The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-20
COTTON MARKETS
Market Scores ArVanCe and
Makes New Highs, But Re-
aCtS-Weather Is Bad.
Friday Afternoon. June 2O.

Friday Afternoon, June 20.
In the speculative department new
Ugh marks were set up to be shot at,
for all the options practically went
above the levels reached on May rs.
The van owe the previous top,
however, was not extensive. which was
due in a measure to the fact that the
rise OF the past couple of days has
been so rapid as to weaken the tech
nical position and make vulnerable the
position Of the bulls. That a sharp re-
action Followed on realizing tended to
confirm this view, although II could not
pc said that the affair was weak at any
time.
At the top prices showed gains Of
about $50 points from the low points re-
corded two days previously, October
selling at 32.46c, as compared with
2s;goc. and July to S2.75c, al compared
with 80. 40c.
Several influences were at work in
the market, but it was largely the
weather and new from Germany which
stimulated buying and caused the bulge.
The report that the German cabinet
had resigned and another would be
formed at once and that peace terms
would in all probability be signed by
the new one was used with success,
although this merely confirmed ex-
pectations of those who have been
giving the market support for several
days. 1t was reported that the peace
terms had been signed, but this was not
confirmed, and after a bit Of thought
was seen to be ridiculous. The pre-
ponderant feeling, however, was that
everything was pointing to early peace
n a consequent opening up Of traffic
with the central powers.
The weather map was by no means
q good one, for it showed that during
the past "a hours there had been o n
4 QtANRn hlA rofn aFa NAA hale ThA norIU
reports were not as bad as those which
came later, the latter showing heavier
rains. The indications we're for con-
tlnued unsettled weather, and it was
this which gave fresh stimulus to buy
ing, for the situation as to the crop in
many directions is becoming well-nigh
desperate and conditions are very
favorable for the weevil. Naturally 1t
was the idea of those doing the buy
ing that the coming condition report
will be low and that these rains will in
crease acreage abandonment.
Liverpool was some better than ex-
pected early, but was disposed to sag
some later. There was nothing fnuch in
the news from over there that had not
already been taken into account, but
before the foreign market closed
strength was shown n a sharp re-
covery came. Finals were irregular and
unsettled, but at the. top level of the
day and 40 to IS points to the good.
Spots were marked up SO points, mid
ding to 19.82d, with sales 1900 bales,
including 3,400 American. Receipts
were %, 900 bales, including IS, 900 Amer
N lean. Manchester advised that cloth
demand was fair at better prices, but
yarns were not particularly active.
The opening level was at a moderate
decline, due to some early selling or
= ders o. the theory that weather was
better In the belt. October started at
81. SOC, but on the first call sold up to
31.75c. Later it dipped almost to the
before the rise eliminated, carried the
list to new highs. October reached
32.46c, which was rs points over the
the price back as low as S1.6Sc a short
while before the close. Just what the
main cause for the setback was none
could say with certainty.
Spots were generally higher in the
belt, but business not large. Clear
ances were large enough to bring the
weeks total to over $4,000 bales, but
there was prospect of bearish weekly
statistics again.
Futures closed Is points off to 81 up
tone very steady.
New Orleans closed 2 to II points
higher, tone barely steady. Spots were
marked up 81 points, middling to 33c
with sales 1,525 bales.
In the local market sales were 1,50(
bales, making 5,225 for the week. Quo.
tations We're advanced so points, mid.
ding to 80. SOC.
Estimated stock of unsold in the