The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-06-01
COTTON MARKETS
New York Closed Because Of
Mlxup Over Futures Law.
Others Open and Lower.

luNouHN AlAtEHphAif june l.
Because OF mixup over the law gov
erning trading in futures. resulting from
the expiration of the Lever act as war
measure. May 81, and delay in reaffirm-
ing the section applying to cotton de
liveries on contracts, the New York
cotton exchange remained closed today
New Orleans was open az usual. their
governing body having shown q little
more foresight In amending their by
laws some time ago for Just such Q
contingency rs arose The New YORK
body took similar steps too late TO
enable them with safety 10 remain
open today, voting on an amendment
not being legally possibly until today
after the initiative was not taken soon
er. However, the act was signed to-
day by the president and trading will
be resumed tomorrow under the same
system as has been in effect for the
past year or so. one cause of the
troublesome delay and confusion was
the abortive effort Of Senator Conner OF
Alabama to change the number OF
grades deliverable.
The weather this morning was salts
factory. as over the belt there were re-
ceiyed some scattered rains and show
ers but not sufficient as rule TO be
Injurious. In fact, most Of them were
really acceptable. The indications were
for unsettled weather and perhaps some
showers for the western belt, but with
the eastern belt promised fair and
warm. The apparent ideas of the trade
lean TO the view that Improvement has
taken place in the belt since the gov
eminent agents sent in their reports on
condition, although this merely tends
to restrict buying, Another private
condition report was out, that OF wat
kins, who made 1t 64,9 The installment
OF the Journal Of Commerce report on
Georgia and the Carolnas read bullish,
but Texas and Oklahoma were given
better report than expected.
The official report will be issued at
10 o'clock tomorrow morning ana Is
expected to show around 50 or 90 per
cent, which will compare with Io,b last
year. Ss.3 two years ago, 50 IN lsli
and a ten-year average of 1871. with
financial and economic conditions as
they are now the trade does not expect
much effect from the report, especially
as this first report Is poor INDEX 10
yield. ,,.. 800.
Financial news over the holiday was
bearish particularly the elevation OF
the discount rates In the New York ana
one or two other OF the federal reserve
districts IL resulted in further depres-
sion OF bonds and of liquidation in the
stock market, for II was merely an
other step in the tightening process OF
money.
liverpool came quite irregular, the
nears closing firm and as much as 80
points UP, while the distant months
The improved character Of weather news
was thought the dominant influence Oh
the more active positions. Spots were
marked up 20 points and sales were
3,00J bales. Receipts for the day We're
$4,000 bales, including II, 800 American.
Manchester advised that cloths were
quiet and yarns dull.
New Orleans did but little of course,
with the other domestic speculative
center closed, although reports said
that a lot OF Liverpool hedging orders
were expected .ring early trading July
started at SsC. touched s points higher
and then react ed to 3T.65c, but recovered
slightly later. October opened at "a 1850,
high for the day. touched as low as
34.b0c, recovered to S4,90C and then re-
ceded to 34.74c. Finals were steady
and from 81 to 80 points to the bad.
In the spot department Memphis was
about the only center to report much
sold, the amount here being /, 500 bales
Houston sold but 1873 and New orleans
a47 bales, no change being made in quo
tatlons anywhere.