The sun., 1919-07-31
COTTON MARKET
Is MORE ACTIVE
Following Early Sharp Break
Prices Advance to Last
Closing Figures.
WEAKNESS IN LIVERPOOL
Final Quotations Are 45 to IS
Points Up and Undertone
Is Firm.

There was yesterday a good deal more
activity In the cotton market, which was
Featured by a sharp break OF approxi-
mately 81 bale at the opening. From
then until closing the market took an
upward course. prices finally topping the
last previous ending figures. In general
the market was influenced first by prl-
vate condition reports, and second by
the weather and the weekly report from
washington. Naturally there were Sec
ondary considerations of effect as the un-
settled foreign exchange market rumors
Of an easier spot situation and quieter
goods centres. but operators did not con-
slider them worthy of much attention.
The weakness in Liverpool was n big
factor in the local cotton market, con-
tracts there being under the heaviest
pressure. selling of an equivalent of
nearly 400 American points, while spots
were little better Manchester was the
| biggest seller in the British centre and
English interests were buyers here at
times. Yesterdays official forecast In
| dicated fair conditions over the entire
Eastern belt, with only few light
showers in the Western states. Temper
atures were not much changed.
| In brief private reports issued to-day
seemed to forecast n lower figure from
| the bureau on Friday. The Watkins re-
port placed the condition at 6S.S per cent.
OF the normal. n decline Of IL for the
| month. the New Orleans Times-P tcoyune
made II 6s.e, against its estimate last
month of 6S.9, and A Norden & Co. an
nounced the condition as 70.5 per cent.
against 71.6 a month ago and 1850 for
the corresponding period of last year.
When the weekly weather report APP
| peered the majority of traders were sur
prised that 1t was less favorable than
generally expected. 1t said that, while
| seasonable temperatures prevailed in tbe
| cotton belt, rainfall continued heavy in
| many localities and that cotton made
good growth in most sections of the belt,
| but at many places at the expense OF
fruit while 1t is shedding badly in many
! localities. particularly where rainfall has
been heaviest.
| The market was feverish and active at
the opening. first sales being approx
mately rs to 90 points lower. as longs.
nervous for one reason and another.
rushed In to sell. That that bear attack
was short lasting may be seen by the
| fact that mai prices OF the day were
\ As to 75 points up from Wednesday,
closing. or more than $50 above the
sessions low levels. There was but little
halt in the upward stride Of values from
the opening on. the principal buyers be-
ing nervous shorts, foreign interests and
domestic trade.
| Before the ending the undertone had
| turned from one OF unsettlemen
TO one OF hrmness and sentiment
which throughout the day was mixed
had shifted to the bull side. TIL.
first substantial export movement tc
Europe in a Yang time was the cause
OF some speculative buying and OLD
longs seemed anxious to reenter the
market. Bears were particularly wary
because of the unfavorable crop advicei
still received by local houses and tn,
market closed strong at the best level!
OF day.