The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-01
COTTON MARKETS
Condition of 70 About as Ex-
peCted, But Acreage ReduC-
ton Is Disappointing.


Tit big events today were the gov
eminent reports on condition for the
crop on June 25 and the census esti-
mate on acreage planted. The first
came slightly better than average eX-
pectattoHs, although 10 per cent is the
lowest figure ever announced for his
early in the season, while the estimated
reduction OF 81 per cent in acreage, not
taking into account what has been and
Will be abandoned, proved disappoint-
ing 10 the bulls. However. it also
was bad enough in connection with other
things to do little otRer than discour-
age buyers, so the result of the re-
ports was comparatively small in the
effect on quoted vaues. The indicated
yield Of 10, $50, 600 bales really seemed
to strike a more bullish chord than
any other feature Of the days news,
although IL is admitted by hose who
keep posted and do not forget that
these indicated guesses by the gov
eminent officials are not worth much
as guides to the size Of the crop.
The day was not a big one from
the trading standpoint, probably due
to smaller participation as result Of
higher commission charges and because
the height to which prices have as
Ctnded are suggestive of danger to the
average observer, even though he may
feel very bullish on values. Moreover,
there has been lots Of d"iscounting Of
just about these figures, which natural
~ left the technical position Of the
affair In a position where aggressive
buying might lead to trouble later.
Tn foreign market came d~isappoint-
Ing, due no doubt to the failure OF the
labor differences TO be adjusted, which
means continued closing Of the mills
and curtailment OF use Of raw material
Whatever the outcome however
short the raw material supply this fact
could not be overlooked by the trade.
The promised early opening Of busi-
ness relations with the Germans, with
its uncertainties as TO how much this
will affect demand for cotton, failed
to offset It, although "A I4ondon daily
printed the prediction that such an
event was not far hence, as II was
expected the Germans would soon give
their O.. X. to the peace treaty, Liv-
erpool finished quiet and % to u points
to the bad, although for Il little while
II made some buliish response to the
reports made public on this side. Spots
were unchanged, but sales We're only
5000 bales and receipts but 100.
First prices on this side were lower,
rejecting improved weather and a feel
ing in some minds that the outlook
was not so bad for the next day or
go. The cables also discouraged support
| and professionals apparently were dis
posed to encourage liquidation Of long
interests. The list worked off from an
opening at 80 .40c for October to as low
as 32.Sbc just before the reports came,
They caused a hurried advance, but
| the pace was not so very rapid, and
much backing and filling took place
| before October sold up to S3 voc.
Later. when buying power subsidized
| some, a reaction Of 60 or more points
came. but sellers were a bit cautious
and Il short while before the close
| the list stood close to the opening level.
The fear Of n bullish weekly report
tomorrow morning and a general feel
ing that the crop has lost condition
| since June rs naturally deferred sellers,
| although in some quarters 1t Is telt
that the report will not be such a bad
one.
In the spot department business was
restricted, IA is usually the case on
bureau days. Quotations were not al
tered much, but there Is good demand
| for certain kinds OF cotton,
Futures closed So to 81 points Off,
tone barely steady.
New orleans closed 63 to IL points
off, tone steady. Spots were un-
changed. middling 33c, with sales 2,0A1
bales.
Liverpool is due to come 26 to 81
points off,
In the local market sales were SOC
bales and quotations unchanged, mid
ding 32,75e,