The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-21
NEW HIGHS IN
COTTON PRICES.
Market Hesitates For Few Days Or Improved Wealth
Fresh Buying Wave-Spots Are Quiet But Steady.

crops. It was felt that the abandon
ment of acreage would be considerable,
which a~ccentuated the feeling OF bull
ishness, However, on Friday an
authority in New York issued an est-
mate that acreage reduction would ne
only about las per cent, which is less
than current ideas were before the
weather assured so much abandonment
on account Of low condition and inabll-
ity to get the fields cleaned. The re-
| port was credited with inducing some
reaction in the market after its sharp
rise, but in we'll informed circles 1t is
not likely to be taken seriously.
Aside from assuming that the coming
census report on acreage would snow
a decrease of something like 10 per cent
and that condition for June % would be
very close to the lowest on record TOT
that date, the trade did not bother
itself much with figures or statistics;
/ The general feeling was that hance OF
more than a moderate yield were sum,
while there is plenty Of possibility OF II
being a very short one. In view OF the
general tendency of commodities TO
seek higher levels, the worlds needs
ana the indications of widened distribu-
ton very soon there was small encour-
agement to effort to depress values
On the other hand, talk of materially
higher levels seemed to TAXI on a more
confident air.
Exciting Times Ahead.
Unless all signs fail, there are some
exciting times ahead for those who
undertake to keep apace happenings
in the market. Sentiment is bullish
in most circles, and the ease with which
prices have been elevated to current
levels will hardly inspire much faith in
the bears to withstand efforts to push
them higher if the leaders so designate.
1t seems assured that the peace terms
will soon be signed and that business
will o be renewed with Germany
How much this has already been dis
counted time only will tell, but such ar
eventuality will not only allow busl-
ness to be resumed, but will hasten its
expansion in many other ways. There
will probably be increased supply OF
shipping and a lot Of things can be
done which have been held back pend
ing the action. As to the ability to
pay high prices for what Is needed
there is not sufficient doubt just now
to make II a price influence OF conse-
quence. If there is promise Of another
short crop, 1t will be lost in the shuttle
prices will go.
Business continues good and there
has been steady enhancement of value
in the finished goods department. the
scramble for goods goes on, indicating
the scarcity of supplies. The mills are
apparently Keeping pace WIN lhS uS'
mand by elevating their prices, and ad'
vices from Great Britain the latter par
of the week said the profit basis ovei
there was very satisfactory in spite o
the high cost of raw material.
Statistics we're less bearish than they
have been, but they are having littl'
weight as price factors. Exports fol
the week were about 1853, 900 bales, bu
movement is still comparatively slow
The seasons total to date is onl!
1900, 900 bales, with less than fiv'
weeks of it left. However, there arr
more vessels offering freight room an'
chances favor heavier movement out o
the country, Some rates were also re
duced during the week, but they ar
still considered high.
The market is likely to be dominated
!, by the weather more than anything els
from now for the rest of the summer
The crucial period is ahead and If ther.
} Is not improvement very soon 1t Wi
!, be hard to convince the trade that
} short crop is to be avoided. Next wee
will see the usual quota of private con
/ dition and acreage reports issued, all Q
which will tend to determine what |
, expected of the official ones, due for tn
: first day or so of July.