The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-07
COTTON MARKETS
Favorable Rains in Texas and
Unsettled Goods Markets
Encourage Pressure.
Friday Afternoon. May

Friday Afternoon, May I.
Some fine rains fell over night in Tex
as where needed. which helped to off
set those which fell elsewhere, so the
weather news was not the dominant in
fluence today. 1t came rather from an
other direction, apparently finding its
foundation in the growing stringency of
money and credits and the effects there
of. One of the significant things was
a report from New York that a pri-
Vate sale of a large lot of dry goods
had been made at a cut of so per cent
in price. This following on the heels
of statement of big cuts in silk goods
seemed to have considerable effect. 1t
was indicative of more resistance to
the price level from the consumer and
lent hope that perhaps the predicted de-
flation in prices is at last about to be
witnessed.
Futures in New York closed easy and
20 to " points to the bad while New
Orleans showed a gain of to loss of
81 points. The smaller loss on the near
positions seemed to reflect reversal of
some straddles between them and the
distant, although the stubbornness of
the spot position hardly justified eX-
pecting any appreciate decline.
=, Liverpool was better than expected for
the near months, perhaps rejecting the
\ official announcement that no strike
Swould be had and of better demand for
the actual as a consequence. Finals
were from to q points to the bad,
with tone called barely steady. Spots
were 20 points up, fully middling to
27.8Sd, with sales 1000 bales, includ-
ing S,40O American. Receipts were g.
900 bales, including 3,70O American.
Manchester advised that cloths were
quiet and business moderate, while
yarns were irregular and depressed.
were higher, rejecting cable news and
reports OF more rains in the central
and eastern belt and advices of little
in Texas. July was 27 points up, at
3S.50c, while October was 80 up, at
$500 In short while, however,
culation of notices for 1000 bales on
May tended to depress that position and
exert some effect on July.
Rumors of unfavorable conditions In
the goods market also had effect, as did
other indications that the restriction of
credit is inducing drawing in of lines
in many directions
July dipped from it's early high OF
SS.6Oc to S8.15c, while October dropped
from $3.50 to 36.13c. but recovery in
both came when support was given.
Later in the day another wave of selling
came, encouraged by disappointing
weekly statistics and more details as to
weather indicating that a goodly part
of the dry section of Texas had re-
ceived their needed rains, while the 9TH
er sections were not suffering as badly
as some have feared. Final prices were
around the lowest for the day, July
touching 38.05c and October 49, S5c.
The weather map showed that rains
were not heavy over the central and
Z eastern belt, while the section of Texas
getting too much was not as large as
that which benefited by those received
However sentiment continued rather
favorable to the bull side when based
on weather and crop conditions alone.
Sept news was without particular
change, although a report that lot
( of cotton was to be shipped to New
4 York from Atlantic ports tended to en-
/ courgae a more conservative feeling as
the nearby months.
Sales reported for the day were gem
orally small, although in New Orleans
they were 1474 bales, Houston 1876 and
Memphis 1,250 Quotations as a rule
were without change.
The weekly figures showed spinners'
takings to have been $4,000 bales, com
pared with $4,000 last year, while
movement into sight was $4,000 against
114,000.
In the local market unsold stock in
creased to 222,000 bales, compared with
100, 900 bales last year and $4,000 two
years ago, while linters in stock are g.,
600 bales, compared with $4,000 and
27000