The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-23
COTTON MARKETS
Gables Poor on Labor TrOu-
bleS, But Sharp Bulge This
Side and Reaction Later.


Because Of the strike in the Man
chester district, involving something
like 500, 200 workers. cables from Ltv-
erpool were worse than expected this
morning, but II failed to prevent an
early bulge ove here to new high
levels. The dominating influence in the
strength was that more rains fell In
various sections Of the belt over Sun
day and a low crop condition report
came, thus emphasizing the concern
felt as to the crop. Liverpool realiz-
ing was done on the bulge and prices
dipped to about previous closing level,
after which there were alternate waves
Of strength and weakness within a mar
row range, The general one of the
market was steady, for there Is little
disposition now TO take the bear side,
with the weather anything but settled
and the period for condition and acre
& reports Just ahead.
The peace table developments also
inspired some OF the firmness, although
such apparently had been pretty thor
oughly discounted by the rise OF the
past few days. Such news as came to-
day merely coincided with expectations,
Liverpool did not have a very lively
session, closing quiet and 6 to II points
net to the good. The big labor dis
turbance was not taken as seriously as
1t might have been. presumably be-
cause in well-lnformed quarters there
is a feeling that 1t will not last long.
for trade Is too good and profits too
large for the mills to consent TO a long
drawn out fight. However, It perhaps
helped restrict buying OF raw material,
for sales were only 5000 bales, includ-
ing $500 American. Receipts for the
day were rs 900 bales, including rs, 900
American.
Weather news was one Of the doml-
nant influences at the opening in the
domestic markets. There were some
liberal rains In the belt over Sunday,
adding to the bad conditions already
prevailing. Naturally such encouraged
some buying orders to be in hand at the
tart n the opening was firm and
about half a cent better than Satur.
days close. October was up AZ points
at $3.50, and on the call reached 80. 20
more than once.
This was a new high level and as the
weather map showed that part of the
rains and the technical position was
less strong, the distribution of sons
~uQuidating orders soon had the prices
BACK down to previous close. There
after the affair backed and filled, but
gradually became steadier and in the
the list seemed well supported,
From the spot department there came
out little news and business as a rule
was small. This was due as much to
iack Of offerings as to anything else.
Exports are still moderate and freight
agents say they are not booking very
much. There Is enough In the news
from the fields, however, to discour-
~ any bearish feeling on this account.
tGr Inc disposal Of the old crop Is get
n put little attention while every.
body is so concerned over what chSpcs
mere Is for the next one to be sui
1cient. Advices from the goods mar.
kets are still very bullish,
tone steady. ~ Up'
New Orleans closed 80 to 100 pojnts
up. tone steady. Spots were unclaimed
ddl 32,75c, with sales 1928 bales
Liverpool is due to come 6 to 4 points
In the local market sales were 4
oales n quotations were unchanged
middllng at 80. 50c.