The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-11
COTTON MARKETS
MARKET Sharply ReaCtiOnaty
Early, But Receivers Later.
Weather Unsettled.
Wednesday Afternoon, June /

'~NNeNAt nv AACtAp JuAAE IL.
Several factors Contributed to the re-
dictionary tendency of the market dur
lng the early partof the session and
the break of about SIS a bale was due
To unW1llingness of those who We're
publish to offer resistance for the time
being. There was selling from the belt
on what some called better weather
conditions, while others were impressed
by the r~eactionary tendency in the
stock market, which in turn was cred
tied in a measure to moves against the
speculative mania by the banking In
~terests. Still others did not like the
tenor of advices from the other side
as to progress toward peace. Moreover,
the technical position was not favor
able to an advance, although yester-
days break helped that some.
Liverpool was much above eXpecta-
tions early, but later receded and then
displayed anything but strength. Finals
were easy and net declines 62 to SO
Oints, whereas Is to 8 were due. Pri-
ate cables said the continent still was
Pbsorbing offerings, but there was some
hedging against the actual. 1t was
thought probable hat the political news
WAS a factor in the setback, for British
consols were weaker and lower. Spot
sales were 1000 bales, including $500
s9american, and quotations off 2 points,
middIng to l9.87d. Receipts for the day
were q 900 bales, including 10, 700 Amer
lean.
At the opening on this side prices
were moderately lower, but there was
little indication of support, The threat
ened wire tieup over the country was
unsettling as an influence. while the
map showed that rains during the past
"a hours had not been general and as
a rule were light. This brought some
selling from those sections which ap-
parently were going to have another
chance to get busy clearing the crops.
October opened at 80. so, sold up to
1880 and then the reaction set in,
Not much decline came until the
weekly weather summary came better
than expected, encouraging consider
able liquidation. The option dropped
to 30. IS, a dip of IS points from the
early high, but there was good sup
port at the lower level and slow i'm
There continued to come many pes
simistic reports as to conditions and
the semimonthly percentage figure
from n authority was placed at s.
with considerable acreage abandon
ment. Later another one placed con
for cloudy in the western belt and
generally fair in east tomorrow, but
there seemed good reason for expect.
ing another wet area to move into thu
belt before the weekend and this prob
ably helped in the recovery.
There were some reports from Texas
of better spot demand and clearance'
for the day were fairly large, bring
ing the total so far this week to 1900
bales. October in the later Afternoon
sold back up to 3O.45, which was 81
points over the bottom and the ris,
vas attributed in a measure to disap,
pqintment that the decline had not gon'
Ihther.
Because crippled wire service spo
and movement information was incom.
plete, but in New Orleans sales o
3, 449 bales were made at a decline o
rs points, middling to 31.5Oc.
Futures closed 7 points up to q
9wer, tone very steady.
s New Orleans closed II to "a point
off, tone steady.
Liverpool is due to come II to 2
points up.
In the local markets sales reporte,
were $500 bales and quotations wer
unchanged, middling at acc.