The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-09
COTTON MARKETS
More Rains Start Fresh Buy
ing Wave and Market Up
Over $40 From Saturday
Monday Afternoon, June 9

More rains in the belt over the week
M n promise Of others to follow,
supplied occasion for a fresh buying
wave todayin a market which had been
well ~liquidated and was in shape tech
nically for an upturn. The ease with
which It came merely reflects the gen
eral underlying strength of the affair
and the danger of getting bearish while
there is still so much to be done bring
crop conditions up from where the
prolonged unfavorable spell left it.
Prices In the afternoon reached levels
more than $40 a bale from the lows Of
Saturday, and the going apparently
was god for the bulls at the higher
level. The October position sold as
high as 1850, while it was down to
27.52c shortly after the opening Satur-
day, a rise OF 244 points. or course
the weather news was not sufficient
reason for a change so radical, but the
technical position was conducive to
bullish success.
The buying was led by a few people,
conspicuous among whom were large
spot interests, while traders generally
of the weather.
Rains were received during the past
"A hours in Texas and in other scat
tered sections, while the promise
seemed favorable for more. The off
cial forecast was for showers in many
sections, and the trade is not in a hu-
NOR TO take any chances. Time has
been insufficient to accomplish much
IN the way of cleaning crops and the
additional rains, rather liberal in some
sections, merely ~aggravate a situation
already bad. 1t gave rise to fresh com
plants OF grassy fields and of boil
weevil. 1t also pointed to a bullish
weekly summary Wednesday.
There was no foreign market, and
VIII be none for the rest of the week,
so, domestic Traders had only them
serves to supply activity. Some thought
the course of political developments
abroad was more encouraging and this
was reason for taking the long side of
the market. The weekly trade reviews
were also regarded as favorable to that
stde and some of the support came
from people who were watching the dry
goods markets, where prices are said
10 be higher than they were one week
ago and demand Is good.
October opend 25 points IN. at %. Soc.
but there was some little pressure,
some wires crediting the South with
selling. h weather news, however.
began to come in and on the promise
OF more rains buyers became plentiful
ana offerings scarce. Around zoe for
october considerable profit taking was
done. but after a little while offerings
around that level were absorbed and
later buyers had to pay more. Stop
loss orders were uncovered and certain
large interests were credited with buy
ing freely, the result being the sharp
upturn, which carried October to 29.9Gc
IN the afternoon. That was a rise from
the early low of III points, but sellers
az the top were not any too plentiful
being chiefly realizers,
In the spot department there was not
much business, as holders were offer.
ing but little, while those who had or
-ders were slow to get their ideas OF
value up in proportion with the rise
IN futures. New Orleans sold 1.27;
bales at a rise of 20 points, middling tc
'31.25c. ~
During the final half hour prices went
higher than ever, most Of the options
going to the 200-point limit for one day
Futures closed 1856 to 200 points
higher, toni strong.
New Orleans closed 200 points up
tone steady.
In the local market sales were 90(
bales and quotations were unchanged
middling at 31.5Oc.