The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-05
COTTON MARKETS
More Rains Occasion for Fresh
= Wave Of Buying-Weekly
Is About Standoff.
"Wednesday Afternoon, NAV

Wednesday Afternoon, May 5.
more rains where not needed and lack
OF tnem where conditions are unfavor-
able for the new crop supplied the chief
incentive for the wave of buying TODAY,
which sent prices moderately higher
after a period of hesitancy early. The
weekly summary came about stand
OF and really caused little trading
either way. In it was comfort for both
sides, but the disinterested ones saw
in i no reason for buying or selling
other news was of no special i'm
portance and afforded no occasion for
were better than expected for the near
months.
Al the close the list of contracts in
Kew York were very steady and II to
81 points to the good, while New Or
leans was to So points net higher.
To make response tomorrow Liver
higher.
The weather occupied most of the
trades attention early and throughout
most OF the session. Private advices
told Of some good rains at few places
In Texas. but they were where they
we're least needed, in the northeastern
section. 1t was raining in the upper
central. belt and some had fallen else
where in the central belt, but the most
bullish thing was that the barometer
INES favored more precipitation. The
forecast later held out little hope Of
rains in the western belt and prom
Used more for the central and east
The weekly summary had less eff
feet, than last week, but there was
further announcement to buying in
another report on acreage, New Or
leans authority figuring It at practically
the same as year ago, with lateness
and labor scarcity chief handicaps
Bullish ideas are being stimulated by
decreasing hope OF large crop, which
aggravates the effect of the rains this
early, for 1t is appreciated how i'm.
portant it is that work not be delayed
and that the crop not be a late one,
for more reasons than one.
Liverpool finished her session at a
gain of 80 points to unchanged while
spots were marked up points, fully
smiddling to 27.13d. Sales were 1900
bales. including 1900 American, and
nothing was received.
Opening in New York was at 38.50c
for July and 36.10c for October gains
tof IA and % points. The weather was
the chief factor and Memphis was cred
ited with buying. freely early, based
on the rains in that district. Irregu-
larity of trend was noted during the
first half hour or so, but good sup
port was Forthcoming on the dips, as
more details of weather showed that
it was far from good for the belt as
a whole. There was not the support for
near months that the distant received.
July selling only to 3s6Oc, and then
dropping to 3S33c, while october sold
as high as 36.39c, after touching as
low as 35.90c, Considerable backing
and filling was done, but steadiness
. prevailed all the while and finals were
not far from the best Of the day.
News from the spot department was
without particular feature, although
here and there some talk of slightly
better inquiry was heard. 1t, however,
failed to be reflected in sales, for they
Iaontinued small. New Orleans reduced
Quotations so points middling to 40.25c,
tand sold 1854 bales. Houston sold sos
bales and made no change, while Dallas
elevated prices 10 points, middlng to
41c. In the local market sales were
400 bales and quotations unchanged at
42c for middling.