The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-15
COTTON MARKETS
spot People and Professionals
Active on Bull Side and
Market Firm.
Thursday Afternoon. May 81


Higher prices came in the speculative
market today without much resistance
being encountered. There was a favor
able weather man hut some Of the wise
snes thought they could see promise Of
unsettled conditions again soon, which
would naturally he bad. But the big
factor in the upturn, which carried
prices considerably above previous high
levels. July touching 27.65c and october
5000 in New York. was the attitude Of
the big spot interests and Wall street
n Western traders. The ~buoyancy
which has prevailed in other markets
end the expected expansion Of trade
seemed to be getting more into cotton
and II was not a difficult task to boost
values under such leadership.
Another factor contributing "a the up
ward swing was a report credited to &
representative Of the French govern
ment commission In New York, that
$50, 900, 000 10 SEQ, 600. 900 worth Of cotton
and cotton goods were to be bought for
that country. Although this report did
not appear reasonable as an authorized
utterance Of m organization about to
enter the market, assuring as 1t did in
creased prices, II did not fail to have
the effect bulls desired, Those who
upuDlcu inc report tOulu SCdICtiN Hlthh~
ure this with the known business
shrewdness Of the French. yet they did
not appear willing to offer any parttcu-
lar resistance 10 tho efforts OF those
who were supporting the market.
Whether or not this news had any
connection with the sharp decline yes
terday in French exchange, which was
credited with causing tho big drop In
sterling after the market closed, could
not be said, II seems reasonable, how
ever. to expect depression In French
exchange II this big buying Is done and
there is not a tremendous expansion Of
exports from that country, unless the
government itself sees NJ TO use its "
credit to sustain It.
Liverpool was not quite as good as
due at the start, but 1t developed some
strength later and closed steady at a
gain Of s TO a decline OF 4 points. Spot
sales we're 1000 bales, including 5000
American, and quotations were down
10 points, middling TO s1.2Sd. Receipts
were 5000. including 100 American.
Nothing much happened during the
first few minutes OF trading in domes-
tic markets, The weather map showed
that but little gain fell In the belt
during the past "a hours, and tempera-
lures we're near normal. The outlook,
however. was for possibly unsettled con
ditions in a day or so n the official
forecast promised some showers In part
of the western, central and eastern
belts, which encouraged strength. Fluc-
tuations for an hour or so were narrow
n without special trend, but there
was littla pressure, Southern traders
were credited with doing some selling
while buying came chiefly from big
spot people. July started at 27.0Sc,
touched 27,t5o and 27.O6o before the
call ended and then improved. In the
aftnTnnnp ~ sold I'm m ~ Gkr Hhiln
bullish fever was at its height.
october opened at %, 4nc, the days
lowest, and gradually worked up until
il reached &c .07o in the afternoon. The
activity OF the big people caused some
cautious people to be Il bit dubious, as
1t was certain that the technical posi-
ton was weaker, although many con-
fident predictions of further rise were
heard.
In the spot department demand con
tinued good and Liverpool was the best
customer. Indications Of more ship
In June helped, while there were
favorable reports from Inc goods mar
kets. Clearances, however, are still
small. The weekly statistics tomorrow
are expected to be moro bullish than for
some time. One feature of the situa
ton Is that Southern holders are will.
ing sellers n are transferring the
load onto other shoulcers,
Futures closed 40 to SIS points up
tone steady,
New orleans closed ~ to 80 point
higher, ton firm, Spots we're stead
and unchanged, middling 2S.1Sc, wit
sales 1929 bales.
Liverpool tomorrow should he |
points higher.
In the local market inquiry continue
good Inc there are sales Of PRACTICAL
what the holders will turn loose. De
mand is broadening. with the exporter
taking most of what is sold. For tn
day sales were 1000 bales, with quota
tons unchanged. middling IS. csc,