The sun., 1919-06-27
COTTON FUTURES
TOUCH NEW HIGHS
Buying Is Heavy and General
in Broadcast Movement in
Recent Weeks.
LIST HOLDS ITS STRENGTH
Final Quotations Are SO o1O0
: Points Higher and Finish
Is Strong.

>, In. the ,broadest upward movement OF
recent weeks the cotton market yester-
day advanced TO new high levels for the
present contract form. Not only was
buying heavy but It was general, feel
ing Of optimism sweeping trade circles
and causing many new commitments on
the long side. by Wall Street. The rsa-
son for the sharp rise may be emily
traced.
Two very buflish crop condition res
ports were issued, and coming at time
when the short interest was rather pan
icky their. effect had double force. Tho
National GinnefS Association estimated
the condition of cotton at 70.7 per cent.
against the Government condition of S5.8
made n year ago. while the Clement
Curtis Company condition report indi-
Gated n condition of q per cent. less than
did that of the Ginners
Another chief topic OF interest was
again the weather. which official fore
casts showed 10 be unfavorable and un-
| satisfactory for the growth OF crop,
with showers falling over Eastern sec
ton and cloudiness prevailing In nearly
every part of the cotton belt Sentl-
ment In the market ran decidedly bull
ish and talk of 10 cent cotton was
backed up by orders OF many investors
Those short of the staple were caught in
the rise and the timid covered, fearing
the future.
Although perhaps few thousand
bales of notices were circulated July
held up strong with the remainder Of
the list. Brokers operating for Liver
pool were buyers at times and demand
from the trade was again present to lend
| q helping hand. Not 70 be argued is the
| fact that selling was irregularly heavy,
| but the absorbing power OF the market
more than offset any realizing that oc-
CURED
Steady cables and an overnight ac-
emulation of orders made for a firm
| opening. first sales being 10 to "a points
higher July started at 3315c, October
at ses4c, December at $4,000. January
I at 80. Toe. and March at 32.S5c. A furry
of Southern selling directly following the
| call brought contracts about down to a
level with previous closing quotations,
| but hardly were the low points reached
when the market turned upward and did
| not stop until a few minutes before the
| close
| Liverpool cabled a hardening and
more active business in cloths and yarns,
\ the futures market there closing firm,
With but slight irregularity local values
continued to rise during the session A
small dip on profit taking shortly after
midday was soon passed as further trade
| orders came in. Exports were fairly
heavy, 1889 bales being cleared and
bringing the seasons total to 4.Sl0.e13
bales, against 3.90s,30s for the same
period q year ago.
Bulls continued TO emphasize the fact
that the movement Of cotton TO Europe
would soon reach very large proportions
and that there was vast quantity OF
cotton awaiting shipment ~ the South
Near the close prices went moro thar
IS a bale higher. July, the spot month
coming within 2 points Of touching 81
cents. Final quotations were SO to loo
points up In strong finish. with spot
an even IS n bale higher.
| p.,uo no nr,cas wedneE