AMERICAN COTTON
PRICES LEAPING UPWARD. SERIOUS CRISIS FOR SPINNERS. 1 ?nu Association —Br Telegraph—Oopjrighl YORK, November (Received Nov. 4, at 5.5 p.m.) a decrease of 767,000 bales in the prospective cotton crop as compared with a month ago is shown in the Agricultural Department’s forecast issued in Washington, which is now put down as 10,248,UuJ bales. As a result cotton prices in New Y ork jumped over 100 points, options gaining two cents a pound, which is the maximum permitted in a single day’s trading. In New Orleans prices leaped 200 points to 32£ cents a pound for December delivery, and trading was immediately suspended under a ruling designed to prevent speculative flurries likely to disrupt the market. The short crop has been driving the prices of raw cotton upward during the past few months, despite the . most discouraging news from Lancashire and New Zealand regarding the status of ' the cotton goods market. American spinning centres, like the English, are hard pressed. A conference of cotton spinners was held in Boston yesterday, when it was declared that the industry was facing one of the worst periods in its history, due to decreased domestic and foreign consumption.— A. and N.Z. Cable,
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Bibliographic details
Otago Daily Times, Issue 19010, 5 November 1923, Page 7
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200AMERICAN COTTON Otago Daily Times, Issue 19010, 5 November 1923, Page 7
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