New York, Sept. 17.
A certain amount of buying in the New York Cotton market during the past week was attributed to infiationary theories, but, on the other hand, buyers showed caution, doubting the ability of the market to absorb the forthcoming peak movement.
Some traders are not convinced that the loan price will effectively check further declines, and the definite reaction of growers to the loan, with the average spot price now under nine cents, is awaited. Other operators are of the opinion that the present price is sufficiently attractive to warrant accumulations on the scale-down.
Meanwhile, it is believed that covering has weakened the technical position, and, with speculative in-lerest smaller, the market is expected io be responsive to small orders either way.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.