First of Season Resulting in Stampede of Shorty New York, Aug. 8.
The appearance to-day of the first official cotton crop estimate for the current season stampeded shorts on the cotton market. The estimate gives 14,291,000 bales, or nearly 68 per cent. of normal, and was over 500,000 bales below expectations.
Publication of the report was followed by a general rush of buying and values jumped up as much as $6.50 a bale. Later, however, the market reacted under heavy Jocal and Southern selling, coupled with a belief that the Government had made liberal allowance for boll-weevil damage, while weather conditions since the Government. observation had not favoured the weevil. Nevertheless, offerings were well, absorbed and the market before the close again showed an up-
Cotton brokers, interviewed by Reuter, expressed various opinions, some believing that the 20-cent. level was high enough, while others Predicted a sharp upward move in the event of any constructive news Bexorave, August 5.—The Parliamentary Commission appointed to lider the Nettuno conventions Italy have adopted them by 16 to 1.—Reuter
Text read from the printed page and cleaned; old type leaves the occasional error.