The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-08-07
COTTON Markets
Cables Better Than Due, But
Weakness Here on Labor
and Political Outlook.
Thursday Afternoon, Aug. Z.

AhNAohaF AAleTuOOn, Aug a.
Economic news apparently is the
dominant influence in the cotton mar
ket, for there vas little that was en-
c~ouraging today, and quotations worked
sharply lower. BY late in the after
noon some options had sold lower tina
they did in the week and buying power
at no time during the day was very
prominent. There is such widespread
anxiety over the demands OF labor and
It's ERECT on business and commercial
iaoric and the foreign money situation
Is SO demoralized that incentive TO buy
ing IS lacking. which makes il easy for
those bearishly inclined to push values
downward. So far the level has not
gone far enough to offer much induce
ment TO Investment buying.
Inc weather map this morning showed
mat some rains fell in the lower part
q lhe central n at a few places in
the eastern belt. In the western and
the upper central non was received
and temperatures rather higher. Later
IN the day some efforts to
buying because of high temperatures
was made, but 1t awaited those so do
ing but little. The outlook for more
showers IN the eastern belt vas not
favorable, but 1t was quite manifest
that the crop news was NOT getting the
trades attention. Showers would be
very welcome in the western and upper
central belt, but there was only slight
indication Of any in the official fore
cast and at least one more day Of heat
seemed assured
Liverpool came a little better than
expected, closing steady at a gain of II
10 " points, indicating hat Manchester
Is feeling a little better over things
Spots were marked off 16' points, mid
ding to l9.04d, while sales were 1900
bales. Receipts for the day were $4,000
bales, including $4,000 American. .
Opening prices on this side were
somewhat irregular, nears being about
unchanged, but h later positions were
off compared with last night. october
started at S2.25c, 8 points to the good,
but May was off IS points on the call.
october soon sold off, for there was
pressure from several directions,
support was scattered. When 1t reached
3l.Sc there developed better support and
Liverpool was said to be buying Janu-
airy, which impaired a little strength to
the rest of the list. October worked
back up to 81. SSc, but failed to hold, for
there was some selling because of adj
vices telling of exchange being SO de-
moralized and Of the absence Of indica-
tion that spinners were getting ready
to buy. The list sold off sharply, for
stop-loss orders were uncovered and
October a short while before the close
touched S0.SOc, which was las points
from the opening.
In the spot department there Is
almost nothing doing. Exports so far
this week are fairly heavy, but there is
little indication that they will con
tinue to increase, for one wire from
New Orleans during the day said that
some exporters wore trying to re-sel
their freight room because Of the de-
HoraliZed condition of exchange. AS Il
new business in spots, there seems
none, and an Augusta wire said hat II
was impossible in that direction to sci
anything to spinners either domestic OF
foreign. The same is said to be true oil
other sections.
Futures closed 1872 to 140 points off
tone barely steady.
New Orleans closed 1856 to 139 point
off, tone barely steady. Spots wer,
reduced rs points, middling to $3.50,
and sales were 916 bales.
Liverpool Is due to come 81 point
lower.
In the local market sales we're 20
bales and quotations we're unchanged
middling at 34.5Ac.