The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-05-27
COTTON Markets
Weather Unsettled, But Mar
ket Has Moderate Reaction.
Bulls DOING Little.
Tuesday Atternoon. May 81.

. EAAhAA AA11AAH NA8E y
After the sensational rise Of the past
several days the logical thing to expect
today was a reaction, especially as
there was q slight Improvement IN the
weather. The extent Of the setback,
however, was rather Disappointing 70
the wise ones Ind seemed to reflect a
lot OF underlying strength. More than
likely the fact that the weather map
continued to show prevalence Of unset
tied conditions and gave reasonable
assurance Of more showers discouraged
many traders from taking the short
side,
AT the low level reached shortly az
ter midday the October position IN New
York WAS 100 points under yesterdays
top, which was quite q moderate re-
action for a market SO heavily long
There were stop-loas orders uncovered,
but a fairly good absorptive capacity
and the fact that the bull leaders were
credited with letting the affair take
care of itself indicated that many out
siders are embarrassed win bulllsn
feeling and no doubt jock many Of the
Liverpool was due TO come Is to 81
! points to h good, but failed 80 do
quite that well. The disposition TO ae-
cept some profits prevailed over there
and as session wore on there seemed
considerable volume of IL. Finals were
irregular and from 5 points 10 the bad
TO ~ TO the good. Spots were marked
up 80 points, middllng to 20.a2d, with
sales 10000 bales, Including b 400
American. Manchester's report was
bullish, cloth demand being called good
and yarns reported strong.
Opening on this side was al a decline
OF 10 on July n "a points on october.
The weather map was hardly as bad as
some expected and the reaction idea
was widespread. Offerings were rath.
err liberal for a time and July sold down
to 31.70e and October to Slc, but there
developed pretty good buying, some Of
IL credited to the Western crowd. The
upturn did not so far, however, before
fresh offerings met a limited buying
power. The next dip extended to Si.ASo
for July and s0.60c for October, after
which a fairly good demand prevailed
and some Improvement followed.
The market was influenced IN a
measure by the speech Of a prominent
New York banker Just returned from
Europe, in which he emphasized the
economic conditions an Europe and said
1t was vital that the United States pro-
vide enormous credits for purposes Of
rehabilitation, The speech was regard
ed as somewhat bearish and was con-
s sSs stoes I market naGs0e i" There Tfs rS Was also a a
report OF OF British consols being lower
because Of political conditions In that
country, which encouraged some hesi-
fancy.
from the spot CenlefS came uuNlCts
telling OF good demand, although prob.
ably the bulk OF the large sales report
cd today was business started before
the reaction net In, There was som'
shading of quotations at certain cen
ters, but others did nothing of the kind
Augusta shaded them 81 points, mid.
ding going back to Sl.7bc, and sold S,5lt
haies, but New Orleans sold 6,4pl bales
and middling remained at S2c. The lat
ter center advised that the basis wat
80 points there today, indicating tina
spots were not disposed to follow Thu
reaction In futures. Trade accounts
are still good, but some. wires durint
the day said that the market did no
get 90 much support from trade inter
ests as has been the case for severa
days. .
Futures closed 65 to 1906 points of
tone steady,
New Orleans closed IS to 100 pointi
lower, tone steady, :
Liverpool Is @leu to come 8 to 2
points lower.
In the local market the big sales Q
the previous and already large delay Il
making deliveries tended TO restrict OF
fertngs, but there Ia plenty Of demand
Holders here are disposed to sell freel
and are rapidly reducing their stocks
Sales reported for the day were 2,sO
bales and quotations were unchanged
middling 81 Sl.50c,