The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-04-17
COTTON MARKETS
Spot News Encourages BuIIiSh
Activity and Shorts Cover,
Causing Upturn.
Thursday afternoon, April II.

Thursday afternoon, April II.
Further advance was recorded in the
cotton market today and Il appeared
% be based on legitimate grounds.
There Is plenty Of good news coming
nom the spot department, where buy
ing indicates that many people are an
ticipating early signing or the peace
terms while advices from the nj
featuring end OF the market continue
favorable, Weather conditions for the
new crop are none too good, which
helps 70 stiffon the value ideas in the
belt for II means that the start Is
likely 10 be late, Laok OF relief from
the high cost OF everything entering
into the cost of the new crop affords
incentive to acreage reduction n thus
hele TO offset any possible tendency
TO Influenced by the advancing trend
Of NV material prices.
Liverpool was much better than ex-
peeted today and supplied a large share
OF the bullish encouragement. The
speech OF the British minister evidently
stimulated optimism as TO the peace
situation. There are encouraging ad-
vices also from Manchester as 20 the
trade outlook and the small amount
Of raw material In hand has necessi-
tated liberal buying Of cotton for the
enlarged business in prospect. Futures
closed the session, which was the last
until next Wednesday, steady and 16
20 "a points 10 the good, whereas the
list was u to be unchanged to four
points higher. Spots, however, were
marked off 20 points, good middllng to
1S.20d, with sales 5000 bales, including
$500 American. Receipts for the day
were 5000 bales, mono American.
At the start or this side nothing sug-
Rested that later prices would be so
strong. New July opened at "a. 40c and
october at 2S.7Oc, n trading for the
first few minutes was quiet and with
out feature. The weather In the belt
was not so bad, although temperatures
were rather low and the promise was
for them to continue so for al least
another day. But little rain was re-
oeived In the belt There was some
little pressure during the first half
hour, July dipping TO Is. 2so and OetO-
Der to 2S,62c, which proved low points
for the session. There was good buy
ing for Liverpool and Wan street ao-
count, while Western operators also
took some Of the offerings, the result
being that prices worked upward in a
hurry. July touched 20 1850 and Octo-
Der 24,lbc, from which some reaction
was a when profits were accepted.
The fact that the triple holiday was
ahead made shorts nervous and they
covered freely, while the character OF
spot news from the belt did not an
$3.50 ~ u
backing and filling after the advance,
but the fall months were somewhat
steadie than the near, october in the
afternoon selling at 4.25o. The do
mand subsided somewhat later, but
there was but little for sale. except
from people who had profits and were
willing 10 take some of them.
Spot news was good and buying was
on a liberal scale. Some Of 1t was at
tributed TO British interests, while 9th
ers thought that a lot OF II was for
Scandinavian interests thought TO be
laying In raw material for shipment to
Germany as oon as peace terms are
signed. The domestic spinners APP
peared to be doing very little, Holders
were Independent and quotations as n
rule were higher, Talk of the market
going higher wal plentiful.
During the final half hour prices ad-
yanced to the best levels Of tho day,
July reaching $500 and October 24.Ss
for new style.
New contracts closed 10 10 81 points
up, old % to 100 points up. with tone
steady,
New Orleans new closed So to 40
points higher, the old were Is to II
points higher, tone firm. Spots were
advanced - points. middlinE to 81. Csc,
and sales were 2,76o bales.
In the local market sales reported