The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-28
COTTON MARKETS
Market DragS Moderately
Lower, But Has Few Fea-
tureS-CabIeS Are Good.

Further evidence that the cotton mar
ket is fatigued and needs some fresh
influence to put life into it was shown
To-Day, There vas more disposition
70 let It sag, although aggressive sell
ing was lacking and sentiment appar-
entity Is still leaning to the bull side.
Some crop condition reports were out.
two under 70 and less than they were
a month ago, m one at TIA compared
with its report Of 70.5 last month, They
were not suggestive of announcement
TO the bear side, but for some rea-
son failed to incite support OF eonse-
quence.
The weather map was perhaps a
better one than any recently, although
reports continue to tell of slow i'm
provement.
Liverpool was due to show a sharp
decline. but failed and at the close
stood much better than expected, The
list was steady n from 10 points off
TO 10 up, whereas a decline of rs points
was due. Private advices told of some
hitch in h coal miners strike settle
ment, which was given credit for a lit
tie of the liquidation on this side. Spots
were marked off Is points, middliug
cluding 400 American. Receipts were
AZ 900 bales, including 10000 American,
First prices were aeshtly to the bad
on this side, October h New York be-
ing 5 points down at $3.50, but after
touching 34.75 worked upward a short
distance. reaching 35c. The good cables
helped in the upturn, but there vas no
evidence of support of consequences.
The report of some hitch in the adjust
ment OF the marine workers strike, but
which would probably be adjusted today,
failed to be a factor of consequence, al
though 1t was not lost sight of by trad
eFs who are not favorable to further
rise at the present time. One Of the
supposed influences at the moment in
favor of a reaction is the fact that the
coming of several bullish items OF news
during the past few days failed to
arouse much buying power.
The market receded from 35c for Oc-
tober until N the afternoon it touched
as low as 1886, from which some re-
covery came oil short covering. Some
wires said a short interest was being
built up, but the offers came chiefly
from tired longs.
The sterling market was without spe-
cial feature, demand being around 4.35
In the forenoon. Some of the gossip
mentioned the foreign financial weak
ness as one reason for the present state
of market. Others think the better
weather a factor, and that the weekly
summary on Wednesday will be a better
one than for some time. There is also
disposition on the eve of the coming of
the bureau report, due Friday morn
ing at 10 O'Clock local time, to even
up. 1t is felt that the crop as a whole
now Is improving, the rainfall over the
weekend having been scattered and
as a rule light. Those which fell in the
local district were very welcome and
more would do good. Some guess that
within a few days rains will again be
received. .
There is but little doing in the actual
and exports continue light, but 1t is
hoped that they will increase very soon.
Some of the bears are more disposed to
note the bearish features of statistics.
Futures closed Is to 20 points off,
tone steady.
New Orleans closed 3s to 80 points off,
tone steady. Spots were off SO points,
middling to SAC, with sales 28S bales.
Liverpool is due to come II to 3 points
lower.
In the local market sales were 800
bales and quotations were unchanged,
middling at 34.50c.