The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-25
COTTON MARKETS
Market Receivers From Slight
Early Weakness and Closes
Near the Highest.
Tuesday Afternoon, May rs.

Additional evidence OF the underlying
strength of the market was given to-
day, and apparently traders gave more
attention to factors that for a day or
so had been in partial eclipse. Indi-
cation of danger OF putting too much
stress on the wave OF price cutting
without due regard for the fact that as
yet 1t had been on the surface rather
than at the base, was reflected by the
readiness with which support came
from responsible quarters. Attention
was directed at the continued flow of
pessimistic reports from the belt and
the expectation Of very low condition
report, while statement from one of
the largest distributors of dry goods
in the United States advising purchases
Y during the present spell of reaction
stimulated some buying. In addition
there were reports of large buying BY
the consumers at the sales ali over
the country thus indicating urgent need
of merchandise and thus proving a po-
tentiany bullish influence Of legitimate
value.
At the close futures in New York
were steady and from 81 to So points
net higher, while New Orleans left off
60 to 80 up.
Liverpool, which today did not show
quite the weakness expected, should
come 80 to 80 points higher tomorrow
The foreign market was better than
expected. helped by improvement in
Egyptians and more disposition on the
part Of trade interests to absorb offer
ings AT the close of quiet session
the list was quiet and So to AZ points to
the bad. Spots were marked down 50
points. fully middling to 26.S0d, with
sales 5000 bales, including 1890 Amer
lean: Receipts were $4,000 bales, in
Guiding $4,000 American.
On this side there was not much new
overnight, and weather information was
rather favorable. An announcement Of
a spot firm failure at Philadelphia, due
to inability to realize on assets. pre-
sumably largely low grade cotton caused
no ripple and was put down as but
another reflection of frightened money.
The map later showed that a few rains,
light to heavy. fell in scattered por-
tons of the belt, but in the main the
belt was getting what it needed. There
was some prospect of further showers
in the upper eastern belt, but such did
not create much concern, although
tending to stimulate expectations that
tomorrow's weekly summary might be
less favorable.
At the opening July in New York was
&c. five points off, and 1t touched
$3.50 before starting to recover. Octo-
Der opened at 34.15c, which was previous
close and low for the day, after which
it gradually improved, but with some
realizing from time to time. Another
very low crop guess was issued, but
one Influence inducing covering by
shorts was that advices from Germany
failed to confirm some stories current
yesterday of a fresh outbreak over
there, for marks this morning were
higher Late in the afternoon October
sold as high as 5000, but receded
slightly July sold as high as 3785c.
But little news came from the spot
departmen and sales were generally
small Quotations at some centers were
4 elevated, but only where they change
along with fluctuations in options.
Memphis sold LOO bales, Houston %,
Dallas 1903 and Little Rock sos.