The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-04-01
COTTON MARKETS
New Highs Reached But Much
Profit Taking--Heavy Rains
in Many Sections.
Thursday Afternoon. April /.

thursday Afternoon, April i.
ALI Fools day brought new high lev
els for the entire cotton market, in
duced largely by additional rains in
most of the belt, heavy over many sec
tons, with prospects for more before
the wet spell passes.
Top prices were recorded at the open
ing on soon thereafter. and heavy real
izing for profits was INDUCED in for
time, although at no time during
the session was there anything sugges-
tive of weakness.
Finals in New York were barely
steady and from Is points to the bad
TO better, compared with last night.
while New Orleans finished unchanged
points to the bad. with the tone
:. called steady. In the spot department
higher quotations were posted in some
centers, with others unchanged to a
shade lower, but the encouraging fea-
ture was that sales were slightly larg-
er than they have been.
The weather was the center of at
tention, al it was dominant factor
with traders at the moment The rains
=. that yesterday induced the wave of
~asssort selling had spread over more of
the belt, including about half of Texas,
oklahoma and thence eastward to the
Atlantic. They were heaviest in the
upper central belt, particularly in the
only, conclusion was that farm work
would be further delayed while the
promise of cooler for the upper west
ern belt, with possibly freezing in the
northwest. did not add to the feeling
OF security. Perhaps one reason why
the reaction did not go further was
mat the forecast promised more rains
Tor the upper central and the eastern
belt during the ensuing "a hours.
The effect of the rains on the stage
of the river was not much of a factor,
although below Memphis it is expected
me crest VIII be little higher than
expected, and Yhe high stage lasting
longer No well posted man is buying
cotton on the flood stage of the river
alone, for there is ample time for the
water to recede and allow planting to
be. done in time. -
Liverpool came better than expected,
chiiefly on the weather news from this
side. There was nothing else of conse-
quence, according to private cables,
having. to do with the course of prices.
FINALS were very steady at gains of
80 70 a. points, Spots were marked
up IL points, fully middling to 49, 76d.
with sales 1000 bales, including 1900
American. Receipts for the day were
3'0Oo bales. including $500 American.
Liverpool will remain Enclosed until
next Wednesday morning
At the opening on this side an effort
was made to discount the character of
the weather news and the better feeling
as to export prospects, sterling rates
belng higher May opened at 40 cents,
d
allowing for deliveries of some grades
sand therefore encouraged little realiz-
ing: July opened at 37.12c and October
at 33.95c, both then advancing to 37.25c
and 3425c respectively before profits
were taken. 1t was felt that the sharp
rise had discounted the bad news, es-
pecially with a triple holiday ahead.
May dipped to 39.60c, July to 36S0c and
4 October to 337Sc, but before the lows
were reached lots of backing and filling
was INDUCED in.
In the spot department sales were $50
bales at Memphis, at SO points rise,
middling to Ale; New Orleans sold 1884
bales and made no change. Houston
left prices the same, middling at AZ. soc,
and sold 2.265 bales, while Dallas re-
duced middling 80 points to 43.30c, and
sold 6O2 bales. Augusta sold l 1000 bales
and raised middling to 405 soc, and Little
Rock sold 338 bales, with midding at
42.25c.
The speculative markets will be
closed until Monday, but some of the
spot markets will be open as usual
Saturday.