The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-08-26
COTTON MARKETS
Market Without Much Posi-
tive Trend, But Recovery
Follows Early Weakness.

TUESDAY AFTERNOON Aug ~.
The cotton market apparently Is hest
Eating between continuation Of rather
~untayorable advices as to the yield
prospect and uncertainty as to the for
eign demand. The weather this morn
ing in the belt was some better, but
there is a feeling that the deteriora-
ton during the month has been about
normal, while the lateness OF the crop
continues a menace which Will con-
tinue for quite a while. The trade seems
to think that chances are for the out
turn to be around IL. U0o, 900 bales al
though there are plenty who have their
ideas sharply above and below such a
figure.
The bear crowd sun harp on the
foreign financial situation and the UNI
settled state OF affairs from an indus
trial and labor standpoint and contend
that if there Is not ere long more evil
dence of prospective foreign buying Of
raw material the size of the crop will
become secondary. Exchange today
was a shade better, but the change was
not enough TO carry any significance.
There is nothing to indicate that ma
terial progress is under way and the
burden of proof remains on those who
predict expansion of exports OF buy
ing for foreign account. A rise In
British consols over night was without
explanation, but was interpreted as
Vh1bbA AtAANNAAAlE - ASoA1 w
velopment. However, it hardly fit in
with the marked weakness in option
prices at Liverpool, which was n of
the factors in the early dip in the do
nestle markets.
Liverpool was due to come 6 to .
points to the good. but quit quiet and
steady at a decline or 10 to 81 points.
The early showing was fairly good, but
active pressure developed later and
there was not sufficient demand to alb
sorb offerings. 1t was thought by some
that a private condition report from
this sid pointing to an outturn of H.
800, 900 bales was a factor, for such
an amoun with the carry-over and the
slow pace Of buying by the spinners
would assure abundance. Spots were
marked up 4 points, middling to 19. AID,
with sales 5000 bales, including $500
American, Receipts were ~ 600 bales,
including 26,7 0 Manchester advised
tfat cloth business was fair, while
yarns were firm.
October in New York opened 2S points
off, at 81, ACC, and for an hour or 50
kept within a narrow range and did
not get much higher. Touching S1.27C
for the low OF the day, there was then
a slow improvement, which extended in
the afternoon to 3l.80c when a few
shorts tried to cover. The National
Ginners' report Of 62.5 for condition was
some better than expected, but was
small influence. Sterling exchange
showed a slight Improvement, but II
was thought the better feeling as tc
domestic conditions was one thing help
ing to induce covering, as was the ex'
~pectation Of a bullish weekly summary
tomorrow. Trading became very quie'
at the higher level and neither side dis.
posed to take the lead.
The weather map showed less raiT
than expected and temperatures cooler
Less was heard Of the insect depreda'
tons and there was small promise o,
rain for the ensuing "a hours. In the
spot department business continued al
most nil and exports slow.
Futures closed 3 to Is points up, tone
very steady.
New Orleans closed 10 to 20 points
higher, tone steady. Spots were VI
Is points up, middling at ale, will
sales 2,167 bales.
Liverpool is due To come IA to i
points higher.
In the local market sales we're 35I
bales with quotations unchanged, mid
ding at 33.50c.