The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-10-16
COTTON Markets
Cables Good, Weather Bad,
But More Disposition to AC-
Cept Some Profits.
Thursday Atternoon. oct. ls

Cables came good again today and
there was q lot in the, weathers news
which was not favorable, but after
prices had a strong opening and worked
moderately higher more willingness to
accept profits was displayed. This con-
dnued Internationally during the day and
caused changes to be cratic within a
moderate range. but at no time was
there Indications Of weakness OF con-
sequence, sentiment remaining bulIish
for q long pull, largely because Of the
nrmness in the spot department. About
the only basis for the profit taking was
, FEELING that perhops the market was
not 90 strong technically after such q
sustained rise, amounting to something
Ike $50 a bale, and it was better policy
10 be conservative.
The map showed that rain was fall
Ing In Texas early, while later private
reports said II was stil doing so, with
the state in the grasp Of a "norther."
n wire said 1t was sleeting, but this
was not confirmed, Indications were
for temperatures to drop rather sarply,
but they did not seem destined to go
low enough to do more than bring light
most In the northeastern section. How
ever, the conditions reported were very
favorable, Rains and colder were prom
lsed for the upper part of the rest of
the belt, but the fact that the wave
might bring relief from the rains tend
ed to discourage active buying, for there
seems small prospect OF frost at this
time.
Liverpool was much better than due,
being up some in the early session in
stead Of about 16 points to the bad.
There was evidence Of continued scram-.
BILE for the raw material over there,
Indicated by the tendency of the near
positions widening differences compared
with the later. At the finish the list
was quiet but steady and from two to
% points to the bad, which was a mod
crate recession from the top level of
the day. Spots were marked off %
points, middling to 22.11d, with sales
1900 bales, including $500 American.
Imports for the day were 1900 bales,
all American.
At the opening prices OF the near po-
Bitions were sharply higher. rejecting
the conditions in the spot department,
october was up 50 points to 34.S0c- and
December was up IS to 1850 in New
York, while January was up 56 to 34.40c.
Hedge selling n some realizing on the
bulge brought a recation and December
dipped to 34.27c, but later on recover
followed when trade interests gave sup
port n offerings subsidized. There
was some effort to bring about a break,
but the influences were nearly all IA
Vorable TO holding values or them going
higher, Late in the afternoon more
selling was noted as there seemed less
disposition to work for a higher level.
A wire from the eastern belt said de-
mand was less urgent apparently and
basis wa disposed to weaken a little,
but New Orleans reported that business
there was being done at better than
yesterdays quotations.
December. sold off to S4.20c a short
while before the close, but trading was
not very active.
The spot news Is being closely
watched and there seems just as urgent
demand as ever for the better grades
and staples. Holders are selling them
at their W prices. The supply Is lin.
tied n the character of weather is
making 1t out of the question for any
increase. The coming ginning report,
due on Oct 25 to show what will be
turned out to Oct. IS, is expected to be
very bullish, while there Is some prom.
Use of a supplementary condition report
to show as of Oct. 25, the lower house
of congress today having adopted a
resolution calling for such.
Futures closed IS to 5 points up,
tone firm.
New Orleans closed IS to 10 points
higher, tone very steady. Spots were
up rs points, middling at 35, 25c, and
sales were 5,673 bales.
Liverpool is due to come l to 2 points
higher,
In the local market sales were $500
bales and quotations were up so points
middling. to sec.