The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-04-30
COTTON MARKETS


Wednesday afternoon, April 80.
The reactionsry crowd had more re-
suits today and prices reached levels
considerably more than IS a bale under
yesterdays highest, but az the lower
level some support was given and 10
was attributed in a measure 10 trade
buying because Of continued stead
ness In the spot department, There
was nothing In particular 20 ocees'Ou
The e~asiness, except that liquidation
came from the western and prOfes-
sional crowd which vas affected by
the downward movement in other
markets,
Political developments abroad are
making fairly good progress, although
there continue to be some rough spots
TO be smoothed out. so this as an IN
fluence is perhaps not foremost at the
moment.
The weather probably figured today
al an important factor, for there were
some good features, Fine rains were
received in the western belt, being well
come especially IN Texas and Oklahoma
where they viii hasten termination Of
late planting. This was made more i'm
portant after tho government weekly
weather summary Ar and noted de-
lay Ia termination, There were also
some rains In the central belt ana
promise of them extending eastward,
but the cooler temperatures did not
ofIfF any OASIS LOT dldi III iNdlHFt
they we're welcome. IS they promised
10 make the wet spell Of short durS-
tion.
The weekly summary came about as
expected, being interpreted as bearishl
but hardly up TO the expectations OF
the extremists. II was regarded as
of moderate Importance as a price
factor.
In Liverpool there was NOT as good
a showing as expected, indicating that
the rea~ctionary idea is prevalent over
thore. Finals were barely steady and
from 80 TO 20 points net to the bad.
Spots we're marked down II points,
good middling to 1924, with sales g.
GOO bales, Including $500 American,
The large sales reflected good business
with the mills. Receipts for the day
were q. 200 bales. all American.
Al the opening the domestic markets
were quiet and steady and without
much change from the previous close
The general trend Of news. however,
WAS bearish and there was left over
rome of the liquidation of the day be
fore, July opened at 26.91, touched
two points higher and then dipped hur-
riedly until Il touched 2617. October
opened at 2 4,96, sold at 24.eS and then
dipped TO 24.S5, after which moderate
recovery came when support came from
trade interests. July sold back up TO
1859 and October to 24.6A, then came
another spell of weakness, the former
going as low as 26.l0 and the latter TO
24.20,
Adviccs from the belt told OF good
demand for spots, especially in the
eastern belt, where domestic primers
were reported in the market In . I'D
crai way. Quotations at some OF the
Centers were slightly lower in response
"a the break 10 futures, but offerings
were firmly held and concessions few.
Sales were as n rule only moderately
large. but this again reflected the SELL
ing policy Of holders,
Futures closed 80 TO 70 points Off,
tone old closed So to ~ points lower,
New Orleans futures closed ~ 10 90
points lower. ton steady, Spots we're
unchanged on most of the grades, but
some ot the advance made on low
grades yesterday was taken off today.
Middling remains n zoe, with sales
2.l79 bales.
An trading in old-style contracts
ended today and the only things left for
them will be 10 either make actual de-
liyeries on them as they expire or to
accept the same Il
Liverpool Is due 10 come unchanged
to l2 points lower, Il
In the local market inquiry continued
good, but weather was against buSl-
ness, as also was the lack OF cotton for
sale. Business reported for the day
totaied $3.50 bales, with quotations un-
changed, middling at Use,