The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-10-14
COTTON MARKETS
Weather Conditions Very Bad
and Spot Scramble Keen,
Resulting in Advance.
nue. Afternoon. oct. b

Nothing but Bullish news came 10
hand today or over the holiday period,
and high prices were recorded in the
market today without much resistance.
There was liberal acceptance of profits
and some hedge selling, but these mere
ly interrupted slightly the upward
trend. Sentiment was distinctly bull
ish and about the only occasion for
doubt as to a continued advance was
the fact that buyers were so plentiful
and sellers so scarce, thus making the
technical position less strong.
Weather was the big influence, and it
was bad. The rains which for several
days have been over the Southwest were
spreading and extended this morning
over the entire central and part of the
eastern belt. Texas and Oklahoma
were not getting so much and had
a promise Of some coolor by tomorrow,
but they were general and quite heavy
eastward and the forecast was for
more. The fact that the cooler weather
promised does not look to be much
caused fears of continued rains. There
vas little disposition to question the
effect Of the rains now on picking and
on the cotton left in the fields. lower
ing Of grades is the most serious fac
tor, and this induced the spot shorts TO
scramble more than ever for good cot
ton.
The census report on consumption Of
cotton during September was sligntly
bullish, showing that 491 900 bales had
been used, compared with ass, 900 q
year ago. The number of spindles in
operation was larger than Veer before,
showing that the reduced working hours
was thus being somewhat offset. stocks
in the hands Of spinners were l,Of4, 00o'
compared with 1,1S5, 900, while In public
warehouses IN the belt they were 2,492,-
900, against 1881, 900. The report was
| of small influence. however, as COM
| pared with the weather and spot news
Liverpool came steady and higher,
adding TO the gains Of yesterday. Inc
list al the time of our opening stood
around so points better than due and
later went better than that, although
| some profits were accepted. The near
| positions were stronger than the dls-
tant, rejecting spot conditions M the
scarcity of raw material in Great BTU
| ain. At the close the foreign list was
from 43 to 10 points net TO the goou
tone being firm on near and steady OF
| distant months. Spots We're marked up
30 points. middling at 81 SD, with sales
| 15. 600 bales, including 1890 American
| Manchester reported that cloths were
| strong and yarns were inactive.
Opening prices in the domestic mar
| kets were sharply higher. rejecting tht
weather and news coming to hand over
the holiday period. There was an lnltla
rise of 100 points on October in Ne"
York, first price being 34.S0c, due ac'
cording to wires to the rush OF one OIL
two people for that option. Decembel
opened ~ points to the good, at 34.lVc
solo TO "a. zoe and then under prom
taking dipped to SO. 7Sc, Later, however
IL went back up and touched "a csc, bu
reacted slightly and seemed to b.
steady Just a little below the top. Ihet'
was lively trading and offerings Wer'
taken care of promptly, for the weather.
news was bad.
From the spot department came moth
ing different from that reaching tn
market recently. Demand is taking eV'
erything offered and conditions are en-
couraging holding for top prices. I'M
basis Is shot to pieces, Jumping sen
s%ationally, as is the case when tn
shorts are panicky. The fact that Their
are apparently growing labor troubles
in this country and the foreign exchang'
market is easier does not seem OF Ell
feet while there is a scare over Tn
new crop and such a scarcity. OF tn
kinds Of cotton sold for early delivery
Futures closed 10 to 70 points higher
tone firm.
New Orleans closed 60 to 1903 point
higher. tone steady, Spots were up .
points, middiing at S4,75c, and sale
were S,244 bales.
Liverpool Is due to come b to b point
In the local market the sales re
n ported were 6,400 bales, while quota
lions were up 100 points, middllng a
35. SOC.