The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-03-29
COTTON Markets
lad Weather in Eastern Belt
.AggraVateS BulIiSh Feeling
and Advance Comes.
Monday Afternoon. March %

Monday Afternoon. March ~
hlgher prices in the cotton market
esultea from renewed support from
be bun interests and covering by the
horts, one OF the main reasons for il
pparently being the unfavorable wealth
D IN at least half the belt over Sunday.
ne storm brought general rains over
VIDE area, causing further delay to
prop work, which already has been the
PURGE OF concern, and this in connec-
ION with uneasiness among the shorts
\ the old-crop positions made a strong
aombination. The result was that the
narket closed with futurese in New
FORK from 81 to II points net to the
food, and New Orleans 36 to SO up.
Tone was steady throughout and there
fas apparently little to encourage sell
RS.
Another factor helping in the strength
vas the sterling market, which con-
.inued steady. Arrival of gold on this
fide and advices telling of more hav-
Pig been started, seemed to stimulate
bope of better export demand soon.
The clearance of $4,000 bales today in
fluded in which were 5000 bales from
Die New York stock, did not make the
lhorts feel secure. May contracts in
That center rose early to 39.02c, three
points over its previous top. while the
entire list reflected in a measure
strength therein. The reaction later
Fas from profit taking, but it did not
30 far.
Liverpool came rather poor at first,
put later did better than expected on
he distant months, probably helped by
ihe weather news from the side, finals
being steady at a net gain of 3 to IL
points. Spots were marked down IA
points, fully middling to 29.24d, with
kales 1000 bales. including 5000 Amer
Jean. Receipts for the day were 5000
bales. but none American
Bad wires resultin gfrom the storms
yesterday in and out of the cotton belt
paused a tame opening at the earlier
hour, and this kept activity down all
pay, The rains were general and lib
eral in Alabama and Georgia, causing
Further delay to work, but in the cen
raj and western belt there were none.
frhe cool temperatures this morning,
below freezing being reported in the
Panhandle section of Texas, were not
egarded as favorable, however, so early
sentiment was distinctly bullish. The
highest prices were made a short while
bfter the opening for the near months,
but 1t was later when the new rose to
4 their highest, May in New York opened
Rt 3S.5lc, touched 39.O2c, then dropped
10 SOC, and later recovered to with
IN short distance of the close July
made her highest for the day in the
afternoon, at 36.20c, while October
touched 1888 in the afternoon.
Reports from the spot markets showed
That activity was limited and conditions
bbout as they have been. New Orleans
raised quotations Is points, middling to
\ 0 SOC, with sales 953 bales, while Mem
bhis sold $50 bales at unchanged prices.
fThe trades attention just now is TO-
Cused on the weather and developments
likely to affect the position of the
shorts. Higher sterling rates are en-
acouraging, but it remains to be seen
whether they will have the expected
effect on the buying for export. In
the meantime news regarding planting
lis being scanned closely, with wide
Spread complaint of scarcity of labor
Liverpool should come unchanged on
May and July and to points up on
distant months.