The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-14
COTTON MARKETS
Gables Good as Due, But Re-
action Comes, Followed by
Sharp Squirt Later.
Monday afternoon, July u

NhNlANdN hAAEIAApNut July II.
Keeping up with the cotton market
today was a task. for 1t displayed a
tendency to be cratic. First there
were cables fully up to expectations,
which stimulated opening strength. then
came a dip OF about three quarters of
a cent, followed by a rush OF buying
which carried quotations up a cent.
The new high levels came without any
special effort, but buying power sub
sided at the advance and the dispo-
silton to be cautious again asserted it
self, thus checking the rise II II failed
70 bring about reaction of consequence.
n market continues TO act well and
there are none so bold as TO suggest
that sentiment is not bullish and prices
can be pushed wherever the crowd want
to.
Weather over the weekend was good,
there having been but, few showers,
which were light, n temperatures
were about normal. The sections which
a few days ago were beginning to howl
about them being too high for best
interests of the crop had them a little
cooler. The indications were for no
material change in weather, although
some thunderstorms were promised
some districts, The better weather was
also accompanied by some advices tell
ing OF crop improvement INC some
wires from points in Texas said the
weevil was being checked in his raw
ages; A private condition report show
ing loss of 3 Of one per cent up to
July 5 was received, but failed to be of
manifest influence.
Liverpool anne fully AS good as due
and held her strength to the close,
finals being steady and from IS to 6S
points net to the good. The foreigners
are evidently encouraged by prospects
Of larger business with the central OF
Europe, although some people on this
side thought they saw Significance in
a statement from the British board Of
trade regarding the necessity OF limit
ing imports to necessities, Spots were
marked up "a points, middling. to 21.2?c,
with sales 5000 bales, including 2,700
American. Receipts for the day were
%, 600 bales, including 81, 100 American.
First prices on this side were steady
because of good cables n some aC-
emulation of buying orders over the
weekend, helped by firmness in do
felt that demand for Germany is going
to increase right away. october opened
at 80. Acc, but there was some hedge
selling and liquidation, which carried
the price off to 34.7oc, which proved
bottom. Support improved and later
there was good buying for Western
account, which resulted in a rush of
prices above the previous highs in spite
of the expectation OF favorable weekly
on Wednesday and a bearish consump-
ton report at the opening tomorrow.
After October touched IS. re it dipped
slightly al l trading became less active.
There was less snap to spot demand
and some thought this helped check the
rise in futures, for the latter are get
ting over spots again. Exports are
running fairly large, but C~learances are
making slow inroads on the large
stocks.
Futures closed SS to So points up,
tone very steady.
New Orleans closed Is to 36 points
higher, lone steady. Spots were UNI
changed. middling 34.25c, with sales L.
621 bales.
points up.
In the local market sales reported
were 1000 bales and quotations we're
unchanged, middling at $500.