The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-20
COTTON MARKETS
Fever Shows No lndi-
cation of Subsiding and
Further Advance Made.
Tueaday Afternoon. MAy 2o.


Bullish fever seems 10 have no nO7
ton OF subslding and prices today
!Imped about IS a bale without arous-
ES any resistance Of consequence and
naturally stimulated predictions OF 80
cents for the fall months before the tide
turns, There was more unfavorable
weather TO help the cause, while re-
ports from the goods markets are OBJ
timiStic. Advtces from Europe seem to
encourage expectations OF peace terms
being signed before long, which stimu-
lateS buying. The ease with which
profits are absorbed and the small ef-
feet on values leaves no doubt rs to the
strength OF the situation. md caution
has long since been asst to the winds,
although II cannot be said that the rise
Is not following. legitimate lines. The
technical position IN pehaps weaker
than II was. yet spots and futures are
keeping In close enough alliance TO OBJ
Vtato many dangers which normally at
tend SO rapid an advance,
Liverpool wRs better than due this
morning and there was no disposition in
that direction 10 attempt TO Withstand
the prevaiunsHIlrreht Of valuss. Before
closing, howiVef. the foreign market re-
acted some Nnd finished barely steady
at net loss of 20 to is points. Spots
were marked off but 2 points, middling
TO ls.2Od, with sales 5000 bales, lnclud-
ing 5000 American, Receipts were
$1,000 bales, including l6, 500 American.
Manchester advised officially that
cloths were in good demand and yarns
were firm.
on this side the weather map was
given close attention, for II was ex-
pected It would be an unfavorable one.
II was not what might be regarded as
a good one, yet II did not quite meas
ure up to the expectations OF the bulls.
There were some rather liberal rains In
the upper part of the central and
were rather low, but a large part had
no reason to complain. The forecast
called for fair and warmer in the west,
fair In the central and some more
showers in tho east. with cooler. Natu-
rally there are some more complaints
from the fields, and tomorrow's weekly
summary was expected TO be bulllsh.
First prices were but little changed
from last nights finals and the first half
al hour saw "A moderate dip. July opened
at ~. Soc and dipped to 2S.b4c, while
October opened at 27.20o n dipped TO
26. sec. Then there was support from
prominent spot people, and the rest was
easy, for sellers were scarce and SON
tinued so. July worked up to 29.60c IN
the afternoon, while october reached
Csc and then sold at 2S.l0c, which was
more than IS a bale from the mornings
lowest and nearly that much gain over
previous close. The higher level caught
some stop-loss orders n there was
bu little pressure at the top.
AdVices from the spot department
were favorable and some wires from
Texas told of keen demand, while in
Georgia 1t was reported the mills were
scrambling for their requirements.
Sellers naturally were independent.
Quotations were generally higher, New
| Orleans jumping IS points TO %, 1880 for
middling, and selling 1850 bales. Dallas
wired that big business wal being done
there and middllng yesterday was
quoted nj 80, S0c, The unfavorable con-
dltions surrounding the start for the
new crop, the boil weevil being re-
ported as already showing itself In lib
eral numbers in the east. ARE con-
tributing to the scramble for raw ma
terial.
Futures closed IS to 30 points higher,
New Orleans closed 30 to 81 points
liverpool is due to como - TO 40
points up.
In the local market business continues
as large as offerings will allow, for
there Ia excellent demand, For the
day sales we're $1,000 bales and quo
tations were raised rs points, middling
to 29.00c, Complaint continues to be
pointed out that this market is far be-
low n number OF others In the belt,
although the intention Is to make quo
tations on tho same character Of cot,
) ton, low grades here are quoted about
2 cent? under the same In New Or
: leans, while mlddling here 10 226 point
under Houston and nearly that much
under Dallas. II Is said that practical
| ly all the stuff sold Is much above post.
cd quotations and middling upland /,
selling at 1880 or better.