The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-21
COTTON Markets
Much Liquidation in Evidence,
But Moderate Reaction. y
Weekly Not Bad as Due,

~NANNl atblls MAY 81
Not so much bullish activity was dis
played IN the market today and a lot of
LIQUIDATION was in evidence. yet the un-
DERIVING tone a steady and the reac-
onadid not 60 far before the same old
crowd supplied support. The affair
was not a large one and sentiment was
a DIT more confused with the idea that
the rise has gone far enough to dis
count The bad crop news and that
which Is favorable from the peace con
ference getting more attention than for
some days. However. the activity in
spots SHOWS no sign yet of Diminishing
ana quotations as a rule today were
unchansed to somewhat higher. Trade
accounts are still favorable and scarcity
OF sellers is suggestive that the bull
crowd SUN have a big following.
Inc weekly weather read
oetter than expected, although 1t Mad
plenty IN II to encourage bullish ideas,
iIs oearlshness was chiefly in its fail
ure 10 be as bullish as expected. The
bad spots were still regarding condi-
lions IN the western and part OF the
central belt. AS a market factor for
the day 1t proved barren of much re-
sun, as Is usually the case with these
The weather map this morning WAS
hardly encouraging to the bears, how
ever, for 1t showed temperatures in the
beit from 10 to IA degrees below nor
maj, being not far above frost level in
some sections of the west. There were
rev rains during the past "a hours and
tne forecast called for fair and slightly
warmer as a rule, but traders could not
get up their courage enough thereon
10 go against the current. Complaints
are coming from many directions and
me cool wave now prevailing viii not
ne taken into account in the summary
until nest week.
Liverpool did not come quite as good
as due, There was considerable liqui-
datlon, but private cables said trade in
%terests absorbed it and fluctuations
We're comparatively narrow. Finals
We're barely steady and 80 to 30 points
net to the rood. Spots were marked up
~, points, middling to lS.44d, with
sales 10000 bales, but included only 500
American. Receipts for the day were
3,g00 bales, all American,
First prices on this side were off a
Few points, partially rejecting the dis
appointing cables, but also due to the
fact that the weather map appeared
more favorable to settled weather. July
opened at 800, sold up to 1886 and
then reacted when liquidation came
from several directions. October opened
at 21,Sb, receded slightly and then
worked up to 2S.l0 before starting
NtN 5"A lAN wv w II " al wv lllA
extended to 27.6S, and support was Civ
en- by the spot interests, after which
another reaction came, this time to
21.6S, followed by another squirt. A
while before the close the option was
back up to 1886 and pressure was lin
tied. e."
From the spot department came but
little news that was of fresh Importance,
New Orleans elevated quotations rs
points, middllng to 29.SSc, with sales
5,323 bales. Advices from Texas were
rather mixed as to spots, but the edge
appeared tire demand out there. One
wire from Houston said the basis was
some lower, while another said that
quotations were some higher in the
early part Of the day, Exports con-
tinue light, but the bulls appear to be
working on the idea that they will soon
Increase and that the buying being
done now is for the needs Of Europe
and that 1t will be moved out later,
The peace news was not much of a
factor today.
Futures closed 81 to IS points off,
tone steady.
New Orleans closed 35 to 2S points
lower, tom barely steady.
Liverpool is due to come l to 8 points
higher.
y In the local market sales were 2,60C
bales and quotations were unchanged
middling at 29c.