The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-28
COTTON MARKETS
Average of Additional Condi
ton Reports Higher and
Market Declines.

Friday afternoon, May Is.
More crop condition reports came tt
hand today, and as the average was
slightly higher, sentiment of trades ii
a small and pre- holiday market lean
ed to the bear side The weather II
the belt was also favorable, which con
tributed to the improved feeling ans
discouraged support. Among the pro
fesStonais there continues preference,
Tor the down side apparently influenC
ed by economic developments and 9
feeling that the worst is known aboul
the crop start for the time being and
has been discounted. Absence OF any
thing to suggest Improvement right
away naturally induces them to expecj
. that they can shake more OF the long
loose.
Finals were easy and from IS to 8.
points In New York and steady and a
to IS down in New Orleans.
The weather map this morning show
ed that only a few widely scattered
rains fell, and none of them were heavy
enough to do any harm. Temperatures
were normal and the prospects wert
not regarded as favorable for any ma
terial change In conditions, though
some Of the amateur readers thought
they saw some danger OF rains over thC
weekend. The posting OF storm
warning for the Atlantic coast section
also attracted attention early, but ms
the day wore on fear OF this bringing
ram WAS lost the disturbance AlDAI
entity being headed northward.
The market was thus left for its in.
spiration on the private reports, which
were Just a shade better on the average
than the ones coming yesterday, They
tended to elevate expectations for the
4 official guess, due next Wednesday, and
II Is probable that this will come around
6s, II the usual thing happens. Judg-
ing from developments today a percent
2. age above or below that figure will per
haps determine the trend Of values for
little while.
r At the start July in New York wal
at SS.25c, and 3 points higher was
high dip TO 81 s6c following. after
which temporary recovery followed
only TO see another sagging TO 37.72c
right at the close. October opened al
3s.45c, sold to 35.5ic and then worked
down irregularly to S507c.
{ Trading all day was small and OF
evening up sort without any show o!
aggressiveness by any interest The
weekly figures came moderately bullish
but failed to check the decline. Decline
In German marks tended TO upset SONS
of the basis for recent improved feel
ing as to the low grades. but steadiness
In the domestic stock market was q
partial offset for this.
The movement into sight. according
TO Hester. was 10000 bales, compared
with lao, 600 last year; splnners' takings
$4,000, against $4,000, causing visible
supply OF American to lose by the larg-
est amount any week OF the season
Export movement is very light. but Il
looks like the 5000, 900 bales mark viii
soon be passed, total TO date being
slightly over $500, 600
In the spot markets quotations were
unchanged to a little lower. New Or
leans sold AS bales, Houston lilo, Dial.
las AS, and Augusta 3l3. In Memphis
sales were 600. making $3.50 for the
week. unsold stock dropping to az, 600
against 10000 and 127.000 Linters in
stock here are 1880, compared with
$1,000 and $4,000.
The speculative cotton markets to-
morrow will remain closed, but the
spot markets win be open as usual. on
Monday New Orleans and Liverpool will
be open as usual. but New York will
remain closed, as will the markets in
other cities in the North and East.