The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-04
COTTON MARKETS
Poor and Weekly Bet
tier Than Expected, CauS-
| ing Dip, But Tone Steady

Wednesday Afternoon, June 1.
Alternate waves Of strength and
feakness, both In a moderate degree,
eatured a rather commonplace market
|oday. Weather conditions in the belt
We're better, which encouraged some
pressure, but too much damage has
been done, and it remains to be seen
how long the more settled conditions
Win last for traders to display much
confidence on the selling side. More
bver, sentiment is still leaning to the
bull side on the trade situation and
outlook and even the reactionists are
basing their ideas more on technical
krounds than any Inherent weakness.
For some reason the Liverpool trad
hrs were quite bearish this morning
and prices from there were worse than
hue. Very probably they saw overnight
Inc change in weather conditions and
were distinctly impressed with what
happened yesterday In the stock mar
ket and were not DESTROYS of being
Taught thereby. The list was due to
home 81 to 80 points to the bad, but
hi the finish was off 100 to So points,
with tone Jailed easy. Cables did not
hiring any special information as TO
marked off 81 points, middling to 1850.
with sales 1000 bales, including 5000
American. Receipts for the day were
Z, 900 bales, including II, 900 American.
Attention on this side was directed
arEtAy to the weather map, for that
IS one of the big factors just now in
he minds of traders. There was some
encouragement, for the Southwestern
section and part Of the central belt
had clear skies and the rain spell
Seemed to have gone for the moment.
n the eastern belt and lea the coast
here seemed promise Of more, but the
rade gave attention more to prospect
han to what had been received. Some
Father liberal rains were reported in
The central and eastern belt, which
added to bad conditions. The official
Forecast promised fair, except cloudy
hnd perhaps showers in part of Okla
homa and Arkansas. Some wires said
hat the cold spell in Texas had not
been entirely injurious, as it had helped
airy the ground after the rains.
The weekly summary, which came
hater in the morning, was anything but
Favorable, but the bad features hardly
measured up to expectations and its
coming was followed by easing OF the
market for a short while.
At the opening the october option in
New York was at $500, a drop over
night of IS points. Good buying, led
hy spot interests, sent it back up and
I'D. 9Oc was touched before liquidation
became heavy enough to turn the tlde
downward. In New Orleans there was
Response to yesterdays break in New
York. in addition to that Of Liverpool
this morning, but aside from that
changes were about in line with New
York. A..
When the selling wave started the
October option dropped as low as zs;OSc,
hut good support came, encouraged by
advices that spots were holding and
by absorption of offers by those who
etill had plenty of confidence in the
buA side. The upturn extended to
(9' 72c, but more liquidation met tbs
Else. The down swing extended tC
9.27c, after which it went PACK a.
high as 29.62c and then seemed TO ge'
MO a rut in the late afternoon.
In the spot department business Was
not very active, and some quotation
Were reduced. Holders were indepeno
ent, although sales at New Orleans, IN
Guiding that of yesterday, amounted I