Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1931-09-11
MARKETS
NEW YORK

NEW YORK
NEW YORK. Sept. IL. (AP)-After
another small rally at the opening.
stocks again slipped downward today.
with chemical. utility n railroad
shares leading the decline.
Allied Chemical. Reading and East
man broke about 3 points. while Atchi-
son. International sTelephone and
American Telephone lost 2. General
Electric finally dipped through It's Did
bear market low OF 80 and joined West
inghouse. American a. Foreign Power.
International Harvester. Pennsylvania
Baltimore a. Ohio and Southern Pacific
in recessions OF I to I 1-2. U. s. Steel.
after rising a point. lost its gain. Ameri-
can Can was steady. but General Motors
duplicated It's June bottom.
Trading wa light in volume. both on
the. brief upturn and on the subsequent
reaction. Call money renewed at l IL
per cent.
NEW YORK COTTON
NEW YORK. Sept. IL. (AP)-Cotton
opened steady. 5 TO 8 points lower
under overnight selling orders which
seemed TO come partly from the south
and some local or commission house
selling promoted BY relatively easy
Liverpool cables.
December declined 70 68i and March
to I'LL under the initial pressure. but
the comparatively small offerings were
AIKEN by trade buying and covering
with prices later working back within a
point or two OF Yesterdays closing
quotations The market at the end or
the first half hour was rather quiet
with the tone about steady.
Liverpool cables reported that con
tinental and Bombay liquidation In that
market had been absorbed By trade
calling and covering and said there had
been moce--fr sales OF cotton cloths
to the o tent and the Argentine.
The rally from the opening decline
carried the market about ? 20 4 points
net higher. with December selling up 20
SCI and March TO 1.21. but the demand
tapered off at these figures ana the
market eased again later in the morn
ing under renewed liquidation which
seemed 10 be coupled with some fur
ther southern selling or hedging. Prices
lost their gains but after selling back
70 about the opening quotations. held
fairly steady late IN the morning. Az
midday the market wa within a point
or two either wav OF Yesterdays closirz
quotations. with December selling
NEW ORLEANS COTTON
NEW ORLEANS. Sept. IL. (AP)-Cot-
ton experienced a rather quiet opening
today. Liverpool cables were somewhat
worse than due and first trades here
showed losses 81 2 10 4 points. Prices
eased off a little further after the start.
Octobe trading down TO 6.S4 and
December to 6.85. or 4 to S points under
yesterdays close.
This decline attracted a little shc-+
covering and the market rallied 4 10 q
points from the lows 10 about n level
with yesterdays close. Traders appear
ed to be waiting for further develop
ments IN Texas on the cotton control
proposition. and also on the negotia-
tons in Washington on the export prob
len.
Near the end Of the first honr tho
market wa quiet and steady. about
midway between the early highs n
lows.
The market while not very active ruled
quite steady all morning. Prices ad-
varced on short covering md rade huv-
'nc largely based on a rood demand for
spcts and on the expectation that there
will be some legislative action to curb
cotton production next season. Shorts
covering found n scarcity OF contracts
and October traded un 70 GIT and
December 20 TOO. up f3 20 rs points
from the early lows and . 70 10 points
above yesterdays close.
Around m'd-sessinn the market was
and three points under the highs.
around $50.