The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-10
COTTON MARKETS
Thursday Afternoon, July 10.

thursday Afternoon july H.
Strong cables from Liverpool fea-
tured the market today and supplied
one Of the incentives for a higher level
on this side, new high marks for the
season being recorded, but there was
considerable disposition to accept prof
its on the bulge and by midafternoon
practically all the gains had been swept
aside. Trading was fairly active and
sentiment continued pretty much the
same, although buyers were not so ag-
gressive on the bulge.
The ratification Of the peace treaty
by the Germans, news of which reached
the domestic markets Just before the
close yesterday, supplied one Of the in
centives for the firmness this morning
in Liverpool, for it meant that doubt
was removed n the lifting Of embar-
goes would soon be an actually. An
other factor in the foreign strength
was the information that a settlement
had been effected in the Manchester
sdistrict and the operatives would re-
sumo work next Monday on a 4S-hour
a week basis at 80 per cent advance in
wages. This induced considerable ac-
tivity on the buying side.
Liverpool was due to come Q to IL
points up, but finished steady at net
gains of 80 to 81 points, nears being
, stronger than the distant, The fact
that the exchange situation is still
weak and unsettled naturally gave add
ed value to the cotton on the other
{ side and made near months stronger
relatively than the distant. Spot quo
tations were marked UP SO points, mid
ding to Gid, while sales were 1000
bales, including 5000 American. Moth
ing was received.
First prices on this side were firm
and higher, responding to cables, to ad-
ditional rains in the belt, to firmness
in the goods market and higher prices
and to the general disposition to play
for higher levels in all directions, Oc-
tober opened at S4.75c, a rise over night
of So points, touched 34.60c and then
rose to 4,S5c, the top for the day.
There was lots of profit taking on the
bulge, but the list held wonderfully
steady and not much reaction took
place until in the afternoon, it being
helped by an apparent exhaustion of the
bull support for the moment and by
rumors that a private statistical bu-
reau was coming out with bearish fig
ures on the midmonth crop condition,
although no percentage was made pub
lie. Under the impetus of this and
other influences October receded to
3430c, but seemed to be well absorbed
around that level.
The weather map showed some ad-
ditional rains in the central and east
ern belt, but as a rule the belt was
faring well. The forecast promised fair
for the western and part of the cen
trail belt, but elsewhere more scattered
showers. Because of the rising feal
OF the weeyil such an outlook was EN-
encouraging to the bulls. Advices as
to the weevil are coming bullish, al
though the trade appears disposed tc
discount this gradually.
Spot demand continues good for Ger.
tain kinds Of cotton and quotations
were elevated at some centers today
but the sort which is so plentiful
moves slowly and there is still more OF
less disappointment at the amount be.
" ing exported. Bulls, however, are bas,
q ing most Of their activity on what tn,
future apparently holds for them, FOL
! they believe that demand will improv,
soon and that materially higher price!
are in store.
Futures closed II to 25 points up, ton,
steady.
New Orleans closed % to 7 points I'D
tone steady, Spots were madked up s
points, middling to SAC.
Liverpool is due to come II to 4
points off.
In the local market sales reported
were 1,4O0 bales and quotations wer
lett the same, middling at S2.75c.