The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-08-25
COTTON MARKETS
Many Complaints Come Be.
cause of Abundant Rain But
Other Factors BeariSh.
Monday afternoon, Aug. IS.

ENAAH ma ~
Firmness prevailed in the cotton mar
ket during the early part Of today's
session, based on too much rain in
sections Of the belt, giving rise TO COM
plants Of insect damage, but other fac
tors apparently had the cali with the
speculative trade and most Of the grains
were lost. The foreign political and
financial situation seems to be getting
more notice than crop deterioration, for
there Is still the burden Of proof on
those who would see higher prices.
There apparently is lots of basis for
expecting the yield to be cut short, but
bears are intrenched for the time be-
ing behind the lack of indication for
any rush to get raw material and the
lack OF confidence in demand picking
up soon.
In brief, the situation is pretty much
the same rs it. has been for a couple
OF weeks, but with the period for crop
condition estimates just ahead, which
' more than likely will afford bulls more
announcement than their friends of
the other belief.
Liverpool came better than expected,
while the lower section of the western
and much of the central belt had con-
siderable rain over the weekend. There
was indication of more showers in the
eastern half Of the belt, which make for
additional depredations by the boil Wee
vii. boil worm and the army worm. To-
day Is the last day to be included in
the coming bureau condition estimate,
which Is due to come next Tuesday
morning, and it will compare with S.
last year, SIS in 1917. with 61.2 in 1916
ana a 1O-year average of $50. Some
private estimates are already coming
but they do not show as much deterior-
ation as the average for August, which
is 7.6 for the past 10 years.
Wires from many directions told of
the bad effects OF the rains and OF
~lateness, which makes the situation IN
favorable because of the danger of
frost
Liverpool closed quiet but steady and
from % to 80 points to the good, while
spots were marked up 30 points, mid
ding to 19,40d. Sales were 5000 bales,
including $500 American. Receipts were
$4,000, including So, 100 American.
In the early part of the session prices
were about 40 points to the good, but
there was not much support and it took
but little liquidation and selling to start
prices off. The ~unfavorable charac-
ter of foreign news and anxiety over
finances helped push prices off and
October in New York dipped from its
opening at 31.70c to 81. 45c, then went
back to the opening and later dropped
to 31.27c. Later, however, moderate re-
coVery followed, for there was lots OF
unfavorable new coming and exports
for the day were nearly 100000 bales
Advices from the early sections tell OF
first bales coming in very late and
some of the worst crop accounts come
from the same direction. This helps off
set the lack of demand on the part Of
%spinners and encourages those who are
holding the unsold portion of the crop
There Is developing in some circles q
more hopeful feeling regarding the e
port situation, but as yet buyers are
sticking close to shore.
Futures closed 80 to 49 points up, tone
very steady.
New Orleans closed Sc to 81 points up
tone steady. Spots closed unchanged
middling at 80. 75c, and sales 923 bales
Liverpool is due to come 6 to 8 points
up.
In the local market sales were non
and quotations unchanged, middlins
80, SOC.