New-York tribune., 1922-09-03
Cotton Drop Fails ]
To Bring Buying
From the Mills
Most Officials Regard Ii !.
Futile 10 Enter the Mar
ket During Its More d.
ratio and Turbulent Staas.

NEW BEDFORD, Mass, Sept 2-s..
September government eotton c,as s
forecast has dominated the cotton ~ 9
ufacturing industry this week T.
prediction of a crop 81 per eent !,
normal did not catch the markets - =
prepared.
The trade during the week conesy,..
itself In an effort 20 discount the MI
ish factors. The report, adverse a. I.
is, worked 20 the trades advantagT Z
this respect. Because the egtimss.s
were an improvement over those tsss
by the cotton exchange, on the strensss
of which the market had gained 1.
broke the hold Of the ball intars,,.
who were prepared TO seize upsr ~
slightest pretense for an advance
good proportions. The drop after j.
report did not, however. result in g.
active buying. Many brokers and TX
officials had, as matter Of fact lss
for an early week end, regsTding
futile TO enter the market dsr;nv s.
more turbulent stages regardless :
which way the reaction might be.
The FIRST Of the week brought !.
active inquiry. but modified buviss
This buying was chiefly on new ers
for protective purposes. Wheney4r -
cotton was offered at anything wits;,
p safe price range il was taken. bs,
interest abated instantly IL the inea;,w
was instrumental in stifenine Il.
price The sales were mach bsis-
normal and much below coveriry u,sS.
Where buying was done at all. !. 5.
only on q scale of one-fifth vkaf 4.
mills would have done had the masSg
not been ready to capitalize eyery bgIl.
ish development.
The Fall River print cloth market
furnished the greatest buying setisisv
of any market in the industry. Esti.
mated sales for the week Jumped ss
100000 pieces, more than triple whss
they dropped TO twd weeks ago. II
sales totals were due, TO a great b.
tent, to the heavy sales Of 36-inch ss-
count conrtsuctions, which furnishss
fully 10000 pieces Of the sales Price
on wide and narrow plain goods hsvs
been an eighth to quarter o. cent
higher than last week. Prices on Ill
constructions were firm.
The New Bedford fine goods MARKET
picked up, but along more consersa-
tive lines. Orders for fancy and nov.
city weaveg led. The inquiry for yarn
continued to improve, and the outlook
is the most hopeful in several months
Quotations were about the same as last
week, but the mills held them more
frmlv and succeeded in their resoluis
stand against lowering them.
The difficulty North Carolina mfB
are experiencing in obtaining cal
threatening to curtail production. faa
no panallel here. The mills have fras
the first plofessed no asiness oYa
the fuel situation, AMI their reposh
are still to this effect. Access TO avsis-
sble coal supplies is not dependent Of
rail transportation, to which the North
Carolina mills attribute the acuteness
of the Aituation rather than tbs
scarcity of coal. 0il-burning naills ara
especially forA'nate.
New Bewford mill di-idends for shs
third quarter aeersged s2e4s, ahs
smallest of record since the war
Stockholders Of twenty six companies
paid s1,101 ,000 The NeilL was the only
mill to paw an extra dividend, total
of S5. The 1Sanonet paid the largest
gross gum. 100000. despite the drop
in the dividend to S1.5o.
Mil shares were traded in ordinary
volume during the week. Holmes
dropped to $50 in the offering from the
previous 340.