods prices and raw
cotton reached the highest peak OF the
last two years. This was true OF hne
goods, Fall River prints and yarns.
But It was most reflected In cotton, In
the sensational advance TO $3.50 on
spot. Buying In the cloth markets
stopped noticeably after cotton Jumped
past 25 cents, even though predictions
had been made the middle Of October
that the first OF November would find
cotton at this point. Cloth buying was
eurtailed seriously with the break 70
about 20 cents the last ten days In
November. as he hig level hof elotsh
prices became impossible 20 sustain.
There has been a gradual easing from
the high prices throughout New Eng-
land, and the prospects are that the
adjustment has been effected 20 permit
the development Of sound trading De-
fore Christmas. .,
Declarations Of fourth quarter and
extra dividends and persistent rumor
and promise OF more extras has pro-
vided the chief furry In the New
Bedford industry midst the holiday
sentiment. The Pierce Manufacturing
Company led the way. with deelnra-
I on Of an So regular dividend and an
siS extra. This brings the total OF
the Pierce distributions for the year
TO $50. This mill has a dividend rec
ord OF 43 per ceat over a period OF
six years. This rate Is partly due 20
the low capitalization Of the MIL. The
stock Is closely held. The Dartmouth
mill was next high with 81 dividend.
Other mills 20 declare dividends were
Aeushnet, 81; Bristol Mills, 81; Grin
nell. s2, and Hathaway 81.
William NJ. Wood, president Of the
American Wooden Company, gave
promise where heretofore there has
been only rumors that the Lilburn mill
would pay stock dividend before
January /. The announcement was
taken By shareholders. 80 their annual
meeting, as meaning that much Of the
surplus wiuld be capitalized and little
actually distributed iHrcash. Except
for some disappointment that IL would
not be cash disbursement, the news
Is looked upon az Strengthening the
position OF New Bedford mills.
The concentration Of the mills upon
annual meetings. annual reports AMI
/ the taking Of inventories will take
away 20 some extent from trading in
terest from now 20 the close OF the
yea-. Ret the market tone is sound,
and there is every reason 10 look for