The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-18
COTTON MARKETS
Market Narrow Affair, But
Strengthens in Afternoon.
Weather Is Good.
Wednesday afternoon. june 1S.

SAANAA A0tAis JAAlE 10.
Not much range was shown in the
cotton market today, but an undertone
Of steadiness prevailed most of the
time and sellers acted with caution. At
the lowest points prices were some
thing like $3.50 a bale lower than the
highs OF last week, which seemed about
the extent of bears willingness to risk
that side pending certain developments.
The weather is distinctly better and
there is some crop Improvement, but
too much permanent damage has been
done and danger of assuming too much
retirement stares the bears in the face.
Besides, there are the condition and
acreage reports just ahead to afford
basis for a lot of short-crop talk.
h foreign market was not good as
u this morning and some cables said
the reaction was in a measure due to
some fear of a strike in Manchester,
but other cables were equally confident
there would be non More than likely
the uncertainty attending the answer
Of the Germans to their peace terms
had to do with the setback, as did
advices from this side that weather
n crop conditions are some better.
Finals in the foreign market were ir-
regular n "a to IA points to the bad.
Spots were marked down 80 points,
middling to $1,000, with sales 5000 bales,
including 1920 American. Receipts
were $4,000, including $500 American.
Opening prices on this side were but
little changed from the previous close,
but there was considerable selling pres
sure. Weather in the belt was again
favorable and there was still encour-
agement to a reaction. Temperatures
are generally high n many advices
received over night told of progress in
work M of the crop making improve
ment.
October opened at 1925 and shortly
sold off to $3.50, but the same char
acter of support as yesterday turned
the tide -and the option fluctuated
around 80 cents, which seemed for the
time to be the dividing point. Lots of
backing and filling was done, but 1t
was evident that traders were mixed in
their views.
Along in the afternoon, however, when
money became easier and there was
more strength in the stock market, Of
ferings became less plentiful and prices
worked higher, October reaching 80. 3S
before realizing sales met the rise.
The weekly summary Of weather was
about a stand-off, showing favorable
conditions east and rather ~unfavorable
west OF the river. 1t was a small mar
ket factor as usual.
From the spot department came lit
tie of interest. The liberal movements
W Pol'S CONTINUES, WHICH forecasts
early expansion of exports. The
amount so far, however, is not large,
although there are large amounts al
~shipboard awaiting clearance, which
will probably go out before the week
ends. Demand for raw material has
fallen off and the mills apparently are
, not disposed to do much pending a
more definite trend in the market and
something definite as to whether there
shall be peace or continued war.
Futures closed 8 to 10 points up, tone
very steady.
New Orleans closed 7 to 16 points
up, tone steady. Spots were unchanged
TO 90 points off, middling 81 ,3Sc, with
/, sales $3.50 bales.
Liverpool is due to come 22 to Is
points up.
In the local market sales were 500
bales and quotations unchanged, mid
ding at S2c.