The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-17
COTTON MARKETS
Cables Better Than Due, But
Reaction This Side on In
proved Weather in Belt.
Tuesday Afternoon. Iuns l;

&SNNNsI AAkEAA ANOl 1uIIG Ii.
cables from Liverpool for some rea-
son surpassed expectations this morning
oy q goodly margin, but on this side
poor response was shown. II was quite
evident that the weather received DOM
lhant attention. As IL was favorable,
with q few exceptions, the bears had
4 moderate degree Of success. The re-
action extended a little more than 50 a
bale, but ran into supporting orders,
during the rest OF the session there
seemed to be plenty Of people willing
70 ABSORB offerings on the dips. The
srensun however, was negative rather
man positive, for there Is no doubt
some improvement taking place in the
cr2p condition just at this time.
Liverpool was due TO come to 2
points TO the good, but at the time Of
opening e here averaged nearly 80
up. There was presumably better feel
ing regarding peace, although a private
Saole later said that a large cotton fire
nao taken place in Liverpool and the
puylng was probably hedging opera
IONS on that account. The later decline
OF Sd In consols hardly fit In with
claims OF favorable political news. The
markst reacted some toward the close
finals were barely steady and s to
z points net to the good. Spots were
marked up 40 points. middling to Is. SGD,
Win sales 1000 bales. including 1900
american. Receipts were 5000 bales,
incindlng $500 American. Manchester
advised that cloths were hardening and
yarn business fair.
Favorable weather greeted the domes-
TIC traders, with q natural encourage
ment, TO more optimistic reports from
the fields, although there are still many
OF pessimistic character. There were
some more rains In the lower section
OF Texas and some scattered ones in
the eastern belt, but most OF the belt
was dry, and warm, favorable condi-
lions. The outlook was for generally
settled weather and continued warm,
Opening. prices were but little
changed from the previous close, de-
spite the better cables than due. Octo-
Per was SO,6Oc, but soon sold up to
SO.72c, the days highest. There con-
tinued to be a reactionary tendency in
stocks and money was stiff and high,
which encouraged easiness in cotton,
Octooer sold down as low as 30. 05c. but
mere was better support at the decline
n FEAR OF the coming condition and
acreage reports tended to discourage
fresh pressure. The recovery did not
get FAR, however, about half way to
the previous close. Then came some
backing and filling and restricted
trading.
The weekly summary tomorrow is ex-
psected to be rather bullish, although
tne favorable conditions of the past few
days may make more impression than
some expect; This is one explanation
for the reactionary tendency displayed
today.
In the spot department business con-
tinues light and there Is not much being
cleared, although receipts at portsNare
rather liberal, pointing to large clear
ances soon. Quotations as a rule were
crate.
Futures closed "a to AZ points off,
tone steady. "
New Orleans closed 50 to IS points
lower, tone steady. Spots were marked
down 2b points, middllng to 3l.3Sc, with
sales 1921 bales.
lower. ~
In the local market sales were 900
bales and quotations unchanged, mid
ding 80. 00c.