The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-26
COTTON MARKETS
General Rains Continue Over
Belt and Market Runaway
Affair.

NAtANAaI HhNAfAN ttAhH HAaF ~
The weather gods apparently are on
The bun side Of the cotton market,
judging from what is being doled out
TO the entire belt. More rains over the
weekend, many OF them heavy, M
promise Of them continuing. caused a
runaway market today, which brought
the biggest one-day change since the
present bun movement started. In New
Orleans May position reached the 200
point limit for one day and trading
therein practically stopped. The more
active options in both markets did not
miss the 200-point limit very far. only
being checked by the liberal accept
ance of profits.
In New York joy a while before the
close sold as high as %. Zoe and October
at 81. lose, On March 26 October sold
at 1850, so the rise in two months
time Is practically 1.26O points, or S63
a bale, The rest Of the list is up pretty
much in the same proportion. AT that
time sentiment was bearish and the
average trader In the dumps" while
now bullishness is rampant, and those
who think the rise sufficient TO dis
count everything that has taken place
are unwilling to go counter to the tide,
The market was Influenced more by
the weather han anything else, al
though trade advices continue favorable
and there Is good demand for the
'NHAAA ~ eAAAs . eh1AAt q -
enforced acreage because of scarcity Of
labor supply and the lateness. The
governments first condition report Is
naturally expected to come bulllsh next
Monday. for the final day of the period
to be embraced, Sunday. saw most Of
the belt getting soaking rains. They
were especially heavy In Texas and
eastward, and this morning they were
reported extending. The weekly report
on Wednesday Is also expected to come
bullish. The forecast was for showers
in all directions and the map-readers
could see little chance of relief for sew
eral days at least, While there were
those who doubted that conditions were
being injured to the extent OF a cent a
pound a day In the price Of the crop,
they did not offer any resistance worthy
the name.
Liverpool was due to come 4s to II
points to the good, The opening was
not quite up 10 expectations, but later
fun response was made, and before the
close the list was VI So to 1O9 points,
with tone called very steady, Spots
were marked up 65 points, middling to
l9. g3d, with sales 10, 900 bales, including
5000 American. Receipts were 81, 900
bales, Including 54,40O American. r
Opening prices on this side were
much higher, responding to the weather
and crop news, July opened at 81, soc,
up 60 points, while October was ~
points up, at 30, SIC, A little irregularity
took place during the first few minutes
when profits were taken, but buying
power was extensive. and as more in
formation anne from the belt buyers
became more plentiful. July dipped to
81 soc, and late in the afternoon sold
up to 80 zoe. October touched 20. Toe
shortly after opening and gradually
worked up 10 80, 05c, which was 1870
points up from the days low and 10
points from the previous close. About
the only offerings during the day were
longs taking profits.
In the spot department business was
not so active, but n reason was that
offerings were not 80 liberal and the
holders were at sea as to what to ask.
They are naturally confident after so
large a rise, but the rise has been too
rapid to keep up with. New Orleans
elevated quotations 125 points, middllng
going to 32c. while other centers raised
them sharply.
Futures closed 100 to 165 points up,
tone steady.
New Orleans closed las to 16S points
up, tone steady. Spots were UP 1875
points, middling 32o and sales S,s6t
bales,
Liverpool Is due to come Is to 27
points higher.
In the local market quotations were
advanced 100 points, middling to 81. soc,
and sales were $3.50 bales, the largest
business for one day here in a long
time.