The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-27
COTTON Markets
Weather More Favorable, But
Number Of Low Condition
Reports Cause Bulge.

Prices in the speculative department
Of the cotton market reached new nigh
levels today and there vas abundant
strength, but the idea that the bad
news for the time being had been large
ly discounted p%ervaded many breasts
and led to considerable reallEing. There
was some Improvement also in the
weather outlook, which tended to ac-
centuate the same disposition. More
over, the fact that the spot depart
ment is not keeping pace with the
rise IN futures, the latter having worked
to Considerable premium over quota
tions for the actual In the belt, thus
weakening the technical position, also
contributed to the ~indisposition TO con-
tinue buying The average person 0
dered who would supply the buying
power in case something happened to
start a wave OF liquidation and thus
hesitated about following the rise too
closely.
Liverpool at first was hardly up to
expectations, but later did some better
and closed even better, finals being
called irregular and from 81 TO 81 points
to the good. The more distant posi-
tons showed the greatest strength, re-
fleeing concern about the suffici-
ency Of the crop for the worlds needs.
Spots were marked up points, mid
ding to 20. 3sd, with sales 5000 bales,
including 1900 American, Receipts for
the NdAy were II, 200 bales, all Ameri-
can. A private cable said the mills
were going to resume operations Mon
day, but this failed to be confirmed, al
though there may be ONE progress to-
ward adjustment OF differences between
owners and the operatives.
The opening level OF this side was
not much above the previous close, re.
fleeting the disappointing cables and
lack OF aggressive buying power after
so much rise. But the weather map
showed that considerable rain fell dur
ing the past "a hours. very heavy In
some sections, while more detailed re-
ports later added to the ~unfaVorable
information.
The fact that the indications we're
for some change and perhaps the pass
ing OF the wet spell did not do much,
for there were a number OF condition
guesses out. varying from 69,S to $50.
They Increased the buying disposition,
for IL was natural that they influenced
expectations for the official guess next
Tuesday.
October in New York opened at $3.50
and sold up to St.42 before the rise
eliminated. No special news came to
check the rise, but there came out
many profit taking sales and the tide
turned. Later another report came at
7l.6, which, together with more en-.
that the weekly statistics were again
bearish, stimulated liquidation. The
October position dipped to 33 .65, but
quickly recovered to 34.l7 and then
turned downward again, selling to $3.50
a short while before the close.
The movement into sight for the week
was about Z 1000 bales more than this
week last year, while spinners' takings
showed an excess Of $1,000 making
relative gain in visible American about
10000 bales, The exports for the week
total fairly large, but the outgoing
movement Is still disappointing. One
report had 1t that there was some easi-
ness. in ocean freight at Gulf ports,
justing of such, There seems reason
for expecting big ~clearances during
July. Another report during the day
said that some people who bought cot.
ton recently for shipment to the
Central powers were finding some diff
Guilty In financing such operations,
which is one of the things feared In
some quarters. Sales or spots at SOM
Of the centers were large, Augusta sell
ing 6.204 bales and New Orleans 4,64:
for the day. -
Futures closed Q points up to 20 down
tone barely steady,
New Orleans closed 10 to 81 points
lower, tone barely steady.
In the local market sales were 1900
middling at 2.75c.
Estimated stock unsold in the hands
Of factors is 40, 900 bales, compared will
104, 900 last year and az. 900 In In 1917,
Linters in stock are So, 900 bales, com
pared with 17l,500 last year and 80, 0ot
In 1917.