The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-24
COTTON MARKETS
Cables Good and Weather Bad
But Considerable Liquida-
tion-PeaCe Discounted.
Tuesday Afternoon, June q.

- AAEEQaA AANCEAibDNs june -.
Gables from Liverpool were good to-
day, while the weather in the belt as
a whole was unfavorable, yet the speCu-
lative market had a lot of liquidation
to absorb. The result of this was that
the affair failed to go through the highs
Of yesterday and some observers were
Of the opinion that the affair was suf-
tertng from fatigue and a weakened
technical condition. One Of the favorite
excuses for the liquidation and some
professional selling was that the prac-
teal coming of peace had been dis
counted. The reactionary disposition
shown in stocks and In the grain and
provisions market was attributed to
this same thing, and probably there
was ample basis for the theory. That
the market was made healthier by the
way II acted was not doubted and those
who were bullish on cotton suffered no
pangs of fear or uneasiness as to the
price level goying materially higher
later.
Liverpool early advices did not tell
anything about the Manchester strike
having been adjusted, but the action Of
the market suggested that 1t was either
about done or II vas expected 1t would
be soon, while some private informa-
ton said 1t had been. The list was
sharply higher than due in the early
trading and most OF the gains were held
~EAN ~ NACtNn NAS AACN AAAAA0AAAAAk A1lCA-
ular at an advance of % to 5 points. In
the spot department business was light,
only 5000 bales changing hands, quota
lions marked up 49 points, middling to
20.24d. Receipts for the day were 19, 900
bales, including 1900 American,
There was not much change from
the previous close in first prices in New
York, but New Orleans was up
thing like a quarter of a cent. Evidently
the notion that the peace news had been
discounted prevailed, for there was but
little demand and from Wall street
sources there came considerable vol
ume Of offerings. The report OF con-
siderable rains In the belt gave a tenn
porary boost to prices and October, af-
ter opening at S2,5oc, sold up 32.63c,
but there was then a dip to Slice, or
practically 100 points from yesterdays
stop. The weather and crop news
failed to get traders attention while
this l~iquidating wave was on.
The recovery from the bottom came
quickly, but there was lacking any snap
to the buying and much backing and
filling followed. Above 32 cents buying
Jagged, while there was not much will
ingness to sell, for 1t was recognized
that the crop was not faring well and
the condition reports are likely to con
firm even some OF the most radical re-
ports.
The weekly summary of weather to-
morrow is expected to be bullish, al
though there are some sections which
are not faring 80 badly. The private
reports are expected to come freely
within the next few days, as tomorrow
is the last day to be included in the
July report. Not only are the continued
showers increasing the necessity for
abandoning fields, but they are ideal
for the spread Of the weevil, which Is
likely to take an unusual toll because
of their number and the lateness Of
the crop.
In the spot department business con-
tinues rather light, but independence Of
holders is as much responsible as any
thing else. Exports continue moderate,
but they are expected to increase rapid
ly soon.
Futures closed 8 to IL points off, tone
steady.
New Orleans closed 2 to II points off,
tone steady. Spots were marked off rs
points, middling to 80, SOC.
Liverpool Is due to come q to 30
points up.
In the local market quotations re-
manned the same, middling at 80, SOC,
with sales 1000 bales.