Evening star., 1934-08-18
COTTON SELLS Off
AFTER SHARP RISE
Changes in Crop Outlook
and Technical Factors
Bring Reaction.
BY the Associated Press.

BY the Associated Press.
NEW YORK, August 1s.-The buy
ing inspired by the Governments
August crop figures evidently culmi-
mated on the advance TO approxi-
mately the 14-cent level for Decem-
Der contracts last week followed by
sharp reactions under liquidation and
scattered selling. Reactionary senti-
ment was encouraged by the failure
Of further crop complaints TO stimu-
late a more aggressive demand. while
the inflationary talk in connection
with silver naturalization subSided.
December contracts, which had ad-
vanced to 1898 last week, broke to
1897 during yesterdays trading and
closed last night at that figure, COM
pared with 1876 at the close Of the
previous Friday.
The action of the market has been
attributed to a variety of influences,
including weakened technical posi-
tion following the advance OF about
l80 points from the advance of early
last month and a disposition to even
up commitments while waiting for
the developments both in the crop
outlook, or trade or general business
conditions. Reports reaching the
trade have indicated further deterior-
alton in Western belt crop prospects
during the first half Of this month,
but conditions are believed to have
been fairly favorable East of the
river.
Midweek rallies were encouraged
by unfavorable features in the weekly
report Of the Weather Bureau and
reports that Senator Bankhead was
advocating Government loans for l3
cents pound on cotton to farmers
during the Autumn. There were also
reports of proposals to suspend pro-
ceSSing taxes during the marketing
season, but prospects in that direc-
ton were considered doubtful, while
nothing definite had been learned
OF cotton loan proposals up to the
end of the week.
Southern selling was comparatively
light, but seemed to be increasing
somewhat during todays trading when
there were reports that tax exemp-
tion tags were becoming available
In greater volume. Heavy Govern
ment relief purchases of cotton cloths
had a stimulating effect on the goods
market early in the week. but de-
mand tapered of later with both
buyers and sellers showing a tend
ency to await the outcome Of the
labor disputes.
Hester's Weekly Statement.
| (Week Friday, August 17)
| tGomparlsons are to actual dates, not
TO close Of corresponding weeks) In thou
In sight for week, 1O2: year ago, ia;
Two years age; l22; for the month, 234:
season, 234; year ago, 3S6; two years
Port receipts for season. 12s; year ago.
| 234' Two years ago, 206.
overland to mills and Canada for sea-
son; 2S; year ago, 80; two years ago. II.
Southern mill takings for season. 15s;
Interior stocks in excess Of August
l, minus so: year ago, minus 20; two
Foreign exports for week, so: year ago.
YSs ySS; Two Two years ears ago lO9; for season 154;
NorRern and eS Canadian sehss asS spnnsT. 2s TAX
son; sS; year $50. g:
american cotton throughout the world
vssIa rms .1U weesi ls6; year ago. s15i two
eoJ Total since August ], 4eoi year ago.
Statement of worlds visible supply:
Total visible this week 1900; week
ago. ago s's6liai s's6laai year ago. s,17s; two years
OF this total American this week, B.37s;
week ago 5'457; year ago, 6,442; two
years ago. 6.9Ol.
All other kinds this week. 2.f36; week
ago 2'554; year ago. 1.736; two years
Visible in United States this week,
3,7S2:. year ago, 1929.
Visible in other countries this week.
3,727; year ago. 3,S79.