The Washington herald., 1921-07-31
COTTON WAITING
FOR CROP REPORT
Covering Movement Among
Short Sellers Is Con-
tinued.

NEW YORK. July 30.-The only
feature of the market in today
short session was the continuation
of yesterdays covering movement
among recent short sellers over
Mondays government monthly crop
report. The entire trade is now in
a waiting position pending its pub
lication which is due at noon, our
time, Monday The trade is ex-
pecting the report to make the Com
dition about 81 per cent. That is
the average of most of the private
reports issued the past ten days. 1t
would compare with 69.2 for the
June rs condition as against TAI
for July % last year and 75.4 the
ten-year average for July Is.
1t would suggeS a total crop in
prospect at present of about $780,
900 bales without linters against
about S.450.000 in last months rc-
port as there is usually a consid-
cradle deterioration in the con6i-
ton of the crop during July, where
as there has been no such develop
ment this ruonth. Instead of the
usual extremely high temperatures
and drouth in July. there has been
ample moisture while temperatures
have been of a seasonable charac-
ter on the whole. The worst fea-
ture is there has been a consider
able increase in complaints Of
damage by boil weevil, particu-
larly from Eastern Texas. A hot
August with only occasional scat
tered showers would, however, be
beneficial to the crop in this re-
spect.
Meanwhile the necessary foreign
demand for our cotton to relieve
the pressure of heavy surplus
stocks being carried in the South
over into the new cotton statistic
GAL year beginning Monday, Au-
gust /, has not yet materialized.
There was a spurt in the demand
from British and conLinentc1 SYM
ners for two weeks, but the past
week it tapered off to the previous
small proportion with Fridays spot
sales at Liverpool again dropping
back to a total of only 5000 bales
for the day.
AS a consequence the actual spot
sales on the Southern markets the
past week have made the smallest
total for some time past. There
fore it will be necessary for either
a considerable Improvement in the
foreign and domestic trade demand
for the actual cotton or disastrous
weather conditions in the oe!t
to further cut down the already
smallest indicated crop since 1895,
in order to broaden the speculative
and investment demand for cotton
to advance prices from the present
level for more than moderate rail-
lies IN view of the heavy surplus
crop.
Worlds spinners' takings of
American cotton for this week arc
about 100000 bales against 100000
last year on the Financial Chron-
icle's figures but according to those
of the New York Cotton Exchange
they have totaled but 204,5s4 bales
against 10000 last year. The to-
tai amount of the worlds spinners'
takings from August 1 to date on
the later's returns is 10,016, 900
bales against 1S364.000 the same
time last year, as against the total
OF 10.442.000 on the Chronicles fig-
ures on its estimte of 12,563,0 900 for
the same period last year.
Contract prices here were ad-
vanced Is to 20 points from yester.
days closing quotations on the COW
ering movement above referred to
with October going up to 1217; De-
cember, 1910, and January, 1858
When the demand ran out in the
late trading the market relapsed
into dullness and eased off some
what in the second hour trading.