The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-30
BELATED REACTION
IN COTTON MARKET
Private Condition Reports Are
Better Than Local Trade
Expected.
TEXAS SITUATION GRAVE
Indications Point to Heavy
Abandonment Of Acreage
in That State.
TEXAS SITUATION GRAVE
Cotton States weather.

For North carolina ana South Carolina,
,attly r,oudy to-day and tomorrow; light
% moderate variable winds.
For Georgia. partly cloudy to-day and to-
morrow mot quite 50 warm light to mod
rate variable winds.
For Alabama partly cloudy to-day and
tomorrow. somewhat lower temperature In
interior. light variable winds
For Mississippi cloudy. with probably
,cal showers. to-day: not quite so warm in
N. interior. partly cloudy tomorrow: light,
variable winds.
For eastern Texas. showers to-day and
probably io morrow; moderate east winds
For western Texas. local showers to- day
and probably tomorrow.
For oklahoma. partly cloudy to-day; un-
settled tomorrow; probably showers
For Arkansas, cloudy and cooler to day;
ialr 20 morrow
Cotton Yesterday had the first good
reaction that has occurred since the
hz advance started about three weeks
ago The near positions were relatively
steady. and the May option expired at
noon at tho price Of 1875. New crop
months however. were about 20 to 81
points on from the high level of Thursday.
although there was recovery OF to
points AT the close. The New York mar.
kst will be CLOSED to-day. Liverpool will
10 closed to-day and Monday. hut the
New orleans market will be open to-day
The OCCASION for the break was the more
favorable tenor OF private crop condition
sports T journal Of Commerce placed
the condition at 7s.2. Miss Giles made it
rs. and the j. H. Turner Bureau oi
Memphis put the condition at 1855. Tn,
trade is more inclined tn trust the Turner
figures a. both Miss Giles and the journal
d Commerce are always rather timid
about trusting radical crop reports
whether they point TO a large or small
production
A good many traders. however believe
that a condition OF IS from the Govern
ment on Monday would he considered as
bullish for several reasons In the frs,
place, IL Will compare with conditions
last year ~ 79.l and will be the lowest
June condition with two exceptions for
nearly twenty years, Moreover. II is ar
gued that the condition Is really worse
now than it was a few days ago. when tn,
report was made up. as rains have con-
tnued I'm Texas. and the drought Is still
prevalent, with increasing severity. in the
Carolinas and Georgia. Very heavy rains
ieii over Texas yesterday, with northern
central southern and eastern Texas r..
porting unw6lcome precipitation. one OF
no light showers fell in North Carolina,
but they We're insufficient as tempcra-
lures in that State ranged from 81 to
lOl degrees
Perhaps the most important feature In
shaping crop ideas is the effect of the
Texas weather on the acreage in that
stat" Ordinarily Texas might have been
counted upon 10 plant we'll over ~, 900, 900
acres this year, and no doubt that area
was blocked out for cotton this season.
The weather has been so unfavorabIe.
however, that "A considerable portion OF the
Texas acreage will not be put into cotton.
but viii be reserved for June corn, and II
II not improbable that from 900, 600 to
100000 acres OF land already planted in
cotton will b" abandoned on account OF
the Inability to rcplant and the practical
impossbity Of cleaning the fields OF
weeds and grass after almost incessant
rains Of the last three weeks.
The Giles report made n most remark
aba admission in stating that fully 10
per cent OF the cotton acreage still re-
mains 10 be planted. This is an I'M
precedented condition so late in the season.
The shakeout OF yesterday undoubtedly
was the best thing that could happen for
the bulls, as the reaction did not extend
far enough TO undermine their confidence
and at the same time clean the market |
out OF horde OF weakly margined
trailers
The weekly statistics were without |
effect The into sight. New York Ex- |
change figures was So, 6s6, against S5,475 |
last year. Total for the season li,0+1 .000 |