The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-30
COTTON MARKETS
Market Disposed to Hesitate
Pending Coming of Gov
eminent Reports.
Monday Afternoon, June 80.


Pending the issuance of the govern
ment reports on crop condition and
acreage, there was no disposition to
do anything large in the speculative
department of the market today.
weather over the weekend in the belt
was not as favorable as expected, some
rams having been received in many
sectlons, with promise of more unset
tlement, but the idea that the low con
oltlon had been pretty well discounted
appealed to many traders and there
was considerable long liquidation to be
taken care Of. This merely held the
market IN check, however, and did not
seem TO lead to any short selling. There
IS not any pronounced bearish feeling,
6utmany are Of the opinion that for
the time being prices are high enough
too strong,
Liverpool sent the news that the
mills did not resume operations, as
refused the offer made to them, so
mat market was naturally somewhat
depressed on that account, although
this did not result in any pronounced
weakness. Finals over there were ir-
regular and the list from ~ to rs
marked off rs points, mlddling to
20l4d, with sales only 5000 bales, in
Guiding 1900 American. Receipts were
1000 bales, including but 100 American.
The opening on this side was at a
moderate advance, due chiefly to the
report of rains in many directions Sun
day, which naturally made conditions
worse for h crop. a New Orleans
paper was out with a condition guess
or 6S.2 and acreage reduction of 1914,
which encourage bullish feeling. for the
former figure was the lowest yet issued
q nd u had nA~..AwLoA - r.
But 1t failed to stimulate fresh buying
and the professional and Wall street
crowd seemed disposed to see prices
weaken a little.
After a bit of steadiness right after
the opening there was a dip of about
So a bale, October selling off to 80. Lose,
after opening at 8 $500, but buying i'm
proved, for there was TOO much rain
shown in the detailed report to en-
courage pressure, The list gradually
improved and October sold to 80. 75c, but
more realizing came out, helped by the
favorable forecast for the eastern half
of the belt. However, there was little
disposition to decline much in the af-
ternoon. The reports are due tomor-
row morning at 10 o'clock, Memphis
time, and the first flash will be on
dition, the second acreage and third
indicated yield, the latter expected to
be somewhere in the neighborhood of
IL, SOC, 900 bales, Expectations are for
the condition to come 20 or less. The
feeling today seemed to be favorable
to supporting the market, for there is
not much good news coming from the
crop from any direction and 1t Is be-
lieved export movement will soon ex-
pand.
Spot news today was scarce, for there
is not much doing at the moment, the
trade being disposed to wait for the
reports to get out Of the way.
Futures closed 20 to S. points up,
tone steady.
New orleans closed t30 to SO points
up, tone steady, Spots were unchanged,
middling 3Sc, with sales 1857 bales.
Liverpool is due to come Is points up.
In the local market sales for the day
were $50 bales and quotations were
unchanged, middling at 30. 75c.