The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-08
COTTON MARKETS
Better Than Due, But
Advance Attracts Realizing
and Reaction Comes.

Firmness in Liverpool. continued
strong markets for cotton goods and
a feeling that the Germans are get
ting ready TO ratify the peace terms
shortly contributed to the strength In
the market during the early part OF to-
days session. which sent quotations
10 a level About 40 points over the
previous close.
More favorable weather in the belt,
easiness in sterling exchange and
francs and lack OF snap In the spot
department helped encourage some
profit taking IND hesitanCy about buy
ing. The result was hat the market
was nervous and errattc and fuctua-
tons were difficult TO follow
Liverpool was due TO come down
about - 10 10 points. but instead did
a lot better. Ii was thought one OF
the causes was the information that
Germans were making progress toward
rstifytng peace, which naturally would
stimulate business, while another fac
tor was that progress was reported
toward adjusting labor troubles and
getting the mills started again. Finals
were steady and the list from 10 to 3
points to the good, Spots were marked
up - points, middling to 20.l2d, with
sales 50 600 bales. while receipts were
y, 600 bales. including 10. 900 American.
First prices on this side were steady
and higher, responding to good cables
and 10 continuation OF bullish feeling
predicted on the crop outlook in the
belt There was q good map, for rains
were scattered and perhaps did as
much good as harm, while indications
were favorable. Advices from some
directions were telling of improvement,
although all OF them confirm the seri-
Gus damage already done and the need
Of a prolonged spell OF good weather.
October started the day at SO 60, mp
% points, and after touching three
points higher, sagged on some little
profit taking, The easiness in sterling
was against export business. but later
there came advices telling of plenty Of
vessels. which encouraged expectations
Of big exports. still later In the day
It was announced that rates from New
Orleans had been reduced Sl.50 for
Liverpool, which will help stimulate
business.
October dipped to 3Sa6 and then shot
up to $3.50 under the impetus Of Some
buying for foreign account, but after
Liverpool closed the list sagged again
and the option sold as low as 33.34
and then steadied again. There was
not much incentive to buying at the
moment and some predicted that the
weekly summary tomorrow would make
a favorable showing,
News from the spot department was
not very plentiful, but the reduced
ocean rates will help offset the decline
IN exchange and thus induce buying
for export. The demand for the actual
at the moment is not sufficient to slim
ulate bullish feeling, AS the foreigners
seem disposed 20 buy their raw ma
terial supplies only as they need them.
Many observers fear there will be dis
appointment at the demand for the
central countries, due to the expected
difficulties in arranging credits.
Futures closed 10 to AZ points up,
tone very STEADY.
New Orleans closed II TO 90 points
higher, tone steady. Spots were re-
duced 10 points, middling to safe,
= Liverpool Is due to come I points OF
no unchanged.
In the local market sales were 1900
bales and quotations were without
change, middling at 80. Use. 1t was re-
ported that demand was turning to
some OF the low c%ottons. which for so
long have been neglected.