The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-05-17
COTTON MARKETS


Monday Afternoon May IL
Eore damaging rains fell during the
paht As hours over a widespread area
with prospects of them extending over
the entire belt before the wet spell
passes; yet from some quarters there
came considerable resistance during the
DAYS session. The result was that the
upturn was moderate. 1t seemed case
OF where an element of the profession Is
were caught on the wrong side, having
paid so much attention to trade reac-
uon accounts, and were trying to extri-
cate themselves as best they could The
selling, however, seemed confined al
most entirely to those who had profits
ana were willing to accept some OF
them. Feeling among the outspoken
bulls was more confident than ever for
the crop is believed to be getting in a
precarious position in many important
sections
At the finish futures in New York
were 80 to "a points higher, while New
orleans left off 10 to 38 points to the
good.
Liverpool made large response today
TO the weather, so tomorrow morning
shesYld open to pints to the bad.
weather news was uppermost this
morning, although 1t shared in the con-
ttnued talk Of reaction and deflaton.
Early reports showed that the heaviest
rains for the past "a hours were in the
central section, the entire eastern belt
having received practically none over
clear in Oklahoma and Texas. these
< taGssrs being the fly in the ointment
Tor the bulls
Opening prices were moderately high
er, however, for cables came firm and
much better than due and enough rain
reports were in otstimulate bullish feel
ing. July opened "a points up, at 38.50c,
while October started to 3S.S0c and
$3.50 respectively, but profit taking
was literally INDUCED in, selling COM
ing aDDarentlV from nrofacsional
sources. The theory was that the ind-
cations for fetter weather in the west
tern and chance that the rains in the
eastern belt may not be as bad as else
where seemed to encourage the liquida-
ton. while trade accounts, however,
was quite moderate, July dipping back
only, to 34,4Sc. while October did not
get below 36.3Sc.
weather showed that the rainfall in the
western belt Saturday and the night
Following was heavy and covered all
sections, so that even with it clear
this morning the situation out there was
far from favorable and pointed to a bull
fish weekly report Wednesday and also
TO a low condition report to be made
up on May %, The rains for the past
"a hours over sections already suffer-
ing, were liberal, while reports during
eastern section. The result Of all Of
this was that the market was steady
during the afternoon trading.
Liverpool was due to come 90 points
to the good, but finished steady and
81 to 81 points up. cables attrbuting
the strength to weather news from this
side. Spots We're marked up 90 points |
fully middling to 27S5d.E with sales |
5000 bales, including 400 American. |
Receipts were 5000 bales, but none |
American.
In spot markets dullness continues |
the rule. although sales in New Orleans |
were 2,117 bales, while Memphis re- |
ported 2,400. OF the latter about 1900 |
bales were sold late Saturday by one |
factor, at prices ranging from IS to 20 |
cents. according to reports 1t all being |
low grade and presumably going to |
American mills. Quotations, which for |
some days have been regarded as too /
nigh here, were revised downward 100 |
points by the committee. middling now
at 41c. In other centers sales were
quite small, with quotations up IS at
Augusta and Dallas.