Evening star., 1935-07-20
COTTON DISTURBED
A. A. A. RULING
Prices Ease Off After Ruling
Steady Early in Week.
Offerings Absorbed.
By the Associated Press.

NEW YORK, July 20.-Announce-
ment of the Boston Federal Court de-
cision declaring the A. A. A. uncon-
stitutional had an unsettling inf1u-
ence in the cotton merket last week.
Prices, which had been holding
steady in the face Of improving crop
accounts, eased Of about 25 points
from recent highs Under liquidation
and evening up Of accounts. Offer
ings were absorbed by the trade or
covering, however. and fluctuations
later in the week were attributed
largely to the evening up Of July
commitments and switching from
near to late months.
October contracts, after selling of
from the recent high Of 11.80 to ll.54,
rallied to 11.73 On Thursday, but later
reacted, closing Yesterday at 1l.5e,
compared with ll.75 at the close OF
the previous Friday.
Washington advices indicated that
the processing tax would be carried
up to the Supreme Court this Autumn.
but 1t was felt that uncertainty as to
the future of the crbp control pro-
gram was likely tc restrict forward
business in both raw cotton and goods
pending more positive trading incen-
tive.
A little selling from the South led
to talk of hedging agsinst early cot
ton, but such lressLre was not much
in evidence, and scarcity of contracts
arising from the tight old crop situa-
ton evidently asserted its influence
on declines.
The opinion was generally expressed
that the crop has been making upusu-
ally good progress so far this month,
although persistent showers IN the
Eastern belt led TO some talk 81 in
creasing boil weevil infeStation.
Weekly Cotton Statement.
plaHcSes MsM Neekls New I orleans Re Cotton Ex.
change statement shows that the amount
brought into sight during o the past fS week
DAYS last year and S24,503 in 1888: and
for the l9 days of July it has been 11a.-
379, against 266,025 last year and $685.
610 in 1888.
ceipts at ali Un ted States ports 4,40l. .S67,
against 7.752.411 last year and 9.037, ,464
in 1888 Overland across the MISSISSIPPI,
Ohio and Potomac Rivers to Northern mills
and Canaa 7s970 10 against nssfor ssssd as
in excess of those held at the close Of the
last year, q decrease of 1S1,0SS year before
last and an increase of T5g, 1859 over same
R s g o5 5sss ss:ss sSuhss @ last 9ssr aad
6,l2S, 900 in 1888.
Foreign exports for the week have been
81 S73, against S3 3.040 last year, making
the total thus far for the season 4. 4.760.162
sgainst z ,365.S19 last year. decrease OF
Worlds spinners takings Of American
cotton during the week were. 10000,
year before last. distributed as follows:
North and Canada, 10000, against 22,-
soS last and asans
I41. 900 year before last; foreign, exclusive
Of Canada and Orient, GO 600. against
SS GOO last yesF Snd agao aF 6efoff Iss
year and 5000 year before last.
Total takings Of American for the sea-
son, 11,012.000: aeainst 14.21S.O00 last
yesr and 1887 900 year before last; Of
ssainst ,in f'ais. f .obo last Year and i.5e5, 900
year before last; South, 4,16l 900. against
4.8pS, 600 last year and 5,313,000 year be-
for, last; FOREIGN. exclusive Of Canada and
Orient. 1884. 900. against 1854 600 last
oS SsSs Oee SeSrf yeeT
2.29O 600 year before last.
Stocks at the seaboard and log leading
Southern interior centers have decreased
during the corresponding period last season
of 65.639 and are now 1,Z74.2l0 smaller
than at this date In 1884.