The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-29
COTTON MARKETS
Market Disposed to React
Some, But Good Support
Given.
Thursday Afternoon. Nav 20,

THURSDAY Afternoon, May 70.
There was some reactionary feeling
prevalent during the day, helped by
the fact that the holiday period is just
ahead and by an uncertainty as to what
is going to happen in Paris. The wealth
err map this morning was not favor
able, yet in some sections conditions
were better and heavy rainfall was by
no means general. There was still
enough unsettlement in prospect, how
ever, to discourage pressure based on
hope Of overcoming some Of the effects
Of the continued wet spell. More pri-
vate crop condition reports also were
received, Strengthening views that the
official document will show a percent
age OF something near 70 or rs per
cent.
The foreign market was not up to ex-
pectations, indicating that the reaction
airy feeling prevails in Liverpool as we'll
as owe here. British c~onsols, the gov
erpment security, was reported higher
i.Ie in h day, the amount being given
as a full point, which caused some
speculation as to what information had
leaked over there. This ended to help
the market a little, and finals were ir-
regular and from 20 to 50 points net to
the good, near positions being the
paints, middling. to 20. AID. with sales
10000 bales, including 5000 American.
Nothing was received.
At the opening on this side changes
we're small and traders seemed to be
expecting no material change. There
developed, however, considerable dispo-
sition to liquidate and during the first
hour or so prices dragged lower, July
selling down to 3l.1Sc and October to
30.19c, after opening a 81 soc and
80. S3c, respectively, Preholiday even
ing-up was the chief occasion for this,
though some thought the weather bet
ter. There was also less snap to trade
demand, but this perhaps reflected Will
ingness to let the market drag a little
so as to better the technical position.
When the Norden condition report Of
1858 and the Watkins report of 1852
came, and there was less hopeful view
as to, the weather outlook, support in
creased and the supply of offerings
grew smaller. Nothing much was com
ing from abroad, but the absence of
pessimistic advices seemed to stimulate
willingness to buy, for there was still
no sign that spot demand was slacken-
ing. July worked up to 31.71c and Oc-
tober to 80. soc, the narrowing of differ
ences being attributed to some straddle
business between the two positions.
h advance was attributed to fresh
profit taking, but up to a short while
before the close the reaction had not
gone far.
There was good business done in
spots at the leading centers, but quota
tions in some centers were shaded a
little. New Orleans made no change,
middling remaining at 2.38c, and sales
we're 1851 bales. Norfolk shaded prices
rs points, middling to 0.50c, and sold
1882 bales In Little Rock sales were
reported 1881 bales.
Futures closed 9 points off to IA up
tone steady.
Sew Orleans closed 5 points lower tc
10 higher, toen steady.
Liverpool is deu to come Is to q
points higher.
In the local market demand con.
h tinues excellent and sales represent
\ about all that is offered. For the day
sales were 1000 bales and quotations
~Sre unchanged, middilng 32c.