The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-04
COTTON MARKETS
Market Steady on insufficient
Rains Texas and Too Much
in Other Sections.
Tuesday Afternoon. NAV

Tuesday Afternoon, May T.
weather news was again the domi-
this time the insufficiency OF rainfall
IN Texas being given more attention
IMAM anything else, although too much
IN part OF the eastern belt chiefly
Georgia, added to the concern of the
shorts. The fact also that a promi-
nent authority had out its acreage esti ;
mate, and 1t proved disappointing, also
contributed to the disposition to add
TO holdings of long contracts for fall
delivery. The estimated increase was
20 per cent, which is hardly suggestive
OF much chance for large crop in
view of labor conditions and lateness
OF start figured by this same authority
at L. days, The estimated increase in
T1er ml used Is 8.6 per cent.
The market closed steady and from
rs points up to 8 down in New York
and Is up to 10 down in New Orleans,
the irregularity rejecting mixture of
sentiment, although at times during the
early session 1t seemed probable that a
goodly reaction might ensue.
Liverpool should come 10 to Is points
up tomorrow morning
Labor troubles at New Bedford were
not encouraging, although cables say
ing that another vote as to the strike
m Manchester was not to be taken IN
I'll Saturday was regarded as holding
out chance for obviating stoppage OF
running over there. Some of the early
weakness was based on the labor I'M
certainty and on advices telling of less
confidence in goods markets, due large
~ to the spread of conservative buy
ing Opinion is very much confused
as to what the trend of prices will be,
but there is less talk of large buying
and the opening of business for fall
shipment, which is but a few weeks
away will be watched with interest.
Reports of some rains in Texas over
night helped in the early easiness. They
were reported chiefly in Northeastern
Texas. The details later showed that
some fairly good ones were received,
but not In the sections needing them
most, and did not afford much relief
for conditions which are being given
credit for encouraging much of the
support the, market gets. Rains were
light to moderate in the Memphis dis
trict, in Alabama and Georgia, being
heaviest in the latter state. The trade
seemed to think that weather on the
whole was not very favorable, especially
as more showers were promised the
eastern belt and only slim outlook for
more in Texas. Temperatures, howev-
er, are normal and some observers pre-
dict that the weekly summary tomor-
row morning will not be so bad.
Liverpool closed quiet and from II to
3S points to the bad, cables saying that
some liquidation resulted from better
reports as to conditions in the belt.
spots were off point, fully middling
to N.O6d, and sales were Only 1000
bales. Receipts were $4,000, but only
200 American. Manchester advised that
inquiry for cloths was small and yarns
were dull.
At the opening July in New York was
off 20 and October 10 points, at 3Sc
and 35.60c respectively. July dipped to
37S3c and October to 3540c, which
proved bottom, and after that irregu-
larly improved, touching as high as
3S.4Oc and 36.0Sc a while before the
close. Trading was only fairly active
and largely professional, but the tone
at all times was steady chiefly because
of weather and crop news.
In the spot department business con-
tinued light, but no appreciable weak
ness was shown. Memphis sold 800
bales, Houston lob and Augusta 209,
with no change in quotations, while
New Orleans sold 691 and cut quota
tons 20 points, middling to 40,75c.