The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-12
COTTON MARKETS
Cables Come Poor. But Un-
favorable Weather in Belt
Causes Further Strength.

Monday afternoon. May IL.
Fears OF the wet spell in the belt
are increasing and the market today
experienced a fairly good rise as a re-
suit Of the rains and promise Of more
TO come. There was good demand for
the actual and some large sales reported
which also further aroused concern
among the shorts, Marked strength
in the stock and grain markets. re-
necting the spread 81 optimism. also
contributed 10 the underlying tirmness
in cotton,
There was nothing OF startling char
acter In Weekend news from the peace
situation, although some few people
were disposed to be a little perturbed
because the Germans are making such
a howl over the terms. The prevailing
sentiment abroad, however, seems 10
be that they will finally march up and
affix their signatures to the document,
seeing that they have no other re-
course. This may or may not have
had to do with the poor showing IN
Liverpool,
The foreign market was due to come
at a moderat advance. but in the early
part of the session the showing a
much below expectations. Just why
was left TO guesswork, but before no
close a little improvement came. only
30 be lost. Finals were steady and the
list 10 to 10 points to the bad. There
was an upturn Of II points In the spot
department, middling at II 2td, with
sales 5000 bales, including 400 Amer
lean. Receipts were 5000 bales, In
Guiding only 900 American. II vas
thought by some hat hedging in the
foreign market against purchases on
this side may have been a factor in
the weakness, although others SuB
gested that perhaps the prospect OF
more shipping room soon may have
helped some.
Opening prices in New York were
lower, rejecting the showing at Liver
pool, but d%isregarding the weather news <.
New Orleans opened at practically the
same level as Saturday E close, July in
New York was off II points, at Is, 2Oc,
hut after touching 26,65c on the call
started to improve, while October
opened Il points off. at 24,90c, touched
five points lower and then improved
Trading was somewhat irregular and
mixed for a time. but there was little
pressure and on the dips offerings were
absorbed. Trading was not heavy and
tho professional element did little, but
later in the day as more Information
came regarding weather and spots,
there was enhancement Of values. JULY
sold In the afternoon as high as 26,93C,
while October reached 2b. 23c. There was
lNttle display of weakness at the higher
lIeve. but buyers were not aggressive.
inc Weatner map showed lldl FhlllS
rwero liberal in most OF Texas and Ok
FSahoma. while they had reached the
1sutEal belt early this morning and
seemed destined to spread over the en-
tire central and eastern belt. TEN p
fperatures, while not very low, we're not
Favorable and there was fear of the
crops start being further delayed. II
was by no means a pleasing outlook
20 tho bear crowd and the weekly sum
mary was practically assured TO come
bullish. The Forecast promised more
rain from the eastern section of the
western belt and thence TO the At
lantic, with some cooler,
Spots were active in some Ccntefs and
offerings we're being snapped NY. Trade
accounts In this country are favorable
and there seems reasonable assurance
that spinners will buy more freely. and
some OF them are already doing IT
In New Orleans sales reported were
6tb75 bales, at an advance of Is points
in quotations, middling TO 27.SSc. The
low grades are still In favor.
Futures closed to IL points UP, toni
steady.
New Orleans closed it to 2s points
up, tone steady,
Liverpool is due to come 4 to s points
higher.
In the local market inquiry continue,
good, but holders are not pressing theil
stuff for sale. They feel confident o
getting their own prices. Sales report
ed for the day were 1900 bales u,
quotations were unchanged, middlin
at rs cents,