The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-13
COTTON MARKETS
arket Steady Early, But
WeakenS Later, on Better
Weather and,LeSS Support

rEiody AFTERNOON, June IL.
S~teadiress prevailed in the early part
the market and a moderate upturn
ssulted, prices going to the top level
4pr the week In some instances, but
Improved weather and a feeling that
ne bad ncws for the time being had
zen pretty thoroughly discounted en-
outraged some liquidation. This was
Ac~centuated by some rather %disconcert-
lng news from labor circles on both
8ides OF the water and by a. reactionary
tendency in stocks, the latter attributed
70 tightening of money rates and to
Xurther easiness in British %consols, the
government security, The ~shake-down
farried prices off nearly 100 points for
he more active positions, when fresh
snpport developed.
Sentiment was rather confused, but
Home OF the buying was put down 10
5he credit of large spot interests, who
nave so often taken the lead in up
turns. There is nothing yet to suggest
That the hysteria in goods demand is
At an end and prices continue firm.
The serious Gripping of the crop put
look, much of it past being overcome,
according 10 wise people, and the
chances of unusual inroads by the Vice.
vii a little later discouraged sellers.
There were some wires during the day
from Texas to the effect that indica-
tions were for more weevil than for five
years, and 1t is recognized that condi-
ions are very favorable for the pest
/ elsewhere.
The weather map showed up better
than some expected, the only rains be-
ing moderate ones east of the river,
where as a rule they can be had with
the least injurious effect. There was
better PROJECT for the wet spell pass
ing, although official forecast called for
soma showers in the nnCtarn halt and
part of the central. However, the trade
as a whole tool an optimistic view of
the outlook n hat encouraged some
of the pressure.
The market opened with October 5
points off, at 30,85, but in a short while
It sold up to 81. IS. The buying was led
by spot people. When the tide turned
there was a moderate setback, Their a
recovery, but later a dip which carried
the option to $3.50. Later in the after
noon there was an upturn to 1898, but
again offerings increased.
The census report on May consump-
ton is scheduled for tomorrow morning
and is expected to come rather bearish,
4 but at the moment the trade seems to
be giving more thought to future prom
ises than to what has taken place. The
weekly statistics again made a bearish
4 showing, but export movement Is pick
ing up indications are that it will
continue to do so.
A private semimonthly condition re-
port, giving percentage at 1T, which
compares with its previous one of 75.6,
attracted some attention early and
helped in the upturn. Traders are al
&ready beginning to figure on what the
probabilities are for the next bureau
report, as well as the probable figures
Ron acreage. 1t is the theory of many
kthat reduction will, because of aban=
donment of acreage, be fully Is per cent
or better. This serves to discourage
selling, as well as sustains confidence
among. the holders of the unsold por-
ton of the crop.
Futures closed Q points off to 10
Sbigher, tone steady.
New Orleans closed 8 points off to
"a down. tone steady. Spots were un-
changed, middling 31,SSc, with sales
2,075 bales.
In the local market sales were $500
bales, making $500 for the week. Quo
tations were unchanged, middling at
&c.
Estimated unsold stock in the hands
of factors is 100000 bales, compared
with 1900 last year and 60, 900 in 1917.
Linters in stock are ST. 900 bales,
compared with 166, 900 last year and S4,-
900 in 1917.