The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-31
FURTHER GAIN IN
COTTON PRICES
Conditions Unfavorable for New Crop in Nearly Entire
Belt, While Trade Advices Satisfactory-Big Spot
Demand-Some Reaction Follows, But Tone
Steady.

been for several weeks. with the ex-
pnrters taking the bdlh of the business.
exports for the period we're about 1867
ouU bales. making the season total
A4O2, 600, but the moderateness OF the
amount seemed Of small Importance.
Buyers were looking rather TO the pros
pect OF more ships soon and TO plenty
OF demand for all the cotton In this
country and likely to be raised for an
other season. The weekly statistics
were delayed because of the holidays,
but the trade IL giving small attention
70 them just now
Condition Guesses Out.
ono Of the factors contributing to
bullish feeling and affording basis for
the upward tendency was the coming
o. the usual quota Of private crop con
dillon reports, They ranged from 1913
TO about n per cent and helped fix
expectations around Is to 76 Tor the
official guess, which is due Monday,
As weather since May 20 has been
generally unfavorable, the assumption
naturally is that whatever the figure
given out, condition will be lower than
when the reports were sent in. With
the l0-year average ~ per cent and
acreage reduced from last year, album
dant stimulus was given to some small
crop ideas, although serious attention
is not given to the first condition re-
port as an index to yield.
When this report is received one Of
the bullish factors will be out OF the
way and traders will then ave to con-
slider the weather and keep a line on
how well the producers can cope with
lateness and the results of the rains
and cold. There will be more attention
given TO statistics, and what VIII fol-
low the signing Of the peace terms, or
refusal 10 do so, viii be important
factors.
1t is difficult to conceive OF business
in finished goods getting any better
than II has been, and time alone VIII
tell whether there will be further rise
in prices in that direction. Recent ad-
vices said they had in certain lines
gone above the highest level touched
during the wal and that n reason
for less activity was that manufactur-
ers had withdrawn offerings because
OF having sold up. The real test will
come after Europe gets to making
goods again and there Is more com
petition than is now. the case. the
ability Of a war-crippled world to pro-
vide it's needs Of goods and cotton ma
terials while finances are In the state
they are win be shown only after peace
Is declared and commerce Is resumed
unrestricted. The bulls appear conh-
dent Of little interruption to higher
prices, while those who are consid-
tlNu uthl lrl n NltAA RfA
wise conservatism, They call attention
to the fact that there liz time left. yet
for the crop to be a large one and do
not think there Is danger Of any scare
ity for at least another year.
The bulls, however, have lots OF ar
gument and there are plenty OF people
who seem to think there Is no doubt
Of middling cotton selling at ACC or
better before the summer ends. They
are counting on a moderate yield, the
result of a late start, smaller acreage,
low condition at the beginning, limited
labor for overcoming It and heavy dep
relations by the weeVil, which are al
ready reported active in many sec
lions.
The man who has been carrying cot
ton for months certainly 10 tightening
his burden In q satisfactory manner
In tho local market, where holdings
were larger than at any center IN the
belt, sales were 22,Soo bales and t nne
unsold stock was reduced TO lle,ooo
bales, the first time In n long period
il was less thar at the corresponding
time Of the previous year,