The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-05
COTTON MARKETS
Cables Much Better Than Due,
But Improved Weather
Encourages Liquidation
Thursday afternoon. June 5.

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For some reason. which did not re-
ceive satisfactory explanation, there
wal a much better showing at Liver
pool during the early part OF the ses-
sion there than expected, but 1t re-
cetved scant response In the American
speculative centers. Improved weather
in the belt and indications that there
may be a spell Of settled conditions evil
IDENTIFY received most attention and IN
duced considerable liquidation. The
result was a reaction Of about 70 a
bale and a sharp downturn in Liver
pool before her close, The market was
apparently in an indecisive mood today,
but the reaction crowd a little more
confident.
Weather conditions were more favor
able than thoy have been in a long
lime. The map showed that the wet
spell was rapidly passing out 70 the
east and that fair was following, with
temperatures tending toward normal.
Barometric pressures we've not sugges-
tive OF fresh unsettlement, and natural
ly this turned the trades attention to
the chances Of overcoming the effects
Of the prolonged wet period. There
was no disposition to question the seri-
ousness OF the situation resulting from
the weather, u pessiTnistic views were
not so mu h to the fore and some ad-
vices came telling Of probabilities OF
the eron aspect being quite different
II the open, warm weather continues
for a time. Moreover, II was telt ny
many observers that the bull side had
been pretty well exhausted and it would
now require constant support to over
come the natural tendency Of values
10 recede with more optimistic advices
as to the crop. In short, the technical
position Was not favorable TO further
rise at the moment,
Reports from the dry goods markets
continued 70 tell Of scarcity of offer
iDgs and Of advancing prices, but this
was , explained IN part, according TO
some, by the limited output because OF
insufficient labor which also suSgsstea
that consumption was likewise. being
restricted. However, there was good
support at times during the day by spot
people and some calling on contracts
was reported.
Liverpool for a time after her OPEN
ing wal around 81 points sterling bet
ter than due. Before closing however,
the list saggcd until finals were IL 70
90 points TO the bad, with tone called
easy. Spots were off So points, mid
cling to ls.05d, and sales were smaller
than they have been, 5000 bales chang
ing hands. including $500 American.
Receipts for the day were 1900 bales
including $500.
Al the opening October in New York
was up 25 points, but July was the
same as previous close. october start
ed at 2a.75, touched 29,S and then
gradually sold off to 2S.7b, which was
a drop from the extreme high of 34b
points. Weather and less snap to spot
demand, with some manipulative efforts
on the part Of professionals, were domi.
nant influences, but on the decline good
buying developed. The upturn was not
much, however, and for a time backing
and filling featured trading. In the late
afternoon October worked up to 2S,ls,
but again met selling orders and re-
acted slightly.
There was nothing OF much Inn
portanoe from the spot department, al.
though less activity is being shown and
buyers report the spinners doing bu!
little. The exports are still limited and
statistics are bearish, which TENDS "a
discourage buying a BIZ.
Futures closed Al TO 2S points OIL
tone steady.
New Orleans closed 45 to 6S points
lower, tone steady, Spots were marked
off .25. points. middling to 3l.75c. Will
sales 2,9T0 bales.
Liverpool is due to como 4 to 7 points
lower.
In the local market there Is not The
same snap about demand. but holders
are reported to be showing no anxiety
and are firm in their ideas Of value
The big business of the past few week.
has taken a lot of the unsold stuff of
the market and those who own the res
are very independent. For the da.
sales were 600 bales and quotation
were UNCHANGED, middling 32c.