The Washington herald., 1921-07-23
COTTON WAITING
BETTER DEMAND
Quiet Market, Pending Orders,
Has Slight Setback
In Prices.

NEW YORK, July 22.-The mar
kets were quiet today, with q
slightly easier tone and some mod
crate setback to prices There was
an extreme reaction of between 10
and Is points from yesterdays clos
ing quotations by 2:30 o'clock. with
October going down to 12.72, De-
cember 1915, and January to
1915, against about 1910 for next
March deliveries. There had been
a weak opening, with a decline to
those prices during the early trad
ing from some scattered local re-
selling by some of yesterdays buy
ers. when the market was closea
firm at a net advance OF 8 to 20
tations. With the slightly easier
and lower Liverpool markets today
and failure of any follow-up buy
ing to have developed over night
from Southern or other outside In
terests to have sustained yester-
days advance. this reseiIing by the
trading element made a dull market
situation during the day.
There was n rally in which half
of this early decline was recovered
at one time on some small new
buying by Wall Street interests
with the circulation of numerous
reports concerning the spread or
the boil weevil in the central and
eastern part of the cotton belt ana
also through most OF the western
section OF Texas. After this de-
mand had been filled up, the mar
ket receded to the early low levels.
as stated above. in the last hours
trading from some further lcca
selling.
The National Ginners. Associa-
tion's monthly crop report was said
to have made the condition of the
cotton crop as of July 20 SIS per
cent. against its report at the enc
OF June OF 20 per cent. when the
governments condition figures were
So. The governments crop re-
port for the July IS condition a
year ago was 74.l per cent. against
70.7 on June IS and 62.4 for May
ga recovery of nearly 10 points
from the worst start on record.
This year the condition of the
crop on May 25 was 66 per cent,
with an Improvement to 69.2 by
July 25. The trade is now looking
for a condition no better than 6S
per cent. when the next govern
ment report comes out for the July
25 condition.
Such a condition figure on the
heavily reduced acreage would still
indicate a crop of between $500. 200
and 100000 bales without linters,
or the shortest since 1895. This
would just about offset the bearish
influence OF the heavy surplus of
between 100000 ana 10000
bales Of cotton which will have to
be carried over in this country from
the past seasons accumulated
stocks into the new cotton statis-
tical year, and new cotton crop
moving period beginning August 1.
The market is. therefore, stiil
largely in a waiting position pend
Ing further broadening out OF
the foreign demand for our cotton
and some improvement also in do
mestic spinners' takings before any
revival of bullish activity is to be
NNPcStSu. hcdHWHlc LlNerD0OI
spot sales, which had been ranging
between 10000 and 10000 bales
daily the past ten days. dropped of
today TO 5000 bales. This, however.
makes the total sales on theI Livef-
pool market for the past fve DAYS
$4,000 bales. as against the previous
six days sales of $1,000. or. a total
of 10000 bales for the two weeks
against only 10000 for the CORE
spending period last year.
Middling cotton in Liverpool was
points higher in the early trading
today to the present basis of $3.50
per pound. but the spot demand was
less active than recently. Future,
there, after opening 8 to 10 point.
htgher-the equivalent of our rise
OF late yesterday. reacted on some
hedge selling and profit taking owe,
the Weekend, and closed quiet a,
a" net advance of 3 to 4 points on
the day, as the Liverpool market
will be closed Saturday.