The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-06
COTTON MARKETS
Poor Gables and Excellent
Weather Occasion for
Liquidation and Decline


Weakness in the Liverpool market
was a feature today and 1t found ready
response on this side, Excellent
weather prevailed over the entire cot
ton belt and there was nothing sug-
costing a change, so naturally more
optimism prevailed as 10 the crop out
look, Sentiment already was rather
favorable TO a reaction and the oppur-
tunity was too good for the PROBES
sionals and room traders to resist. The
decline extended TO something over ~
a bale, which carried october more
than 900 points under the recent high
est, but the character Of support was
not steh as to Indicate that the bulls
were ready yet to do much for an up
turn. There wa good buying, but II
seemed TO be more TO check the decline
than lay the basis for any big upward
movement.
Liverpool was due TO come I to Z
points 10 the bad. but was much worse
than that, and toward the close re-
ceded 10 the lowest level Of the day.
There were cables saying that the spin
ners over there had provided for their
needs for several months to come, but
some observers thought perhaps the
fact that the whitsunttde holiday
period will keep that market closed
until June 16 was a factor in the wea+e
ness. This viii be n Of the longest
holiday periods ever had over there,
ana IL will also cause some cheek 10
consumption Of ray material. At the
close options were irregular and 81 TO
- points to The bad, Spots were
marked off 81 points, middllng TO lS.s6d,
with sales 1000 bales. Nothing was
received.
Opening prices on this side were off
more thar due to make response to the
cables, but the good weather IN the
belt and its probable effect on crop ac-
counts no doubt helped. october was
off 81 points, to Is. 75o, but a few Gov
ering orders caused a slight upturn
from there. There was too much offer
ing, however, and buying lacked snap,
so the option. dropped to assoc, from
which a moderate recover followed,
After getting back TO 2S72c more pres
sure was forthcoming, but II vas later
in the afternoon before a wave Of sell
ing came which sent the option down
To 2S,05c, a decline OF l07 points from
previous close. Western traders were
credited with l%iquidating and some
Southern selling was reported, while
buying was scattered. However, the
lower level attracted some trade sup
port and a little strength was shown,
but not much upturn.
There WAS not much news at hand
and the weather was given most atten-
ton, From the spot department came
advices telling Of less activity, but
NNANAS NtNN ~ ~
the part Of holders and many were pre-
dieting much higher prices later, as II
Is eentended the crop has received too
great a blow 10 ever be a large one,
The weekly statistics were delayed,
but the assumption was that they
would not be very comforting to the
bull side. as exports have not yet be-
gun to Increase much.
During late trading further pressure
was had and as support was limited
prices went lower than ever and fin
ished near the bottom.
Futures closed 1872 10 1873 points off,
tone barely steady.
New orleans closed iii to 1872 points
lower, tone steady. Spots were marked
down % points, middllng to 81 SOC, with
sales LIZ bales.
In the local market sales we're 900
bales, making $3.50 for the week, QUO
tations reduced so points, middling to
81, soc,
Estimated stock unsoId in the hands
OF factors Is III 900 bales, against 122,-
900 last year and "a, 900 In In 1917.
Linters in stock are 8 1000 bales, COM
pared with 1890 last year and s., 900
In 1917.