The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-09-07
COTTON MARKETS
Weather and Strong Cables
Send Prices Sharply Higher
GinnerS' Tomorrow.
TuesdaN Afternoon. sent


weather In most of the belt which
was distinctly bad and more favorable
opinions from Liverpool as 10 the pros
Epect Of avoiding the strike OF coal min
ers combined To send prices sharply
higher today, In New York at the top
quotations were within short distance
OF the 200 point limit. but some profit
taking was INDUCED in Just before that
market closed It's abbreviated session
In order 10 celebrate the 50th anniver-
sary OF its birth. In New Orleans the
remaining part of the session saw ac-
tiVity restricted and fluctuations with
in narrow range, the limit being
reached about half an hour before the
close.
New York finished firm and from las
to 1866 points net higher
To make full RESPONSE TO the New
York market Liverpool should open l6
TO y points up tomorrow morning.
The foreign market made a bullish
showing yesterday, while the domestic
marts were closed, and this morning
came stronger than ever. which was
credited to the weather news from this
side and 10 reports that prospects were
improved for settling labor differences
without d strike both OF which gave
stimulus TO the goods markets At the
close the list was up II TO IS points,
whereas yesterday gains were 80 TO
- pOlHtS' WHICH flaue an CACeHSnl
showing from the bullish standpoint
Spots were marked up 55 points, fully
middling TO 20 93d, with sales 5000
bales including 400 American Re
ceipts for the day were 1000 bales in
GLIDING 1000 American. Manchester ad-
proving, while yarns were firm and in
fair demand,
Opening prices on this side were in
fluenced by the good cables and unfa-
vorable weather October started at
&c, up 65 points, and it soon sold up
to 2S.S0c. within five points of the
limit, but as the session there was to
be abbreviated by the anniversary cele
bration and traders did not want to
follow the rise too closely, not being in
possession Of full details OF the weather,
some profits were taken and a slight
setback followed.
In New Orleans however, trading
continued as usual and as moro infor-
nation came as to the weather support
continued, the result being that every
option reached the limit and offerings
were lacking at the finish.
Reports as to the weather were de-
layed. but rains fell from the western
extreme Of the cotton belt TO the At
lantic Seaboard, though they were not
heavy in some districts. Texas seems
to have gotten good soaking during
the past several days, which makes the
Oklahoma, Arkansas and the central
belt also seem to have gotten lot of
rain all of which was bad. The worst
feature was that prospects were for
more. although map readers think clear
ing will be under way possibly by to-
morrow. The full effects OF the rains
can not be told for several days, but
they are sure to be serious, cutting
down yield and lowering grade, as well
as checking picking. The rain in the
local district was heavy, but detail re-
ports were delayed.
In addition to all of this there was
expectation of improved business in
finished goods although this was per-
haps due to the fact that the market
has undergone a distinct change and
the only thing needed to stimulate buy
ing has been a check to the downward
trend of values.
Spot business was small as rule, al
though the turnover in Texas was
larger at advanced quotations. Hous-
ton reported sales 1924 bales at 200
points advance, middling at 30c, while
Dallas reported them 1852 at a rise of
100 points, middling to 2S70c. New Or
leans revised quotations, elevating two
of the lower grades so points, low mid
ding $50 points and leaving middling
and better unchanged, but sales were
only ga bales. Memphis made no
change and sold 200 bales.