The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-06-04
COTTON MARKETS
Traders Continue to Give More
Attention to Economic Mat
tiers Than Weather.
Friday Afternonn. Iune I.

Friday Afternoon June (.
Weather conditions In a large part 81
the belt were still quite unfavorahI"
this morning. due to continued rains
while prospects were for tn, latter To
spread further eastward before the Wet
spell passes The rains eastward Will
in some section be acceptable, but per
haps In the main would rather b"
missed as they Will tend to dEgtaNatt
lateness and the spread OF the boil Wee
VII. reports regarding which are com
ing in increasing number
But most traders in the market seem
ed obsessed with the news from other
directions, chiefly that of economic
character. and as a consequence the
bad crop news failed to have more IMAM
temporary effect for early gains were
lost and the New Orleans market
which was due to come sharply higher
because Of her holiday yesterday ml-
ed to show more than moderate gains.
In New York tone at the close was
called barely steady and the list was
unchanged to 20 points lower New
Orleans left OF steady and 4S lu -
points TO the good. In LJNcrpool where
they seem 20 be giving more weight
TO crop news than are domestic trad
erS, finals We're 60 to a. points to the
good. and private cables say that there
Is genuine concern over the crop out
look.
An item Of news coming TO hand right
at the close was that n raw wool failure
for about s.. 900 GOO had occurred IN
Boston, this emphasizing the feeling In
certain circles as TO the instability Of
the conditions in textiles. This news
was not generally known before the
close. but credited with inducing some
Of the late selling
The map showed that considerable
rain fell in the Western and Central
belt during the past "A hours while
temperatures were abnormally low. I'm
some districts they were heavy, but
everywhere they were unfavorabIc aud
added 10 the already unpromising stu
alton. 1t was raining this morning in
Alabama, Georgia and East Tennessee
with promise Of spreading to the At
lantic, 1t made the prospect gluomier
than ever, but in professional circles
failed to act as much Of a stimulant
Opening prices were up 10 points on
July and 40 on October in New York,
with weather news dominant July sold
as high as 1890 and October to 30 zoe
the latter on the opening, after which
some recession followed, as enough peo-
pie were disposed to take profits to
more than offset the willingness Of 9TH
ers to buy. Trading was not on a lib
eral scale and the public was credited
with being on the bull side but ap-
parently the biggest people were not
disposed to disregard what they thought
were unfavorahle features in the general
and october to S6.l6c shortly before the
close.
The spot department failed TO report
much change, although business in
Houston picked up and sales were 3. -
2l7 bales were reported midding at
40.25c Dallas marked quotations back
down 20 points, middling to 40 6bc.
and sold but IS halesk In the New
Orleans market quotations were ele-
waited so points. m'ddling to Ale, and
sales were 954 bales
In Memphis sales were only $50 bales.
making $3.50 for the week, no change
being made IN quotations. The csti-
mated stock unsold in the hands N
factors Of 2l2 600 bales, compared with
$1,000 last year and l25 O00 two years
ago. I.inters In stock are % 600 bales
compared with 81 600 last year
Weekly statistics made a fairly bullish
showing, for movement into sight lost
10000 comnarcd with this week last
year, and takngs by the sHinners were
only S.000 bales less, making relative
decrease in visible supply Of American
llg 900 bales