The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-21
COTTON MARKETS
Market Very ETratiC and Re-
aCtiOpary Sentiment Helped
by Easier Exchange.
Monday Afternoon, July q.

Erratic changes came in the cotton
market today, conflicting influences be-
ing at work. There was absence Of
settlement of the marine workers strike
and Generalization continued in the
foreign exchange situation, both Of
which encouraged the reactionary dis
position. As an offset were the heavy
rains in portions of Texas, in Georgia
and the CaroAinas, with some scattered
light ones in some other sections. The
weevtl menace was the chief source OF
worry, although some Of the rains were
heavy enough to do injury to the crop
from other standpoints.
The promise Of more precipitation
was a bad feature, for the crop is get
ting entirely too much moisture where
the weevil is and is likely to get into
the grass again.
Liverpool at first was fully responsive,
but failed to hold, the near positions
suffering from liquidation because Of
the unsettled state of labor conditions
and of exchange, but the distant ones
were strong because of rains in the
belt. Toward the close there was gem
eral weakness and the list eased off
until finals were from 3 to Is points
net to the bad and tone called barely
steady. Spots were marked up 80
points. middling to 21.54d, with sales
5000 bales, including 1900 American.
Nothing was received.
Opening prices on this side were
steady and higher on the heavy rains
reported in some sections over the
weekend, but buying power was linn
tied and very soon there was a hur-
ried decline. October sold up around
the previous top level, but there was
not much warning for the precipitate
decline which came later. All of q
sudden a lot Of selling came without
anybody willing to take offerings and
stop-loss orders were caught. October
which had sold up around 1892, dip
ped to 34.75, the decline of III points
taking place in a few minutes. 1t was
thought one or two big operators did
most Of the selling and as good rea'
son as any other given for 1t was the
| sterling exchange situation and a reac-
tionary feeling in the stock market.
Sharp recovery followed and October
sold back as high as 35,42c, but late
on another wave of liquidation cam
this time on another sinking spell IL
exchange and some disconcertipg ru
mors regarding Mexican relations. Thu
dip did not go quite as far as the otheI
and support again met the decline anC
caused recovery of part Of it.
Sterling quotations were again diff
ficult to keep up with, but they fell of
sharply, and 60-day paper was quotet
around 4.24 early in the afternoon.
prominent British economist was quoted
in a New York p as predicting col
lapse of credits and sterling going dow
around 81 in a short while. One resul
of the unsettled situation is that expor
business is practically nothing, although
those who are bullish on other thing
seem to think credit arrangements viii
soon be made, for they admit that with
such disposing Of u cotton to Eu
rope will be a slow process and woult
put a quietus on talk or prospect 0
higher prices than have been seer
Spot business in the belt continue
moderate, and there were only 800
bales exported today,
Futures closed 81 to SO points off, ton,
barely steady.
New Orleans closed Is to 70 points
lower, one steady. Spots were un
changed, middling at 34,5Oc, with sale
1876 bales.
Liverpool is due to come % to
points lower.
In the local market sales reported
were $50 bales and quotations we're I'm
| chanpad middliOp at "a Enc