New-York tribune., 1922-07-30
Trading i'm Cotton
Goods Is Almost
AT a StandstiII
Fall River Print Cloth
Leads in the Decline of
Activity; Mills Maintain
the Divi d end Rate
Special Dtspatch to The Ttibun.

NEW BEDFORD, Mass, July 20
Trading in all markets in the cotton
manufacturing industry this week has
River print cloth trade led in the de-
Of less than 10000 pieces. Fancy
goods furnished such Slight business
as was transacted in the New Bedford
fine goods. Except for odd lots below
market price levels there was no trad
ing in raw cotton
The start of the third quarter divi-
dend period has provided New Bedford
with its chief interest. With the ex-
ception of the Manomet mill, the same
dividend that was paid the two pre-
vious quarters has been declared. The
continued declarations this week by
Fall River mills show them to be main
tanning the rate of earlier quarters
also. The Manomet dividend was $3.50
a share, reduction Of SO cents from
the first two quarters. The next two
days trading in mill shares found
Manomet quotations down 10 points in
the bid price to 102 and down to 1903
in the asking price.
The proximity Of the government
cotton crop condition report, due next
Tuesday, and inability to gauge the
effect the national industrial situation
is to have on business have been the
chief deterrents to trade activity. The
attention of both buyers and sellers
has been directed toward the crop out
look. The mills have been able to
strengthen their position by the de-
velopments in the cotton outlook the
last two weeks. Yet they have not
found it to their advantage to use the
time for purchasing Not for the last
three months has the raw product been
so inactive.
Sales were restricted almost entirely
to small lots at below market prices
on cotton that holders were anxious
to close out as cnd-of- the-season hold
lngs Prices in extra staple were down
about one cent pound, with short
cotton of proportional weakness. The
break in the market price strength is
particularly significant at this time
1t has frustrated what threatened to
be a serious menace for the mills in
the period of transition from the old
crop to the new, whereby holders OF
any volume counted upon pegging
prices and holding The mills at their
ideas as the small stocks in the mill
hands dwindled.
Discount Damage Reports
New England mills have constantly
refused to see the gloomier side OF
| the crop outlook. SO far events have
justified their attitude. They refused
| to be stampeded after the first condi.
tion report and the puncture Of the ad.
vance demonstrated their wisdom. With
the unofficial forecast for the next re.
port, placing the yield at 100000
| there has been decidedly better feel
ing. At the same time, it must be re.
called that the boil weevil did its
most deadly work after the middle Of
July last year, and the mill interest.
generally had not prepared themselves
for such high price levels as followed
Inquiry continued in the Fall River
print-cloth market, but sales were il
small lots. Prices on all cloth wer,
steady. Here and there variation G,
a fraction was found in prints. Yarr
mills are the most aggressive in seek
ing better prices, but though war
rantee, the buying is not active enough
to sustain them