The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-06-02
COTTON MARKETS
Condition ga, But Market
Shows Small EffeCt-MuCh
Confusion Prevails.

This day will probably be long re-
membered by the cotton trade, for II
was eventful in more respects than
one. First, there was the confusion
over the bill which the president sign
ed yesterday, due to some clerical In
competence or an attempt to pull n
crooked deal which prevented the do
nestle speculative markets from open
ing as usual, trading being resumed at
IL o'clock, central time, instead OF three
hours earlier, after corrected bill could
be signed.
The most sensational crop condition
report on record for this time OF the
season was issued at 10 O'Clock. its per-
centRge being 62.4, which was nearly
half point under the lowest Of the
private ones. and about three points
under average expectations. An hour
interviewed before traders had oppor-
tunity TO trade on II, except In Liver
pool, and after they did It failed to
have the expected effect, Prices jump
ed about 100 points and then receded,
for considerable profit taking was done
ON IL. presumably coming from GER
tain professional and spot interests,
The weekly weather report came at
the usual time and read more bullish
than some expected, but this TOO, seem
ed to fall on deaf ears.
However, the market retained some
Of its gain, the list in New York FIN
ishing the short session at 10 points
off TO IS up, while New Orleans lett off
81 to 81 points to the good. Tone In
both cetners was called barely steady,
Discussion OF the bullishness OF the
report is unnecessary, for 1t conceded
TO point to very short crop, some cal
culations having 1t under 10000, 900
bales, for the presumption is that acre
age will be about the same as a year
ago. However, in this connection there
came revised report on acreage for
last season, the figures being placed
at SIS, 900, whereas the estimate was
39,960.000, The crop was picked from
81 b66. 600 acres, The condition figures
compare with 1856 last year, S2,3 two
years ago 69,5 In 1917 and a lO-year
average of 1877, The reading Of the
weekly summary today failed TO stimu-
late opinion that the crop has shown
any particular Improvement since May
rs. while weather conditions at the mo-
ment are not by any means ideal espe-
ctally with labor so scarce and difficulty
OF coping with the grass and weeds so
The Liverpool market during the
early part OF the session was disposed
10 be easy, helped by higher sterling
prices on this side, but when they re-
ceived the fash OF the crop condition
figures quick upturn followed. amount
ING 70 about bO points sterling, Finals
were very steady and near the top at
net gainst OF II to 81 points Spots
were marked up points, fully mid
ding to 2S4bd, with sales 1000 bales,
including $500 American. Receipts for
the gay were 1900 'bales, including
i0,s American.
After an hour of pent-up nervous
ness and excitement the domestic mar
kets resumed trading. but there was not
the expected rush to operate that ordi-
nartly Is the case after a. sensational
stunned by the situation and were dis
posed to do little for time. First
price on July in New York was 3S. SOC,
a rise OF rs points from the previous
close, while October touched $500,
jump OF So points. Those were high
extended, although slowly, until about
the close. 1t was reported that certain
spot interests were realizing, while
there was an accumulation of orders
to be sold on the report, whatever 1t
came. In New Orleans gains were a
little larger, but this was perhaps be-
cause that market had worked some
lower yesterday. while the other do
meatic center was closed
There was nothing particularly new
In financial circles and call money was
more plentiful and easier, but somehow
there develops little interest yet In
spots and the spinners seem disposed
TO expect that the South will have to
turn loose,
From the spot centers came some
advances in quotations. Dallas and
Houston going up 25, New Orleans 50
and Augusta 100 points but none OF
them sold anything of consequence.
Memphis made no change and sold only
$50 bales.
The weather map showed some scat
tered rains over the western belt and
promise Of more, which was not what
the trade seemed to think the crop
needed now, especially with the weevil
getting more active and cultivation de-
layed so much