The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-22
COTTON Markets
Cables and UnfayOr-
able Weather Bring Another
Sensational Advance.
THURSDAY Afternoon. May p

The combination Of u~nfavorable
eather for the growing crop and a
9eneral scramble for the actual by mills
nd those who represent them con-
tnues to win. Prices assembled today
more than IS a bale without the bat Of
20 eye. and there was more confidence
Than ever on the part of those who are
hullish. The bears have apparently lost
tneir nerve and are offering absolute
ir no resistance. Aboti the only sup
ply Of contracts is from those who are
willing 10 turn some paper profits into
1.-THE coin Of the realm and the releasing
of some hedges by those who IA
bought the actual.
The July position in New York sold
1T .30.s7c and October al %. 10c in the
early afternoon. and on the way up
reRlizlng sales were absorbed just like
q dry sand bank takes up water. The
news affecting value was of the same
character as that Of some days past,
yet the scramble for long contracts or
The actual seems keener. one report
during tho day said that the American
mills are at last awake to the situation
n are-supplying a big part of the buy
Ing, That they would do this sooner or
later has never been doubted, and that
they will probably be made to pay dear
~ for their apparent Indifference or dis
regard of facts seems assured. They
will get no sympathy from the South,
nor will any mercy be shown them,
Liverpool was one Of the big factors
In the rise, which is merely a reflection
III some Of the scramble now under way
across the water for raw material,
which Is so vitality needed and Of
which there Is so little either In the
raw or the finished, state. There seems
no trouble whatever as to financial ar
rangements and the buying goes on at
y ntn YrhI1b g,rggnutu fGut gnt,,a n tho
timid fears Of people in this country
have been entirely without cause. It
also seems 10 indicate that the rise ex-
pected when the armistice was signed
last fall had merely been deferred
Liverpool was due to come | to 3
points TO the good. At the start It was
much better than that and buying was
Rampant and the advance continued
right up to the close, finals being strong
and IS to IS points to the good, Lower
sterling rates perhaps helped the scram-
bile. as II enhanced the value Of cotton
already bought or over there, but bad
weather over here also figured, Spot
business n big, sales of 5000 bales
being the biggest since the war started,
and questions were UP II points, mid
Hing to iS.55d. Receipts were only 6 200
bales, including II, 200 American,
Domestic markets responded only
partially at first to the strength abroad,
but first prices were the lowest Of the
day, July at %. b0c and October 27.9hC
IN New York. The weather soon en-
ecuraged more buying. while spot inter
ests and outsiders were taking praC-
tically everything offered. Liverpool
bought freely and the advance gained
momentum and took care OF the liberal
realizing. Continued low temperatures
were bad. rs was the indication Of more
Unsettled weather before the weekend
July worked up To 29.97c, but there
vas considersb Bile liquidation In that
ltonth and Il reacted some before going
the days best, or 30.S7c. October in
e same time sold up TO S,57c aud
,rked off some before shooting up to
ioc, The extreme prices represented
ms over night Of over So a bale,
pitt taking caused some reaction, but
tHel undertone continued steady and
AeHhrs were timid,
Spots were active and higher, with
sales restricted to the amount holders
would turn loose, August sold 5,017
hales, with quotations up "a points, to
Ha.b0c. while New Orleans raised them
" points, to 20, Ssc. and sold 4,0a6 bales.
other centers also raised quotations,
md thus helped to Justify the firmnees
II future,
Futures closed IL 10 le3 points UP,
one very steady.
New Orleans closed sb to lis points
higher, tone very steady.
Liverpool W due to come 6 TO 90 points
lp.
Local holders are turning loose grad
ALLY, but many are offering little he
6 they are way behind with de.
Neries and they seem to think prices
eill continue upward Quotations were
eised 100 points, middline to 30c, Sales
fported FOR the day we've 1000 bales.