The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-04-22
COTTON MARKETS
HeactiOnary Sentiment Pre-
walls, But UndeTtOne Fairly
Steady-Weather Good.

Tuesday Afternoon. April %.
later the advance Of something like
oyu points In about a months time in
the contract department OF he MAJ
ket, much Of It within the past ceuTIs
or weeks, considerable accumulated IN
splratioh for realizing made itself felt
t9oay. However, there was
llNely little success and the undertone
waa healthy and fairly steady. Ths
chief occasion or excuse for the az
IeFts to see a lower level seemed to be
the improved weather IN the belt and
me absence Of a short interest which
V anxious about its position. In other
WORDS, The technical position has been
weakened by the steady advance.
News overnight was without much
importance N was more or less the
same Rs 4 has been for several days.
The threat q Italy 10 make trouble At
the peace table was noted, but soms-
now the trade seems 10 think this will
al be adjusted and that pretty soon
there will be larger business with The
enemy counties The idea that sarly
peace lneans. larger demand for cotton
ana ita finished products stu prevails.
although the South Is credited with
gradually tightening It's burden BY sell.
ing on the bulGss, The announcement
made late yesterday that Il was likely
some cotton would be allowed to SO into
uermany right away In order 10 allie
Viate labor unrest. the idea being that
~ starting mills there would Be less
incentive TO radical action, was eneouF.
aging 10 bulltsh notions. but seemed
10 have been pretty wei discounted by
rise this morning 10 around yssteF-
days top levels.
Although the reactlonary idea was
prevalent, the markets started at a
moderate rise over last nights finals,
pew July being at $500 and October
y soc tn New York, The former worked
slightly higher before FeAeting, but o.
.ebeT wa under pressure, the aecpmu-
lated long Interest being larger there
IN because OF the active speculative
buying for several days past. July sold
a. high as 1ssSo and then dipped to
25.sAc, but recovered to 26.0SC before
sinking again, the second spell carrying
II TO AS October in the meantime
gradually sold off and the break waa
not Indicative Of much weakness. The
lowest points up to early afternoon
was aAaae, from which there was re-
cONeFy 10 "a. 5se a little later. The mar
ket then seemed to get into a rut
The weather in the belt is excellent
and sdvices are more favorable. Plant
ing Is no doubt making progress and
the reaction Idea today was encouraged
BY expectation that the weekly report
tomorrow would read favorable, There
aye nc indications az present Of a
change from the present Ideal eondi-
tlonh, and already there are reports
leaning TO the bear side, some OF them
saying that chances favored no de-
crease In acreage. However, such are
not believed, for there Ia as much
reason now for cutting It as there has
ever been, and bold indeed would be he
who would assume that the cotton
planter Is going to cut his own com
mereial throat, The cost Of everything
Is as high as ever and there seems no
prospect Of any relief soon,
Spot news was not suggestive OF any
eAslneSs, though demand was not quite
80 keen as a rule, Holders appear to
be very independent and one reason
for the moderate turnover was this
fact.
New contracts closed Z TO rs points
lower, with tone steady,
New Orleans new closed 10 to ~
points lower; old unchanged TO 50 points
off, tone steady. Spots were unchanged,
middling 27.50c, with sales $50 bales,
Liverpool will resume business toner !
row and should come rs TO II points
higher,
In the local market sales we're 300
bales and quotations we're unchanged,
middling at 27,25e,