The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-30
COTTON FAILS TO
HOLD EARLY GAIN
Reported Passage of Lever Bill
causes Late FURRY
Of Selling.
PRIVATE REPORTS ISSUED
Wide Variation in Ideas Re-
garding Extent Of Crop
Improvement.
PRIVATE REPORTS ISSUED
Cotton states weather.

For North Carolina. generally fair to-
DAY and tomorrow; moderate west to north
winds
For South Carolina. generally fair to-
DAY and 20. morruw; light south winds
For Georgia. fair to-day and tomorrow
except local thundcrshowers In extreme
south portion; light to moderate shifting
winds.
For Alabama, Mississippi and louisiana
generally fair to-day and tomorrow. light
shifting winds.
For eastern Texas fair to-day and to.
morrow: moderate southeast TO south
winds.
For western Texas. fair to-day and to-
morrow. except probably local thunder
showers to-day or tonight, In north and
west portions.
For Arkansas. fair to DAY and tomorrow;
no decided changes In temperature.
For oklahoma. fair to-day and to-mor-
rev. little change in temperature.
There WAS further short covering i'm
cotton yesterday which carried prices
about a dozen points above Saturdays
closing and after this buying subsidized
prices reacted about ten points. Liver
pool was sharply higher at the time OF
the local opening, with buying in that
market induced by a rather bullish condi-
ton report from the Memphis CONNER
ctaI Appeal Private cables stated that
scattered liquidation by longs was alb
sorbed by buying on the part of spinners.
The undertone here continued steady UNI
I'll along In the middle of the afternoon.
when garblcd reports OF the passage OF
the Lever bill. the most radical OF the
measures to regulate trading in cotton
futures. caused rather heavy selling
movement and gave an easier closing.
Quite a number of condition reports
were issued yesterday. The Memphis
Commercial Appeal placed the condition
OF the crop at 1916. compared with rs one
month ago This report, however. was
not taken seriously, as most of the local
trade believes that the crop has Inn
proved considerably more than siN-tenths
OF one point. Messrs Nordcn a Co
placed the condition At sol. compared
with 1919 a month ago. and this, 1t was
felt, went rather II the other extreme.
The National dinners Association, aC-
cording to a rumor in widespread circu-
lation. made the condition 1873 against
74.6 last month. These figures met with
more general acceptance from the trade
and were thought to foreshadow bureau
condition report tomorrow OF about 70.
The subject OF acreage excltes some
interest The National Ginners Asocia-
ton placed the acreage decrease at about
l.J per cent. the otneT reports nOlu 10
about the same reduction. II is believed
doubtful that the bureau will make the re-
duction any more than this for the reason
that to-morroWs report Will deal only
with the acreage planted. II will be quite
another matter when II comes to the acre
age TO be picked. for II would not sur
prise the trade to see a reduction of nearly
> per cent. due TO abandonment of areas
on which poor stands and unsatisfactory
growth, owing to the late and backward
spring. caused much cotton land to be
thrown out and planted to other crops
Although there is telling that cotton
may work higher ultimately the trend OF
sentiment for the immediate future is not
particularly optimistic. Poor trade re-
ports are coming from Europe and the
Clafin failure also has affected sentiment.
A more logical view OF the insolvency of
the big local jobblng house Is now gain
ing ground, however, as it is felt that
ts financial troubles were due largely to
the failure of the jobbing system, for
which New York no longer has tn favora-
bic commercial location that is enjoyed by
Chicago and It. Louis. For this reason u
~ felt TO be rather reflection of anti
qusted methods than typical OF present
business conditions.