The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-31
COTTON MARKETS
General Rains in Eastern Half
of Belt Occasion for Big
BUYING Wave.
Wednesday Afternoon. March

Wednesday Afternoon, March 81.
Uniayorable weather over the east
ern half OF the cotton belt ana pros
poets Of more, reaching possibly into
considerable part OF the wester half
within the next day or so, supplied
the dynamics for a sharp advance in
cotton futures today. Shorts We're alb
solutely at the mercy Of the bills, who
made excellent use Of their opportunity.
Flhals were firm and at practically top
most levels, with apparently little fear
or the technical position having been
weakened.
In New York contracts closed firm
and So to 119 points higher, while New
Orleans finished firm and so to ia to
The good. To make full response to-
morrow Liverpool should come is up
on May, 10 on July and rs on october.
The rise in contracts came without
opposition of consequence, but advices
from the belt failed to tell of any inn
provement in demand for the actual,
although quotations were in most CEN
tiers elevated somewhat. The expected
attention OF buyers to the wealth OF
low grades is still lacking although
there is apparently no concern over II
and the assumption seems to be that
II is merely matter of time, especial
ly as there is so much trouble being
experienced in getting the new crop
pitched.
Liverpool was rather colorless and
did not give any intimation of develop
ments on this side She closed steady
at gains of three to nine points, which
was better than expected. Spots were
marked off 3S points. fully middling to
2S.63d, with sales 1000 bales, including
1900 American. Receipts for the day
were $4,000 bales, including $4,000
American
Although the opening of the markets
on new time puts the trade at a dis
advantage as to early weather news,
the government having made no change
IN the time for Issuing its report.
enough private information was had
regarding rains in the eastern belt to
cause a firm opening at gains of 10
points on Lay, Is on July and ~ on
october, or at 39c, 36.25c and 32.S4c,
respectively. Those prices were at or
near the lowest for the day, as more
complete reports showed weather to
bad and promising to get worse, ag
gravating crop preparations. There
was also much said regarding possibi-
ty of floods in the lower part of the
Mississippi river valley. which, although
rather far-fetched as reasons for buy
ing cotton, added to the Juror of buying
July seemed the center of interest for
q time, but later the ew-crop months
gained in favor and it was the busiest
day of the season for traders in Octo-
Der. Some little reaction came from
time to time on profit taking, but the
NAV of the buyers seemed almost in
satiable and the trend was upward un-
til the close May reached 49, SOC, July
$500 and October $1,000 Liver pool
was a free buyer most of the day, while
, trade interests took literally of offer
ings. The fact that weather conul-
tons west of the river did not seem
to get much notice, the fact that rains
are forecast for out there except for
Western Texas being given more at
tention. The fact that after TOMORROW
there will be a holiday period extend
ing until Monday apparently e.cuuf-
aged much covering, on the theory that
bad weather may visit the belt durlng
that time.
n Spot sales in New Orleans were 1852
wales with 100 delivered on contract
and middling was raised to Ale. Hous-
ton sold 449 bales at an advance of SO
points, but Memphis sold only 325 balks
and made no change.