Evening star., 1932-11-20
COTTON DISPLAYS
STEADY UNDERTONE
Few Southern Hedge Sales
Reported in Trading
for Week.
By the Associated Press.


NEW YORK. November l9-While
the advances of late the previous week
were not fully maintained, the cotton
market has shown a generally steady
undertone. Comparatively little South
ern hedge selling has been reported, and
the relatively light offerings have been
absorbed by covering and trade buying
or a moderate commission house de-
mand, general business has been re-
stricted by an apparent disposition to
await further developments in the
Southern spot situation or in other di-
rections, including the international
debt negotiations.
Uncertainty as to the outcome of the
latter Is said to have been partly re-
sponsible for falling of in the de-
man6 here from Europe, as the con-
tinent has taken very little part in the
weeks trading, according to local brok-
ers, and the orders received here from
Liverpool are said to have been chiefly
on arbitrages promoted by the fuctua-
tions in sterling.
Liquidation or evening up Of Deem
Der commitments in preparation for
possible notices next week has been one
of the trading features Of the week
locally.
Switch to Later Months.
Offerings of December have been ab-
sorbed by trade buying to fix prices, OF
buying by spot houses against sales
in later deliveries, and good part CT
the evening up has been in the shape
OF switching from December to later
months at about the recent differences,
including exchanges for May at 26 and
27 points and for July at 36 and 81
points.
The report of the Census Bureau
showing domestic consumption Of 502,-
244 bales for october, against 461 ,023
last year, was without appreciable effect
on the market, and the weather news
Is now being studied chiefly with re-
spect to its probable effect on the
movement. AS yet very little interest
has been shown in the probable show
ing of the next and last Government
crop report for this season, which is
scheduled for publication on December
g. and most traders seem to be watch
ing the spot situation and the develop
ment of trade conditions for their i'm
mediate market inspiration. Some
further buying has been reported here
through houses with Japanese mill ac-
tivity, and toward the end of the week
there were indications of a better tone
In Manchester, with fair business in
cotton goods said to be pending. Little
or no change has been reported in the
Southern spot situation, with the basis
generally firm, although the demand
has been quiet.
Cotton Statement (November 1S).
Comparisons are to actual dates, not TO
close OF corresponding weeks. In thousand
In sight for week, $50; year ago. 7e3;
two years ago. SIS; for the month, 1884;
year ago, 2,295; two years ago, 1889; for
season, ,134; year aso, S,40l; two years
Port receipts for season, 4,143; year ago,
4,737; two years ago, 5.611.
213; year ago. So4; two years ago. 2e3.
Southern mill takings for season; 1'612;
Interior stocks in excess OF August l,
1,167; year ago, 1871; two years ago, 1,52T.
year ago. 2,432; two years ago. 1856.
Northern and Canadian spinners takings
for week. q: year ago, 80; for season. 419;
Statement of spinners' takings of Amer
fcan cotton throughout the world:
This week, 394; year ago, 3s4; two years
Total since August !, A.341: year ago,
&.1SS; two years ago. 3,755.
Worlds Visible Supply.
Total visitla this week, 11.613; week ago,
11.3I2; year ago, 11,512; two years ago,
Of this. the total American this week.
e,963; week ago, 0,674; year ago, 0,e5s; two
years ago, $3.50.