The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-04-08
COTTON Markets
Liverpool Much Below ExpeC-
tatiOnS, Btu Good Support
in Domestic Markets.
Tuesday Afternoon. Aprl 5.

Although cables failed By a c0nsid-
erable margin to reach expectations,
encouraging some early reaction In the
domestic markets. the effect was brief
and later in the day prices advanced
sharply from the early low level. Sup
port came chiefly from trade interests
and from shorts who are disposed to
be a little uneasy over the possibly
bullish showing in the first weekly.
weather review, which Is due tomor-
row.
In some circles the thought sug-
gested itself that perhaps the action
Of the market was the first sklrmish
toward combating the acreage reduc-
tion plans, for there Ii a suspicious
lot Of bullish gossip coming without
apparent reason, except that impor-
tant interests Apparently are feeling
more friendly to, values. History shows
hat these spring rises are to be eN-
pected, especially when there is an ef-
tort to reduce acreage, Why the sud
den reversal OF sentiment In some cir
the belt, although the elevated values
Is not unwelcome to those who are
holding so much raw material.
The weather map this morning was
better than expected, for there was
little rain, except in the upper western
belt, Temperatures were near normal.
There was some Indication Of rains to
be followed by lower temperatures. for
considerable snow and cool weather
prevailed in the Northwestern part of
the country. The fact that tomorrow
will bring the first Of the government
weekly eview of weather was mad
the subject Of sOine attention, and
some Of the excuses for strength in
prices were credited to expectations
that the conclusions would be some
what bullish.
The foreign political situation was
given consideration, but in the early
part OF the session some unsatisfac-
tory features therein got credit for
some Of the pressure, However, IN
other directions there seemed to be
hopful views Of the outlook, so that
really this was a mixed influence.
Liverpool was due to come slightly
to the good, but finished steady and
4 to i6 points net lower. There was
an advance Of points in spots, good
middling quoted at 1880, with sales
1000 bales. Receipts were 5000 bales,
but only 900 American. Manchester
sent the best report in IA long time,
cloths reporting large business doing
and yarns hardening.
First prices on this side were easier,
rejecting the poor cables and a re-
dictionary feeling due to several things,
one Of which was that the market
Was due some setback after its rise.
New July opened at 24.20c, Il drop
oNNlHlBlN VI 10 pOlUtH, anu IL bakBeu
to 24c before offerings were absorbed
well enough to turn the tide, The up
turn then started, led by a few big
spot interests, and as It progressed
shorts began to get alarmed and COW
cred, July sold up to 24.60c In the
afternoon. The shipment out OF the
New York stock OF about II 900 bales
and fears as to getting more cotton
there for protecting sales contributed
to the advance, as did general trade
support and advices from the belt that
spot business was better.
News from the spot department was
that the low grades were most wanted,
OF which the Supply vas plentiful.
New contracts closed 20 to 35 points
up, old l down to 100 up, tone steady.
New Orleans new closed 20 to 20
points up, old IA w to 80 down. with
tone steady, Spots were unchanged,
mlddling at 26.25c, with sales 3,O15
| bales.
Liverpool should come is to 20 points
| higher.
In the local market inquiry was again
good and sales reported were 1850
bales, with quotations unchanged. Low
grades are In favor and II Ia claimed
that white cotton Is selling lower now
than when futures we're several hum
dred points higher. The demand for low
grades is not causing any dissatisfac-
ton, however. for most of the local
stock is of that character.