The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-08-05
COTTON MARKETS
Very ErratiC and Sen
timent UnSettled-LiVeT-
pool Makes Response.

1NtN-a e#aEH 80 ~"
So much Is happening that the spec
ulatiye markets are all erratic and
traders are much at sea as TO What to
do as anybody else. The disturbed feel
ing prevailing in every direction shakes
confidence, while the concerted effort
on the part Of the administration at
Washington TO do something to help
relieve high living costs is at last re-
sulting in something, Whether the
remedies under consideration or being
used will get at the root Of the trouble
or merely prove surface disturbances
remains for time TO determine.
Cotton values today swayed both
ways and twice there appeared chance
Of the day limit to be reached In the
forenoon the decline went OF about $3.50
a bale, but more than that much re-
covery followed within a short time,
only TO be succeeded by a break that
up 10 a short while before the close
sent quotations nearly to the earlier low
levels, At the low of the forenoon Oc-
tober In New York touched 30. S5c, which
compares with the extreme high Of see,
corded only about two weeks ago, when
the crop killers were at their worst.
IL Is needless to relate what has hap
pened to bring about such a violent al
t~eration Of sentiment and speculative
position. II is all to fresh In the minds
OF those who have been keeping up, or
trying to, with the fluctuations Of the
AFFAIR.
Liverpool, which resumed business to-
day after having been closed since Fri
day, had her first chance to offer adj
ditlonal evidence of what was thought
OF the bureau report and the things
coming to hand since II was made pub
lie, The foreign market was due to
come lO7 TO Ill points sterling 10 the
bad. In the early part Of the session
full response was made and later fur
Their reductions made in prices, indicat-
ing that the foreign mind Is also being
impressed by the factors applying so
positively on this side. AT the close
the list was irregular and from 1G7 TO
l43 points to the bad, with the near
positions worse than the distant. A
plus correction In the Liverpool stock
tended to encourage selling. while the
bearish c~arry-oyer statement from this
SIDE was also a factor. Spot quotations
were marked down only 9 points, but
evidently they are made before the fu-
thre has chance TO show what traders
think. Sales were only 5000 bales, In
GLIDING 200 American, while receipts
were 10000, including 1900 American.
Az the opening on this side the mar
ket was down moderately, October
starting at 32c, rs compared with last
nights close at 82.30c. There was not
ne amount OF unexecuted orders some
Fmt'f bhh bAH ! MNit HtaTGb HIIl
soon fresh liquidation, encouraged by
the general feeling of unset.lement,
brought about a decline, which caugh
many stop-loss orders. The option sold
a. SO,S5c before the turn came, and at
FIRST II was slow. But soon there was
FOUND TO be little for sale land cover
ing shorts sent the list up, october sell
ing. NJ 82,4Oc, n net advance of 10 points
and q recovery of 1b5 points.
But sellers got busy again, for the
weather prospects were favorable and
the weekly tomorrow Is expected bear
lsh, There Is little doing In spots and
ne bears for. the moment seem to have
the better OF the argument, In an hour
or so October had sold back as low as
81 cents. T.
Except at a few places there Is little
doing in spots, although advtces have
told OF trade interests buying contracts
freely on tho way down. There Is small
movement for export and further dis
glieting news came during the day as
70 exchange, francs being lower and
British Fconsols reaeting after being
slightly higher early. This lack OF for
elgn credits continues one Of the most
beorish bits In the news.
Futures closed GA to So points Off,
tone very steady.
New orleans closed 65 to 81 points Off.
tone steady. Spots were off rs points,
mlddling to 81. 75c, and sales 334 bales,
Liverpool Is due to come ~ TO II
points lower.
In the local market sales reported
were $50 bales and quotations were un-
changed, middling at %. soc.