The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-09-08
COTTON MARKETS


Monday Afternoon. Sept. {.
Lower prices were recorded in the
contract department Of the cotton mar
ket today, at the low levels declines
from the extreme highs made several
months ago approXimating 500 points.
or $40 the bale. There was more
willingness to cover at the lower level,
partly on the idea that the decline had
gone far enough and also because there
was a warning for the government that
a storm was near the Bahamas and il
might strike the belt. The affair. how
ever, did not show any pronounced
strength and sentiment continued ap-
Darently to lean to the bear side pend
ing the coming OF some bullish develop
ments.
The feature of the news early was
the first report on ginning, the census
department making the amount to
September l only l3S,9s3 bales, COM
pared with l,0399, $50 last year. Only
once before has there been such a
light ginning, 1903 showing smaller.
The figures were expected small, but
nobody was prepared for them to be as
bad as they were. Because this con-
ftrmed the lateness of the crop there
was some little buying on it, but this
failed to be important and soon gave
way to other things as dominant In
fluences.
The foreign market wal better than
expected at first, but this failed TO be
~ AAAhoA NAAASo aHDdANiAAN ONCA < g
and before the close there was weak
ening. Finals in Liverpool were barely
steady at q loss or q to Al points,
which still was not off as much as
dude. Spots were marked off only IA
points, middling to 1S.01d, with sales
5000 bales, including 1900 American.
Receipts were $1,000 bales, including
$4,000 American.
Opening prices on this side were
irregular. In New York there seemed
to be little support and the ginning
figures received can't notice. while in
New Orleans at first prices were
higher. Pretty soon there was an ad-
justment and the list worked up some,
perhaps due to the admitted bullishness
Of figures. October in New York
worked up to 1887. There was little
in the news to justify it and it seemed
due to technical conditions more than
to anything else. Sterling was weak
and that together with other things
started a wave Of selling and before II
was checked December sold as low as
2S.11.
Support improved and later there
came a warning Of storm in the Gull,
which might strike the Eastern belt,
and thus there was encouragement ia
AN upturn, which by late In the after
noon sent the list almost back to the
high of the forenoon, but selling check
ed the rise.
There is still little light on the spoi
situation, but opinion is growing that
early selling is going to be limited
There is already a movement to have
the producers hold back their cotton
for a price that is reasonable when
compared with the cost OF production
How effective this will be remains e
be seen. In some sections 1t is said
there is already sign of holders refus'
ing to turn loose. A little improve
ment in sterling took place after thf
morning, but there is little hope OF II
amounting to much any time soon.
Futures closed So to Is points up
tone steady,
New Orleans closed 40 to SO point!
up, tone steady. Spots were unchanged
middling at 29c, and sales were ID
bales. u,
Liverpool 10 due to come 46 to Al
points higher.
In the local market sales were none
and quotations we're reduced SO points
middling at 30.50c.