The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-12
COTTON MARKETS
UnfavOrabIe Features OF
Weather Stimulates Fresh
Support for Future List.
Wednesday Afternoon, May p.

= wednesday Afternoon, May ~
Suehgth was shown in the market
today because of unfavorable feature
In the weather, together with a weekly
summary which was generally regarded
as bullish, For the time being atten-
ton was diverted from the reports as
70 trade, and the effort in certain cir
Vles 10 spread the reaction idea seemed
subslding. The market dipped some
early. but received good support and
as more details of the weather came TO
hand buying improved, especially in the
new crop months. .- 49,
Closing prices in New York were
steady and "A to IS points higher, while
New Orleans finished steady and to
AZ points to the good
Liverpool should come to ii points
hlgher at the opening tomorrow
Rainfall for the past "a hours was
4 again heavy in Northeastern Texas,
: while part of Arkansas also had more
than was good. Elsewhere in the belt
little, or none fell, but it was generally
cloudy and the presence of the 10 wba-
rometer area, centering this morning
over Oklahoma, caused concern as to
prospects. The forecast called for more
, showers before the spell passes, and
aadvices later in the day told OF it rain
= ing IN many sections.
The weekly summary was fully as bad
as expected, containing good and bad
features but an item in it directing
attention to possibilities for trouble for
the new crop was that the boil weevil
were already found in number of
counties in Southern Georgia. This
created fresh uneasiness over that
pest and directed attention to the prob
ABILITY that, with the crops late start
following the mild winer season, chances
are that 1t will ltake heavy toll of the
crop. this year. The market did not do
much after the report came, but dis
played no weakness and gradually i'm
proved as the end of the session drew
near
AT the opening July in New York was
up 4 points, while October was down
3, with trading light July sagged a
little, perhaps helped by the circulation
of few notices on May and the char
acter of trade reports coming, but later
recovered and sold as high as SS,22c.
october early in the session sold as low
as 1888, but before closing touched
35.97c, with trading throughout the ses-
sion without much definiteness, as SEN
timent is bit confused as to whether
the weather and crop conditions now
should have more weight than the ap-
parent tendency toward reaction. How =
ever, private advices that labor troubles
in New England were likely to be set =
tied soon encouraged expectations of
better demand from that direction, as
the extent Of cancellations in cotton
goods so far is said to be small, be-
ing chiefly in woolens and silks.
In the spot department the most sig
nficant thing was that Augusta ele-
waited quotations 81 points, middling
jumping to 41.50c, with sales SO4 bales,
which some thought might be the fore
runner of better demand. Locally sales
continue very small, only $50 bales
, changing hands today at no change in
price. New Orleans made no change
and sold 2,047 bales, while Dallas raised
mldding 20 points to 4065c and sold
773 bales
In Liverpool the market was with
out special feature and finals were
steady and from 10 points off to Z
= up. Private cables said that conditions
in the finished goods markets were I'M
=. satisfactory, but the large sales of the
ing $500 American, indicated renewed
interest in that direction Receipts were
only 1000 bales. all American.