The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-10
COTTON MARKETS
Market Reflects Confused
Sentiment Over Weather
and Trade Conditions.

Monday Afternoon, May 10.
traders in the cotton market were d.
Nlded today as to whether to give most
attention TO the weather news or to re-
ports from trade circles, but a signifi-
can lack of selling was noted Weather
was better over the weekend than it
has been, but fears of more rains com
ing within the next day or so discour-
. Consolation of orders reported from
New England mill Centers to be in
creasing, did not stimulate bullish feel
ing nor did it encourage hope of i'm
provement soon in demand for raw ma
terial.
Finals were very steady and from 3
points off to 10 up in New York. while
New Orleans closed steady and UNI
changed to 10 points up.
Liverpool should be to II points up
tomorrow.
weather over Sunday in the belt was
favorable as rule, although some
heavy rains fell in Northeastern Texas
which. were not needed. Those which
fell elsewhere in the state, however,
heaNy enough to answer all needs for
the time being, offered some offset and
encouraged liquidation. Some rains in
Oklahoma were favorable, but the rest
OF the belt was without any, and natur-
any sent more optimistic reports The
presence of big low barometer area
Just northwest of the belt, with promise
OF bringing more rains for the belt
within the next day or so, confirmed by
the official forecast, furnished occasion
Tor the support which the market re-
celVed. Sentiment was influenced con-
siderably thereby, and it seemed to be
given more weight than reports from
trade circles.
Liverpool was worse than expected,
cables attributing it to the character of
weather news over Sunday Finals
were. steady and 8 to 50 points net to
me bad; Spots were off only point
fully middling to 27.87d, with sales 5000
bales, including 4,400 American. Re-
ceipts for the day were $4,000 bales, in
Guiding 10000 American.
At the opening July in New York was
up points, at $3.50, while October
opened 10 points off at 35.70c. Tempo
rary cteadiness was followed by a mod
crate dip, July going to 1880 and Oc-
tober to 35.40c, the low for the day, but
winch carried prices near to the early
highs. The fall months wre teen slim
ulated by more crop and weather news,
but in the early afternoon dipped again
when the reports of orders being can
ceIed came, only to see recovery be-
fore the close, which carried October
right at the finish to the highest level
of the day. 1t sold at 1890. The near
months did not show much snap.
From the spot department came ad-
vices telling of little activity although
sales in New Orleans totaled 1000 bales,
middling remaining unchanged at 40.25C.
Memphis sold only $50 bales, Little
Rock 267. Dallas 1858, Houston and
Augusta LOIS.
The census report on April consump-
ton is expected within few days and
will probably be encouraging to the
bulls in that it will probably show re-
duction in spinners stocks The holders
of spots are looking to this possibly to
stimulate demand, although local people
who have recently been in New Eng
land say the mills are going to defer
their buying just as long as possible
taking the lower grades when they find
it impossible to get the other, and when
they must use them or cut down run
ming of their mills.