The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-10-01
COTTON Markets
Gables Come Worse Than Due,
Causing Weak Opening,
But Recovery Follows.
wednesday Afternoon, oct.


Probably rejecting less optimism re-
garding the labor situation over there
the Liverpool cotton market this morn
ing displayed marked weakness. The
official cables said that the strike was
not any worse and the outlook was sat
isfactory. but from other sources came
advices that did not appear quite 50
encouraging. There was also reported
to have been liquidation from the CONT
nent to help depress prices, At the fin
ish the tone was called steady and the
list was down % to IA points. Spots
were marked off So points, middling TO
is SD, with sales 1000 bales, including
g. 500, American. Receipts were only
1000 bales, none American,
The immediate effect Of the poor
showing abroad was weak
opening in domestic markets. There
was nothing in the overnight weather
news to influence values, and the COM
ing Of the Journal of Commerce condi-
ton report at 56,S, showing deteriora-
ton Of 81 points for the month, with
an indicated crop of nearly 100000
bales tended to stimulate confidence
in bullish views, II was from the
standpoint Of deterioration rather than
the percentage, II failed to change
fairly well-defined ideas as to the off
cial guess, which range from around SO
to IS per cent. In fact the market all
during the day seemed to act on the as
sumption that such would be the figure,
with opinions divergent as TO whether
the discounting process had been am
| pie or not.
December in New York opened at
S1,S0c, a drop overnight of Al points.
1t took but a little while for most Of
| this to be recovered. The weekly
weather summary, the final one for the
season, was regarded dogfall and thus
failed to have any appreciable effect,
Trading all day was small and unimpor
| tant in character, while the news was
| colorless, The domestic strike situation
was considered to be slightly better, II
/ any changed, but traders were really
| not paying much attention to this or
to anything else for the moment,
/ Strength in the stock market stimu-
lated some anticipations Of this extend
| ing to cotton. but not to the extent that
there Is much expectation Of higher lev
| els, unless the reports tomorrow fall
way below expectations,
| December sold up to 92.19c in the
early afternoon, but reacted slightly and
| got into a rut
News from the spot department was
also rather scarce, but there is said to
be strong determination to resist efforts
to break the present high basis. For
| the time being inquiries are smaller,
| but nobody can tell yet how much Oc-
| tODer snort interest IileTe Is OF now
/ soon II will undertake to protect itself,
| The stocks at interior towns are be-
| ginning to pile up and the shipping
situation does not indicate that exports
/ are going to be much until the situa-
| ton clears. These merely add to the
| troubles that are to be faced by those
who believe present or higher prices viii
| be certain.
Futures closed 10 to II points off
| tone steady. .-..
New Orleans closed to IA points
| lower, tone steady Spots were un-
changed, middling at 2260c, and sales
| |. 1893 bales. .,
| Liverpool is due to come 2 points
| lower.
In the local market sales were 1000
bales and quotations were unchanged
/ middling at S2.50c.