The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-09
COTTON MARKETS
Considerable Rain in Central
and Eastern Belt Causes
Fresh Buying Wave.

"N4AAN1NAa AANNA ANNH-H 49, Oh"
Rains fel lover a considerable portion
81 the central and eastern belts during
ne past "a hours, some OF them quite
aberal, and the bulls were given fresh
excuse for renewing their buying the
result being an uptuen which for "A
lime bid fair to carry prices to new
aigh levels. Willingness to accept prof
is on the bulges, however. checked the
Use and drought some reactions, but
he general tone Of the affair was in
aicatiYe Of abundant strength. The fact
hat the upward tendency prevailed in
grains and provisions and also ia Sc
surities more than likely helped in the
same tendency in cotton, for sentiment
apparently has not been 30 bullish for
several days on account of the better
weather. The rains over night were
not expected thus giving the bulls
good chance for running a lot OF the
shorts in.
From Liverpool came nothing partic-
llarly new regarding the strike situa-
ton, although one private cable eN-
pressed the belief that settlement would
ae had soon. Before the session closed
the list Of futures improved and finals
we're steady and from s to is points net
/ othe good, whereas unchanged to 7
tNWtT WAS tAptNNtus Inc iul Anti IT,
duction in sterling rates probably helped
TO enhAnsce the value of cotton already
on the other side. Spots were marked
off S points, middling to 20.07d, while
sales were 5000 bales, Receipts were
5000 bales, including AZ, 700 American,
At the opening prices in domestic
markets were up a few points and there
seemed to be little doing. The weather
map showed that considerable had been
FnNQtNad anpnR If n nng nARHRn and
this was the pretext for some buying
for Wall street and professional inter-
ests, for the trade Is very sensitive
TO crop damage.
There was demand from abroad also,
and prices worked higher without much
trouble. october opened at SO. 65 and
sold up to s4.16 before much check 10
the buying came.
There was q bearish private guess on
consumption in this country during
June. but this failed to get much no
tice, although expectation that the
weekly weather report would be favor
able helped to bring about q setback.
october sold back down to 1870, but
the weekly proved less bearish than
some looked for, while more details as
to rains showed that in Georgia and
South Carolina some very heavy ones
had been received. The weekly told OF
widened and increased activity by the
weevil, while the advancing tendency
prevailed In other speculative markets,
October sold up TO "A new high for there
is not much snap TO spots and the dis
position apparently IL not TO have a
runaway affair.
spot demand is rather limited, hui
there Is an expansion In export move
ment. Sterling exchange, however, waS
again lower, which mitigates against
buying by the exporters, so that the
outlook for those who want TO sell thelI
actual is not quite 80 good at the mo-
ment. The domestic Hpinners are buy
ing from hand to mouth and II remains
TO be seer how freely the foreigners
will buy when the emhRrgoes are lifted
II developed late in the session thai
one reason for the strength In the
early afternoon was the report thai
the Germans had ratified the, peace
treaty, which stimulated expectation o.
broadened demand very soon,
Futures closed 81 to so points up
tone firm.
New Orleans closed 50 to rs points
higher. tone steady. Spots were un
changed, middllng at S3,12c. with salel
1919 bales.
Liverpool is due to come . to l.
points up.
In the local market sales reported
were $50 bales and quotations were un,
changed. mlddling ut 81. 76c.