The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-14
COTTON MARKET
WEATHER AFFAIR
Additional Rains Aggravate Crop Conditions and
Cause ~Upturn-Acreage Abandonment Probably
Considerable-Scramble For Goods, But Spots Are
Quiet.

markets and helping to accentuate the
situation, claiming they could get better
prices here than In Great Britain. Ad-
vices continued to tell Of curtailed out
put and OF labor troubles in manufac-
turing c%enters, while II is probable that
some Of the demand was from specula-
tive buyers who are impressed with the
rising tendency of staples in general.
The crest of the advance was reached
on Tuesday. On the day previous II
was checked by the one-day limit OF
200 points. Liverpool came much bet
than due Tuesday, but reaction on this
side was induced by several things,
among which was the report that bank
ing interests were taking steps to curb
the speculative mania by Withholding
credits. The wire strike and fear that
1t might spread to other directions also
contributed to the hesitant disposition,
The remainder of the week saw the
market a backing and filling affair,
but pressure limited and Traders Civ
ing close attention to weather and crop
accounts.
Speculative Features.
The only pyrotechnics in the market
were witnessed Monday when the ad-
vance was based on the heavy rains
in Texas and Oklahoma, with prom
Use of extending eastward. A recovery
Of nearly 100 points had taken place
on the previous Saturday, but some
resistance was met because 1t was
thought perhaps the weather would get
better. Stop-loss orders were reached
on the upturn and buying came from
every direction, for II was realized that
the situation was made almost desper-
ate in some districts. The high points
next day were 30, zoe for July and 3l,30c
for October, but after that the former
position failed to keep the pace of the
/ Ink4a. n-I ra,wn lt-tavR yNnGittAnC IN
dicating that the interest therein had
been largely l~iquidated.
The weather during the remaining
part of the week was unsettled ana
showery, but it gradually improved and
occaSioned some little optimism. One
Of the results of the character OF
weather is that the weevil is. getting
busy early, for there were many OF
them left ove by the mild winter and
conditions certainly favor his propa-
cation. That he will be heard from
later is current belief and much OF
the bullish feeling is predicated there
on.
As to the state of the crop, it is
needless to attempt details. There Is
practically sure to be n loss during
June of several points, which will prob
ably make the July report come very
close to the 70.2 of two years ago The
state. of cultivation with the limited
1 hbOE supply IdH iluL pOSSiplS NC I'M
proved very much, as in many sections
there has been too much rain to enable
blowing and %chopping to start yet.
What the market will do if weather
turns off ideal now is a mooted ques-
ton, but few people think 1t posi-
BILE for the ~outturn to be other thar
small. The progress toward peace
while at times the cause of concern
appears to be satisfactory and there
are plenty, of signs of liberal buying
with the view to filling some Of thu
worlds pressing requirements. There
are people who are confident of Al
cents or better, but as yet they are
regarded as a bit radical. Even amont
people who are always favorable to tn
bull side by preference there is a feel
ing, frequently expressed, that 1t woulC
not be the best for the South to. SCI
prices go to such levels, as 1t woult
act as a powerful stimulus to effort'
at growing cotton in other sections o
the world. However, this does not hav'
any measurable effect as a price in
i fluence.
Il In the local market the sales for tn
week were 9,700 bales, reducing unsol
stock to 103, 900, which compares wit
III, 900 at this date a yea ago. ThoS
who own the remainder are very indie
pendent and it is not likely they WI
turn loose unless they get their idea
, of what it is worth, n the develop
ments Of the growing crop will de
| termine this. The probabilities ar
! that the market for the next couple c
, weeks will be a very nervous AFFAIR