The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-07
COTTON MARKETS
Market Steady on Good Spot
Advances, But Breaks on
Weather News.

Wednesday Afternoon, May T.
Steadiness prevailed in the cotton
market during the greater part OF the
session today, and II appeared that
traders were giving attention almost
entirely 10 the peace situation and to
the character Of trade and spot adviCCs,
The weather map was regarded as IA
Vorahle on the whole, and the weekly
summary was the best Of the season,
not an unfavorable phrase being In n,
vet II was quite a time before It seemed
to have much effect in stimulating
selling. The latter came, however, In
the afternoon, and was perhaps helped
some by the fact that in the grain mar
ket there was considerable weakness,
this market Of late having because Of
speculative connections close alliance
with cotton.
The pressure in the late afternoon
was not aggressive, seeming to be
liquidation, yet there was little indicu-
ton Of support worth while.
TIT Liverpool market did not hold
all she gained yesterday and there was
considerable widening Of differences
between near and late positions, Finals
over there were steady u from ? to
20 points TO the bad. Spot quotations
were unchanged, middling at l725d,
with sales 5000 bales. Receipts for the
day were only 1000 bales. Private ca
bles did not bring much information
from over there, but apparently the
bulge of yesterday was regarded as
sufticient d|iscounting for the momen
and the foreign mind a impressed
by crop accounts from this side,
The MAJ showed some well scattered
rains IN the belt being heavy only in
sections. Generally there were thought
to be favorable, unless they should be
followed by more and thus give rise
for a wet May scare, The indications
were for more showers for part OF the
NaraatnrV, all 1T aLa ,anR.,l n4.I xntau-
belt, with fair to follow n perhaps
slightly cooler. Temperatures In the
belt are favorable for termination and
growth and this was one of the good
features Of the weekly summary,
At the opening prices were but little
different from closing on Monday, but
ther was a little pressure because Liv-
erpool was not good as some expected.
The dip, however, was slight and was
followed by a slight upturn, due In part
to buying for Liverpool and foreign
traders. july. opened at rs. 75c, sold
down TO 26.67c and then up to &c, 99c.
October opened at 2i,72c and then went
to 25,02c before liquidation turned the
tide, The reaction was slow and indi-
Gated stubborn support for a time,
which was reflective Of advices from
the belt Of good demand for the actual
and independence among holders, for
sales were reported as restricted by
lack Of offerings.
In the middle of the afternoon there
was more pressure and resistance was
slight. July sold down to 62, 3bc and
October to 24.45c, with little indication
Of strength at the lower level, but with
sellers also cautious,
In New orleans spot sales were A,l4l
bales and quotations marked off IL
points, middling TO 27,SSc, Other CEN
tiers told of good demand, but clear
ances are small.
Futures closed Is to IS points Off,
tone steady.
New orleans closed 90 to 80 points
lower, tone steady.
Liverpool should come 13 to 10 points
lower.
In the local market there IL no sur
cease Of demand. and II is broadening,
but offerings are limited. and thus sales
are not as large as they might be. For
the day sales were 1850 bales, with
quotations unchanged. middling at csc.