New-York tribune., 1922-07-09
Cotton Mil Trade
Disappointed Over
Forecast of Crop
Sharp Fluctuations of Prices
for the Raw Product
Check Trade Activity;
Actual Trading Quiet
speotn1 pispntch to Tie Tribune

Special Dispatch to The Tribune
NEW BEDFORD, Mass, July S.---In-
terest in the cotton manufacturing in
| dustry this week centered on the first
| government crop forecast. The condi
tion report Of TIP per cent, which was
| SO under the ten-year average was
/ somewhat lower than expected and its
influence on raw cotton was much
| greater than had been foreseen. Com
! ing on top Of the short crop of last
/ year. the trade is not encouraged by
the forecast of 11,O55,0o bales, par
ticularly in the extra staples used
| largely in the New Bedford fine mills.
In actual trading the week has been
quiet. The week was broken by the
holiday, while the mills have been en-
crossed with the semi-annual or quar-
terly ocktaking. More effective than
all, however, in checking the activity
was the hesitancy over testing the mar
kets on the basis of the new raw cot
ton prices Extra staple prices jumped
an average of cent pound on all
types. Yet buying took no part in
|
week develop any test Of their stabil-
ity.
With the strike in Rhode Island and
New Hampshire approaching its sixth
month, and in Lawrence its fourth
month, it is far from being settled
| More progress in opening the mills
has been made in Rhode Island than
elsewhere. There are now only four
mills in that state closed. When the
strike started in January there were
uhirty-four affected. Eleven of the
the remainder are operating Is to 80
per cent, according to manufacturers
figures.
Yet the manufacturers have offered
nothing to prove their contention that
the opening Of the mills at Artic Cen
ter and Centerville this week has
broken the backbone of the strike in
the Pawtuxet Valley. Advices to your
correspondent from a source which has
proved reliable in every turn of the
strike to date are that only few,
mostly children, went in and many
came out, the total influence of which
would be slight. With the exception
of the Fall River strike of 1904-'O5,
which lasted nearly seven months, the
present strike is the longest in the his
tory Of the textile industry in New
England.
The quiet of the week was consid-
cred as only a passing condition, and
taken as whole the industry here is
in the best position it has occupied for
two years. This was indicated by the
few New Bedford mills that closed
Monday, the day before the holiday.
In the past holiday on Tuesday has
generally meant the stopping of opera
tlons from Saturday to Wednesday.
Though the mills have felt marked
competition is still widely discussed.
In recent weeks this has been some
what accentuated by the buying of
yarns from Southern mills by New
Bedford mills. The arrangements here
maintain they can buy yarn for their
finished goods and ship them here
cheaper than it can be made in their
own mills on the present high priced
cotton. The South in some instances
IS four and five cents pound below
Northern quotations. The information
ern capital is constructing mills in the
South, in some cases moving spindles
from New England, is also disconcert-
ing,
The time has passed when Southern
competition can be overlooked by the
North. But longer view of the stu
alton shows the South has reaped the
advantage of the greatest factors in
ner favor From now on she must op-
crate on a basis with which she is n ot
ready to cope. The North has a funda-
mental strength that has been under
rated, whether for propaganda purposes
or with honest intent, and the South
has now developed to point where she
must assume burdens on par with
what the North has known, when a bet
ter basis of competition will be cs-
tablished
The print cloth sales in. Fall River
for the week were estimated at 100, 900
pieces Neither Fall River nor New
Bedford mills were aggressive in their
quotations in the face of the jump in
raw cotton. Prices on all cloths be-
came firmer during the week.
There has been no let-up in the de-
mand for mill shares. Bankers CON
tlnue to experience difficulty in getting
stock for sale. The movement this
week has again been upward The
share market is cited as evidence of
the sound trade condition in cotton
textile. Among the New Bedford mills
that advanced this week were: Dart
mouth common, points in the bid
price, to 270; Nashawena, S points in
bid, to 145, and Quissett common +
points, to 270 in the asking. with Tho
bid price Of 257A remaining unchanged
Fall River changes were noted in Rar.
nard at 122k asked and 1870 bid. shove
SOLD at 80; Parker sold at 33 and Staq-
ford at 125, while Pilgrim common ad-
Vanced IN the asking, to 1875. Sales in
Doth clties are in most cases private.