The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-12
COTTON MARKETS
arket Displays Strength,
Helped Mainly by Poor Crop
Accounts and Gables.
Thursday Afternoon, June u.


Strength was the ruling tone in the
bottom market today and an upturn of
&bout IS a bale from the lowest came
without any indication Of much eXer-
lion on the part Of the bull leaders.
lThe trade is hearing lots of bad crop
news from various sections of the belt
and the reports of contrary character
by no means encourage the idea that
there will be anything but a low condi-
|tion for the last of the month. Plenty
of talk of a possible percentage of 20
or less from the government Is heard,
and 1t Is recalled that the lowest in
recent years was 70.2 in 1911, but that
was an improvement owe May %. 1t is
figured that even with weather turning
off favorable at once, a prospect which
as yet does not present itself, there
could be but little change for the bet
ter from the present condition during
the remaining l3 days of the period.
This was n Of the underlying bases
of strength in the market, for the
weather by no means appeared to be
settled.
Liverpool came better than due and
maintained the improvement until the
close, finals being steady and 10 to 35
points up. Private advices told of con-
ditions Sthat were satisfactory in mill
circles, but there Is at present but lit
tie buying of the actual over there be-
cause of the Whisuntide holidays. The
market will be closed tomorrow on that
account. Spots were marked off As
points, middling to 1920, with sales
1900 bales, including 1900 American.
Receipts were $4,000 bales, including
27,600 American.
Opening prices on this side failed to
give proper response to the strength
abroad. presumably because there was
thought to be better weather in the
belt, while the further reduction in
British consols caused a disturbed feel
ing as to foreign political developments.
October opened at 80. zoe, a decline OF rs
points, and before support improved
sold off as low as 80, Csc.
There came reports of pessimisttc
character from the belt, and the prom
Use was for more unsettled weather,
the scramble for goods inducing buying
by the professionals and the spot
crwod, so the rise soon got under real
Roadway.
Some map readers thought they saw
chance for another wet spell, which al
this juncture would prove disastrous In
many sections, and this helped to bring
fresh buying into the affair. The re-
suit of small loffers was a rise of 81
points for october, carrying 1t to 31.04c
after which some profits were accepted
The reaction in a short while had eX.
tended about 30 points, but sentiment
was by no mea bearish. Spot inter
ests were credited with having a par
in this upturn.
There was fair demand for the actual
but nm wires said it was chiefly FOL
staples and the better grades. Offer
ings were not large anywhere. Clear
ances are picking up some and sign
are that before the month passes ex
ports will lbe much larger. The week.
: statistics are expected to be NOR
bullish, but May consumption figure
are tipped to come rather bearish. Tht
trade at the moment, however, is giving
little concern to anything but crop de
Velopments. g.
Futures closed 2S to 60 points up, ton,
steady.
V New Orleans closed 13 to so point
higher, tone steady. Spots were up 8
points, middling to 3l.SSc, with sale
5000 bales.
Liverpool will be closed tomorrow an,
remain 30 until Monday.
In tho local market offerings continu
to Trait sales, the amount reported TO
the day being 1000 bales, with quota
lions unchanged, middling at 32c,