The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-18
COTTON MARKETS
Better Weather Encourages
Some Early Liquidation But
More Strength Later.

lueSOaN AlIeTNOOns May 10.
More favorable weather prevailed over
ID greater part Of the cotton belt dur
ing the past "a hours, and Indications
this morning were for the wet spell to
pass out of the eastern belt by night
without giving that section as much
precipitation as at first expected. The
outlook, however. failed to dissipate ex-
pectations of 4 bullish weekly report
tomorrow and low condition report for
the crop on May 25. Circulation of a
few notices on May tended to induce
early caution, but later the marked
strength in the near months lent firm
ness to the entire list. Influences were
conflicting during the day, but on the
whole satisfactory to the believer in cur
rent values FM
Finals were 90 to 5points ZIP in New
York and so to, 2 up in New Orleans,
Liverpool tomorrow to make full re-
Spouse should open 36 to II points
higher.
were fair this morning, with raining An
Alabama, Georgia and Westernt Florida.
Indications seemed to be for the rains
to pass out into the Atlantic shortly
and the smaller downpours in the east
ern half of the belt tended to minimize
bullish fears to some extent for the
crop over there. Also adVices from peo-
pie in Texas that the rains in that state
were beneficial over most sections and
more than offset the damage in others
nelpeu lnuuCe little reaCIlO1ldTy Ieel-
ing. Moreover. less likelihood of anoth-
er unsettled spell for the belt contrib
uted to the reaction during the early
palt of the session. There was. how
ever, the big fact of widespread damage
from the rains and on the assumption
that the first bureau report on condition
is likely to make a new low record,
falling under the 695 of 1917, the low
est of all time for the first one, dis
couraged sellers.
Liverpool was worse than due. reflect
ing better weather in the belt and more
unfavorable advjces from the finished
goods markets over there. Finals were
quiet but steady and from 80 to II
points to the bad. Spots were marked
down 6 points, fully middling to 7.79d,
with sales 5000 bales, including 400
American. Receipts were $4,000 bales,
including 10000 American. Manches-
ter advised that cloth demand was
light and yarns were dull and lower.
At the start domestic markets showed
little change. July was unchanged
1,500 bales were circulated. which de-
pressed May momentarily. but later
that option rose more than 100 points
from its early low, while July was slim
ulated and rose sharply. October sold
off to 360Sc shortly after the open
ing, but later recovered to 1850 and
then receded slightly. Trading was
moderate in volume and bulish ideas
were helped some by indications of bet
ter inquiry in spots a wire from Hous-
ton saying that Liverpool houses were
showing more interest and some reports
locally claiming that exporters were
disposed TO expect better inquiry very
soon. Fairly good spot sales at a few
centers tended to help strength in the
near months as did advances in quo.
tations from % to so points at mos
of the centers.
In the local market sales were ,0OC
bales, with no change, but New Or.
leans sold $3.50 bales and elevated
grades from low middling up IS points
Houston was up rs points, while Dallas
was up so. Savannah was up so ant
Augusta 25, but sales were generally
small because of lack of offerings O.
the kinds wanted