The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-09-15
COTTON MARKETS
Market Steady on Reports of
Damage to Texas, But Buy
ing Power Limited.
Monday Afternoon, Sept. Is.

Monday Afternoon, Sept. Ia.
Such steadiness as was shown in the
cotton market TODAY bed based
isrgely on reports that the Texas crop
nad been damaged by the rains and
vino which struck part Of that state
a. n result Of the gulf storm which
Tor so long has been keeping traders
nervous, The disturbance apparently
only touched the lower edge Of Texas.
hAElng worked into Mexico over night
ana perhaps exhausted itself. But Il
brought some heavy rains, and advices
curing the morning were that more
were falling and they might continue
for a day or so. Although Il has been
said all the while that the crop in
that section Of the state was almost
nothing, the chance was too good 10
be lost and the gossip writer's told
Q! how much damage was being done
down there, and IL proved fairly eff
clent as a means Of getting shorts TO
cover and perhaps some little buying by
trade interests. The fact that the
market was technically in shape for
some recovery perhaps enabled them to
make such use OF the information.
On the other hand, there was a pri-
Hate report from a Texas authority
saying that condition on September s
was but IS points less than II was two
weeks previous, which was regarded
as slightly bearish, for current ideas
were for more than that. This, how
ever, failed to be Of much effect in
the face Of crop damage reports.
The foreign market was better than
expected n private cables said spot
demand was better. One report said
the export ban on American cotton from
Great Britain had been lifted, which
probably means that ONE little more
business can be done with the CONT
nent through the Liverpool trade, Flu
lures closed quiet and s to 8 points net
to the bad, which compared with IS to
II off as due, Spots were marked up
"a points, middltng to 1S.19d, with sales
1000 bales, including $500 American.
Receipts were $4,000 bales, but non
American, For some days now an uu-
usual proportion of cotton received over
there has been other than American,
Opening prices on this side were firm
n higher, responding to good cables
and to anxiety about the storm and Its
effects on cotton. December in New
York started at 29.05c, but there was
little to induce fresh support and some
liquidation took place, the option dip.
ping TO 2S.6Sc before the decline was
checked, But there came better de-
mand, Liverpool buying some, as did
trade interests, while sellers were less
plentiful. The advlces from the storm
district were less encouraging and the
liSN NhINtu up"dIut bul WIN llbIt VI
less irregularity. December sold is
high as 29.27c in the afternoon. but the
rise attracted more resistance, helped by
the fac that no Improvement was
shown in the labor situation in this
country and the foreign exchange mar
ket was no better. In a short while De-
cember had dropped back TO 2S.9Sc,
In spots there Is little better feeling,
but still business is limited, Augusta,
Ga, advised that the basis in the past
few days had improved so to rs points,
while no wires anne telling of much
being offered for sale. The movement
is very slow,
Futures closed A to IS points up,
tone steady.
New Orleans closed Al to IS points
up, tone steady.
Spots were unchanged, mlddling at
zoe, and sales we're 600 boles,
Liverpool Is due to come 16 to II
points up,
In the local market sales were SC
bales and quotations unchanged, mid
ding at soc.