The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-11
COTTON MARKETS
More Damaging Rains, But
Weather Good Some Sec
TONS CLOSE Some Lower
Tuesday Afternoon, May IL,

4
Apparently other things than com
plants from the fields as result OF
too much rain were given a hearing to-
day, especially in some circles, and the
result was day of mixed views and at
the close moderately lower levels. Pro-
fessionals seemed to be working for a
reaction and putting emphasis on those
items of news favoring such. However
1t was notable that selling was cautious
and traders disposed to expect very lit
tie decline
Finals were barely steady and rs to
43 points to the bad in New York and
steady and rs to IL off in. New Orleans
Liverpool Is due to come Z to II points
to the bad tomorrow morning.
The weather map showed that some
heavy rains fell overnight in Oklahoma
and Northern Texas, with light to scat
tered showers elsewhere in the western
belt Reports from some Texas points
told of flooded conditions of the rivers
and creeks and of further delay to farm
work, but the state as a whole perhaps
Jared pretty well. The rains in Okla
homa were not particularly needed, but
littles complaint was heard from there,
except that some further delay will be
had. In the rest of the belt conditions
were favorable, for little or no rain was
received.
One of the things encouraging sup
port to the market in the face of the
apparent desire on the part of profes-
SIGNALS to get it lower was that indi-
cations were for more showers, giving
rise to fear of aggravation of the un-
favorable conditions in the upper west
ern belt and in the central and eastern
badly needed. However some of the
map readers thought they saw chance
for the showers not to amount to much
and perhaps not extend far down into
the belt. The weekly summary tomor-
row rpnrninp 10 axDpctad ha fairly
favorable, as it will tell of benefits re-
ceived from the breaking of the
drought and of less rain elsewhere.
Those who were bearish were given
attention to the spread of the reaction
idea and of expectation that it will go
further because of money conditions.
1t was announced that no further finan-
cial help would be extended by the
government for exports, while cables
from Manchester told of unsatisfactory
conditions over there, because of some
congestion in the markets for goods
and yarns, presumably resulting from
the growing resistance to high prices,
The report that a lot of about 1000
bales of cotton had arrived in New
York from Savannah, presumably for
effect, although did not lead to any
material weakening of that option or
of July. However, it tended to lessen
fear of a squeeze. Reports as to the
spread of the deflation idea were SEN
timental, yet they were effective helps
to the crowd playing the bear side.
Higher rates for call money and weak
ness in stocks fit in with the idea that
the downward movement is at hand.
The Liverpool market came barely
steady and q to points net to the
bad, but spots were marked up 81
points. fully middling to 2S.19d, with
sales 1000 bales, including $500 Amer
lean. Receipts were $4,000 bales, in
Guiding 24,7OO American. Manchester
advised that cloths were firm, but not
active, while yarns were barely steady.
Opening prices on this side were off
slightly, but recovered and then sank
again. July opened at 3S.O5c. sold up to
3S2Sc and then reacted, while october
opened at 35.85c, wet to 36,15c and
then sagged irregularly Its lowest
points were $3.50 in the early after
noon, from which is recovered to $3.50.
In the spot department business con-
tinues light as a rule. New Orleans
sold 1,753 bales, Memphis, 1900 bales,
Dallas, 573, and Houston, 10. but the
latter two centers reduced quotations
30 and % points, respectively. There
is no sign yet that spinners are ready
to enter the market.