The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-02
COTTON MARKETS
Forecast of Frost Causes
Temporary Bulge, But Re-
action Follows Bureau.

Monday Afternoon. June :.
But for the forecast Of frost in the
extreme northwestern section OF the
cotton belt overnight the chances are
that no bulge would have been had In
the market today. The bureau report
on condition came at. 1856, which was
SO close to expectations that IT'S IN
fluence on prices was small. BY some
it was regarded as slightly bullish, while
others thought it the reverse, so there
was really little occasion for trading
on this information alone. The promise
of the wet spell passing as the cool
one works into the belt supplied M
centive to profit-taking after 1t was
seen that bulls were not disposed 10
buy freely enough to send values up
ward again.
Al the highest level reached after
the frost forecast came prices we're
about 80 points under the recent eA-
IRENE high, which indicated that IN
| the minds Of many people there ls
the feeling that the ~dlscounting process
has been ample and that current levels
are high enough. to justify waiting LOT
The map showed that a high pres
sure barometer was headed for the pelt
and 1t was bringing some low empef
lures. Freezing was reported just north-
west of the belt, and it was as low as
40 in the Panhandle of Texas and bO
in Oklahoma City this morning. II was
expected it would work ~southeastWaro
and this afforded basis for expecting
the wet area to be pushed out OF the
belt and thus bring relief after II mas
done so much damage; Ihere Was snA ~
concern as to the damage lkely 10
result from the cold, for 1t was more
than offset after a few sober Thoughts
nv the promise of relief from the ram.
More showers were promised, however,
for the central and eastern pelt. over
the weekend rainfall was as a RUE
not heavy, and reports came from many
directions to the effect that tine PIC
ture would not look nearly SO pad alter
a few days Of sunshine.
The report came at 10 o'clock, Mem
uhis time, and created no surprise anu
induced no material change. Lots- ~
profits we're accepted on the strength
81 il for 1t was felt that the time was
op~portune. For a time support, was
: good. coming from the spot crowd Out
this later subsidized.
At the opening prices were firm ana
higher, responding to better cables than
expected. July opened at 3l.96c, SOLO
m to AZ, Acc and then dipped to 3l.S0c,
hut later worked back up to S2.SOc. &c.
tober opened at sic, touched one POM
lower on the call and then shot up !.
81. soc on the forecast Of frost. ina
level attracted liberal profit-taklng any
soon the price was OIL mea Ky burear
| 0DG0lDR. COI a tlAi % OEa
report the option stood around Sl:Loc
hut later receded considerably on iur,
ther profit taking, induced by th'
| weather outlook and absence OF aggres,
} siye support. The price dropped U
80. 65c and then came some more sup
mort. hut not much recovery.
t In the spot department business w,
!, naturally restricted by the uncertalnl.
attending the coming of the report, pu y
: there was still good demand aho saU
New Orleans sales reported were I,oe
9 bales at an advance OF Is points, m ao,
ding to 32.50c. Exports 1or lne va
were fairly large from several port
and there seems reason for expecInI
them to be considerable for this montn
Futures closed II to 20 points lower
tone steady. -os ,,r I
AZ Of. tone steady. This market WI
9 he closed tomorrow in observance !
Confederate Memorial day. pu1 III
:, others will be open as usual. = .
= liverpool is due to come ~ 10 "
y points lower. , az
e In the local market sales were Log
haies. and quotations were,
%middiing at 32c. Offerings here are ne
90 large as they have BEEN, as noioel
are SO far behind with deliveries an
thew do not care to sell all they nay
. while the market appears so heaith
and strong.