The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-14
COTTON MARKETS


Friday Afternoon. May H.
traders In the cotton market appear
70 pc unable to decide whether TO give
more attention to the crop news or to
= the feeling OF uncertainty and to some
extent pessimism over conditions in
business. The result of such today was
q comparatively dun and narrow af-
Iair' although the census report on con-
SUMPTION tully met every bullish eX-
pectation
Futures in New York closed steady
ana points up to 10 off, while New
Orleans was Is to points off One en-
couraging feature was that some larger
sales OF the actual lent hope to the
trade that perhaps more activity was
at hand in that department
me con sumption report came an hour
after the opening and showed that the
american mills used during April 567. 1893
Daies' compared with 575,704 in March
and 475,S75 in April last year The
spinners had in stock at the close of
the month 1.S09,000 bales, compared
with l,37s, 600 year ago, while spindles
in operation were 34,346,000, compared
with 33,20S,000, The report was all
right, but the attention of the trade
was directed rather at prospects for the
immediate future. The effects of tight
money and the crippled shipping stua-
ton because of freightc ongestion are
creating uncertainty as to whether ac-
tivity will be sustained. especially as
there seems more disposition to re-
strict buying and distributors are try
ing to tighten their holdings. The eco
nomic side of the picture, however, had
70 be measured against that attending
Ttne start Tor the new crop, which con-
tlnues to furnish reason for concern
The weather map this morning showed
more rains In Texas, but they were
chiefly In the sections which can stand
them best. The cool temperatures were
not favorable, but it was promise of
r fIar Tt,
uneasiness as the situation is almost
cfilcal In some parts of the state. Rains
IN other sections were as a rule mod
es,2te. being chiefly in the lower part of
mississippi, in Alabama and Georgia,
where onne are needed
Temperatures were rather cool and
the worst feature was that indications
were for them to continue and become
more general all of which did not help
sentiment as to the start or as to pros
early in June.
Liverpool came worse than due pri-
Vate cables saying it was due to I'M
easiness over the Irish question, al
sn4u sga trade reports We're by no means
from q to "a points off. Spots were
down IA points, fully middlinE to 27.65d.
with sales 5000 bales. including 5000
AMERICAN; Receipts were $4,000, includ-
vises that cloths were dull and weak.
while business in yarns was very re-
stricted.
In New. York July opened at 3Sc, sold
up to 3S,,OSc, dipped to 1880 and later
recovered to 3S10c, and then sagged
slightly. October opened at $3.50, went
to 38.O3c and then dipped to 35.65c on
weather and domestic news. But the
news was so mixed as to the weather
and the effect of the cool temperatures
that steadness followed and it sold
back to 3b. Csc and then eaSed off Some
The market was entirely a scalplng af-
fair, for nobody seems disposed to ven
ture far at the moment
In the spot department quotations
were unchanged at all centers, while
sales were some larger, Houston selling
1921, Dallas 447, August 1,707, Savan-
nah 754, New Orleans S45 and Memphis
$50: Weeks sales here were 1850 bales
and unsold stock in factors hands is
estimated at 1000 bales, compared
with 146,O0O and $4,000. Linters in
stock here are 21,000, compared with
$1,000 and 1877, 900.