The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-08
COTTON MARKETS
Cables Worse Than Due, But
Fear of Too Much Rain in
Belt Helps as Offset.

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For some reason there was a very
disappointing showing In Liverpool this
morning, but general ain IN most Of
the cotton belt and = promise OF more
over the central and eastern sections
aroused fears Of interrupted planting
and cultivation n thus helped to off
set the other news. There was no OC-
casion for anxiety as TO h political
situation, but apparently the progress
made so far was regarded as having
been largely discounted, The market
acted as If II was merely going through
a process Of digesting some Of the rec
cent developments and was by no
means a weak affair. Bullish conf
dehee was about as strong as ever and
the reactionary disposition was con-
sidered conducive to the technical
health Of the market.
Liverpool was due 10 come around
a dozen points TO the bad, but at the
close stood 30 to So to the bad, with
tone called steady. There was little in
the news TO explain the weakness. ala
though one cable had II that the offer
of O 4s-hour week and Is per cent wage
advance was likely to be refused by
the operatives. This perhaps helped to
encourage liquidation, although the
beneficial rains reported yesterday In
the South may also have been an in
ducement to some pressure. Spots
were marked off 20 points, middling
to $3.50, with sales 1000 bales. in
Guiding 5000 American. Receipts were
but 10000 bales, none of II American.
Initial declines on this side were at
tributed to sympathy with the showing
abroad, although there was not at that
time full knowledge Of how much rain
had been received in the belt, July
opened at 26. 81, sold at $3.50 and then
recovered to 1884, only to react to 26.l5
when a fresh wave Of liquidation came.
October opened at 24.40, sold to 2t35
and then went up TO 24.61, later dip
ping TO 24,30. Private advices said
that Wall street and japanese interests
were doing some OF the selling, and
a little. Sentiment was reported to
be bullish and this was indicated by
the s%teadiness Of the affair n the
disposition later to improve moderately,
In the afternoon trading was small
and there was backing and filling with
out much change.
The rains were as a rule not needed
and in some sections interfered with
blowing and planting, but II WAS clear
ing in the western belt and there was
not any important buying merely on
the wet spell.
News from the spot markets was all
favorable. but business was still limited
by scarcity OF offerings. Clearances
for the day were fairly large, about
so, 000 bales and the total for the sea-
son to date is at least over 4,OOh, 600
bales, There continues a lack of suf-
ficient ocean freight room, but it is
expected this will be somewhat relieved
soon.
Futures closed / to IA points lower,
tone very steady.
New Orleans closed 6 points up to
2 down. tone steady. Spots marked
down 25 points. middling to 27,63C, with
sales 2,7SS bales.
Itverpool is due 10 come . points off
TO / up.
In the local mraket inquiry continues
continues goodN with preference for
anything having staple or pull. For
the day sales were 200 bales, with
quotations unchanged, mlddling at 2Sc.