The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-04-29
COTTON MARKETS
Prices Bulge to New Highs,
But Liberal Profits Taken.
Good Rains in Texas.

q ..JNhtNN AFTER fANlNtNt AI.IN Hr.
Although LlNrrpce. this HorHunE DIET
not hold quite all her strength ot the
diy before, considerable impetus was
given 10 bullish feeling in the domestic
markets and prizes fnid ut new high
levels FOR the mrvPulvut Sentiment
appeared distinctly buiiish and support
came from the sahle old crowd, ull
there was plenty. Mltwil{t.Euess 10 ao-
cept profits and later IN The aJy the
market reacted 90 slightly under the
previous close. Trading WAS ot ID fairly
liberal scale but developments indicate
that a great many people are ui the
opinion that prices just now pretty
well approximate values and that the
d]iscouutiug process has begn ample
enough To Justify One caution.
The weather map showed that some
rains had fallen In Texas and okla
homa. and private adyicCs during the
day said that they were beneficial
which tended TO induce a. little fceiiug
Of be~arlshuess, as u WAS only "A Few
DAYS ago that one OF the reasons Of
tered for expecting higher prices was
the claim that those sections needed
moisture. Temperatures were about
normal. The indication this morning
was for some showers ia the central
and eastern belt, which most observers
think Will do good, provided they do
not prove too liberal and last too long
However, there was the suggestion
during the bullish fever that the week
ly summary tomorrow would read ia
Vorablo TO tho bulls, especially as IL
will tell OF the effect OF the cold spell.
Political news also struck an optt-
mistiC chord, for the reported adoption
OF the league OF natious cOmpast was
regarded as pointing 10 harmony, which
will probably hasten the coming Of
peace and smoothing out OF some tN-
isting differences.
Liverpool WAS not so lively IS she
was yesterday. but al first showed only
a. few points logs from last night .
finals. Private cables expressed the
view that the return Of Manchester
mills to operation after the fortnight
Of closing Town was ono occasion for
the Outbnlst Of strength, while some
covering around the end Of the month
was also a factor. Finals were quiet
and Z To ~ points net 20 the bad. The
spot department was fairly active, sales
being 1000 bales, including $500 Amer
lean, at an advance Of : points, good
middliug to 1881. Receipts were 1900
bales. but included only t,lUO American.
Trade accounts from over there were
encouraging,
First prices on this side were firm
and higher. due 10 good cables. favor
able political news, nruuess ana in
creased activity IN the goods markets
and to the fact that the dominant in
terests seemed TO favor the upward
side. There was much backing and
filling on the bulge, and the highest
poiuIs were recorded early, new July
touching % ,2lC after opening mt 27.i6c
and october 2J.h5c after opening at
20 SOC. The realizing ~ large Inter-
ests suggested caution, but the reac-
ton was Irregular and 1t was late In
the afternoon before gains were all lost.
July dipped to 26. Toe and October to
24.i9C, but seemed to get fairly good
support at the lower level aud recoy-
cred a little.
Spot adviees were encouraging, but
offerings nj some ]Centers were not
large. mus restricting volume OF sales.
several centers raised quotations a lit-
tie. Demand was reported coming from
many directions. but exporters taking
most of what was sold.
New contracts closed S points off to
% up, ton very steady.
New orleans new closed , to IA points
lower, old 3 points of to IS up, with
,pne steady. Spots were marked up
j. points, middling to ~ .75c, with sales
l,733 bales.
Liverpool should come 4 to II points
lower.
In the local market sales reported
were 5000 bales, but inquiry would
have taken more, II offers had been
made The large sales recently nave
cleaned the tables and sellers are moi
pushing their stuff so keenly, although
seemingly content 10 turn loose at cur.
rent levels. Quotations were raised 2,
points, middling to Est.