The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-16
COTTON MARKETS.
Cables Poor and Some Heavy
Rains in Texas, But
Weather Is Favorable.

mOnQAy Afternoon. June 10.
Influences in the cotton market to-
day were somewhat mixed and one re-
suit was an uncertainty OF price trend,
with net changes not very much. Liv.
erpoOl resumed business after her holi-
day n was quite disappointing. Some
attributed this weakness, for prices
were sharply lower than expected, TO
lower freights, while others thought
perhaps It was a reflection Of some
anxiety about the peace situation. The
effect Of the weakness on the domestic
markets was not important and the for
eign list improved before the close and
finished steady and from / to "a points
proximated what was due. There was
a reduction Of 20 points in spots, mid
ding to 10 22d, with sales 5000 bales,
including $500 American. Receipts for
the day were 5000 bales.
The weather was given attention on
this side, and 1t was encouraging In
that 1t showed no rains outside a linz
tied district in the gulf a section
OF Texas. The precipitation was heavy
down around Houston n Galveston,
but elsewhere conditions were excellent,
temperatures being high and clear skies
being plentiful. There was still a slight
basis for expecting some further un.
settlement, but not sufficient to occa-
sion much support to prices based on
that. Taking the belt as a whole, the
prospect was for more settled condi-
tons, which naturally encouraged hope
Of some better crop accounts.
The market is concerned over how
much acreage will have to be aban-
doned. Some reports are coming very
bad, and perhaps are based on facts,
but there are other districts which are
not in such bad condition, and the prob
abilities are that If the weather stays
settled now there will be a more hope
full feeling.
At the opening prices were off a
little, although in New Orleans first
prices for fall months were higher Oh
the rains in Texas. New York DC
tober opened IS points off. at a0.4O,
dipped to 1925 and then when spot
interests and a few others began to
absorb offerings shot up to S0.sb. There
was little news to occasion the rise,
except hat the undertone of the af-
fair was still full of strength n dam
age 10 the crop had been too extensive
to be overcome right off. But high
together with favorable weather and q
report that the Germans had announced
they would not sign the peace terms
handed them today encouraged some
realizing and a dip almost to the early
low followed. There was, however, no
disposition to sell much and recovery
followed, the list keeping near the previ-
GUS close for fall position. One feature
developing was that July was losing
some Of It's premium in New York, but
there vas little explanation as to what
caused it. The placing in effect Of
higher brokerage rates in New York
did not apparently have any effect on
volume Of business, but some think 1t
| will tend to lesson trading and thus
narrow the market slightly.
From the spot department cane little
that was new, but some fairly large
business was put through in some of
the c~enters. The statistical position
continues bearish. but traders seem to
think this will soon change and that
exports will become much larger.
Futures closed . to 10 points up, tone
steady.
New Orleans closed 3 points off to 10
up, tone steady. Spots were 20 points
off, middling at 3l.63c, with sale 1886
bales.
Liverpool is due to come s to
points up,
In the local market sales were 625
bales and quotations unchanged, mid
ding at 32c.