Show COTTON PRICES HIT NEW LOWS FOR 1938 NEW ORLEANS May 30 3 UP u 2 Cotton prices made new lows for forthe forthe forthe the year here Monday Monday- In sympathy with sharp breaks break in foreign market mar mar- mar mar- ket local liquidation and some outside outside outside out out- side selling brought in by the holiday hol- hol holi holi- day on other exchanges Offerings were not aggressive but demand was was light and the decline represented a loss loss' of approximately 4 U a bale for foi the current downward movement July contracts contract fell fel to cents a pound October to and December December Decem- Decem ber er to or or- 75 to 80 cents cent a bale u- u ier er Saturdays Saturday's closing figures The unfavorable statistical position tion ton of the market as a a result of ofa ofa ofa a huge huge yield during the past season and poor by mills mil overshadowed overshadowed overshadowed owed reports of unfavorable crop progress |