The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-20
Market Shows Some Hesitation
Until Well Toward
the Close.
WEEKLY WEATHER Is BAD
Report Lays Stress on Wet Con-
ditiOns in West and
Cold in the East.
Cotton states weather.

For North Carolina and South Carolina,
fair to-day and tomorrow: moderate vari-
able winds. mostly northeast.
For Georgia. generally fair to-day and
Tomorrow: moderate east winds
For Florida, cloudy. to-day and to-mor-
row; probably showers In south and central
portions; fresh to strong east winds
For Alabama cloudy to-day and to-mor-
row: fresh east winds.
For Mississippi. partly cloudy to-day; to-
morrow. unsettled, probably local showers;
fresh east winds
For Louisiana. cloudy with local showers
to-day and probably tomorrow; fresh east
ana southeast winds.
For eastern Texas cloudy with local
showers to-day and probably tomorrow;
fresh to strong southeast winds.
For western Texas. local showers to-day;
tomorrow, partly cloudy.
For Oklahoma, Tennessee and Kentucky,
partly cloudy to-day and tomorrow.
For Arkansas. partly cloudy to-day prob
ably showers In south and west portions; to-
morrow, showers.
Although the undertone in cotton yes
eerday was rather reactionary, there was
no apparent weakness and the recessions
from the high level of Monday amounting
TO IL to IA points. appeared to be largely
due to local liquidation, and there was a
sharp rally at the close To the rank and
nle OF the trade l2c. in May appears to be-
reasonably high price for new crop
months. The optimism OF traders who
have learned TO discount pesslmistic ad-
vices from the cotton belt no doubt plays a
part in the faith that big production ultl-
mately is not out OF the question.
Liverpool showed evidence Of some profit
taking and the opening here was at a
small decline from Mondays closing prices.
The early weather map showed further
rains In Texas, Oklahoma and Arkansas,
and the forecast called for further un-
settled conditions, with showers over the
States west OF the Mississippi River. The
weekly weather report was construed as
very unfavorable. for It laid stress not
only on the cold. wet weather in the
Southwest but also upon lack OF rain and
low temperatures in the Eastern belt.
In spite OF this, however. the market
showed little snap until the late trad
ing.
The hesitation displayed by the market
yesterday should not be hastily construed
as top heaviness or sure indication that
prices have reached the top. There are
always "A good many traders who operate
on surface conditions and day or 80 of
clear skies sets them busy unloading and
going short. The fundamentals OF the
present cotton situation appear to be
about as follows: Indicated requirements
by the mills of the world next season call
for approximately 100000 bales and
probably more. The question to be fought
out during the summer and until the
final count OF the bales will be whether
that requirement is going to be satisfied
by the South this season.
Under perfect conditions a crop OF this
size and perhaps even more could be pro-
duced. II Is n question. however. whether
ideal conditions will be maintained
throughout the season. Texas has re-
ceived n check more severe than II has
experienced since the wet season OF 1907
when the production fell of 1,s00.0 900
bales from the season previous. II his
tory should repeat itself this year the
Texas crop might rove astoundir2ly
small, and this deficit could not be made
ZIP by the rest OF the belt. The bulls
figure that they have the best of the
argument. for they adhere to tho idea that
even moderately unfavorahle conditions
will put the market up. while almost per-
fec. conditions maintained throughout the
season would not give the bears an ex-
tenslve decline.
There was rumor In circulation shortly
before the close to the effect that 20, 900
bales OF cotton. were to be shipped out OF
the local stock by some OF the leading spot
interests to Southern mills This would
reduce the amount of certihcated cotton
In New York TO only a little more than
$1,000 bales.
Futures closed very steady, points
i.