The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-20
COTTON MARKETS
Markets Says on Weather and
Reaction News, But Re-
covers Before Close.
Thursday Afternoon. MAY 20.

Thursday Afternoon, May 90
Less hysteria was displayed by the
speculative markets today and II SEEM
ed that more sober thought as to the
wave OF price cutting and trade re-
action brought less reason for bedom-
ing bearish on necessities, especially
when there Is so little prospect OF
heavy production for a long time to
come, Weakness during the first part
Of the day reflected, the leftover sup
ply OF liquidation, but when sellers be
came scarcer encouragement was given
to some supporting orders, especially
as there were coming to hand a flood OF
advices telling of the bad situation for
the new, crop. Moreover. the danger
OF OVERRIDING a good thing was pre-
scented to the minds of traders, this APP
plying to all speculative markets.
flnals were steady and from 10 points
up to 80 down in New York and as
up, to IL down in New Orleans.
Liverpool. which today was worse
IMAM due, should come rs points up
tomorrow
More careful consideration of recent
developments resulting from the tight
ening Of the financial reins by the
banks elected the opinion that there
was ma occasion for pessimism. In
a large measure the effects are on the
surface and should in the ultimate work
Tor a larger consumption of cotton
and other raw products, many traders
thought. The theory that perhaps some
encouragement was being given by the
spinners themselves, to the talk of bust
ness gong to pieces, either by direct
statements or by consent to such, in
order to better their buying basis for
future needs appealed to some espe-
claly as to the opinions coming from
the other side. The Liverpool weak
ness was due to over speculation, cables
saying that Egyptian futures were off
IN some instances 1000 points, but it is
noted that the time is at hand for
mat market to do a lot of its buying
N N this country, chiefly through absorp-
pon OF futures or placing of contracts
Tor fall shipments of the actual. As
a partial offset for this is the fact that
German marks and bonds are showing
upward tendency, encouraging the idea
tnat perhaps demand raw material from
expected
Liverpool closed quiet but steady at
q loss of go to 81 points to the bad
spots were marked off 48 points, fully
middling to 27,52d, with sales, 5000
ceipts were only 5000 bales
FIRST prices on this side were off. UNI
der the influence of factors which
helped send values off so much yester-
day and the fact that weather over
night in The belt was more favorable.
The forecast was for good weather in
the central and eastern belt but a low
barometer pressure in the southwestern
section of the belt caused uneasiness
lest another wet spell come, although
forecast was only for cloudy July
opened 80 points off, at 1888, touched
, 3S.10c and then recovered to .75c by
the close. October opened at So soc,
off 20 points touched So csc, and then
recovered to 35.78c One of the in
fluences for the recovery was the re-
ceipt of many reports as to the crop s
condition and anticipation of low re-
ports during the next week or so.
In the spot markets sales were gen.
orally small, for the spnners are show
ing little disposition to do anything
Quotations were generally without
change. Memphis sold only $50 bales,
New orleans 954, Augusta 209 and Lit
tie Rock 1914.