The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-09-05
COTTON MARKETS
Market Holds Steady for Time
But Bears Get Busy Later
and Pound Heavily.
Friday Afternoon. Sept. s.

frlday Afternoon, Sept. s.
For a time today II appeared that the
cotton market had been oversold and
was likely to improve a little. but this
proved deceptive, There was an opening
at near the previous close and a mod
crate upturn on short covering and some
trade buying, but then camo a nll and
later a sharp decline.
About the only occasion for the i'm.
provement was the technical postlo1
OF the affair. The bears had 10 helm
them the practical disappearance Of
the gull storm, weakened sterling. re-
ports OF some extremely low Offerings
OF new cotton in the eastern belt and
fresh concern as to domestic labor
troubles. The latter was brought about
by the sending of a message by Samuel
Gompers TO President Wilson asking
the latter to intervene in an effort to
prevent a strike Of the steel workers,
the president Of the corporation having
refused to treat with representatives OF
the workers. With sentiment in the
shape Il was 1t required no great amount
OF selling 70 cause a big decline and
prices around the lowest were some
thing over 100 points, or IS a bale, from
where they stood earlier in the day.
The foreign market came better than
due for a time, but before closing lost
all the strength and finished barely
steady at a net loss of 81 to 50 points,
while 80 to S6 down was due. Private
cables failed to say what caused the
late weakness, but It was assumed that
conditions over here were responsible.
Spots were marked down as points,
middling to 1850, with sales 1000 bales,
Including $500 American. Only 1000
bales were received.
In the domestic markets there was
a degree Of steadiness carry. but little
confidence in an upturn. Those who
were bullish, seemed to think that pre-
venting further decline was about enogh
and they banked on expectation of n
buIlish ginning report Monday as a
stay. against fresh sel1ng. December
in New York opened at 29.35, but af-
ter selling down to 29.15 worked up to
1855. Then came a period of hesitancy
End dizziness. Early in the afternoon
came advices as to the Gompers mes
sage, while the weather outlook was
also looking better which started a fresh
attack on values, which found resis-
lance feeble.
Sterling was weak and reports Of can-
cellations Of foreign orders because Of
this tended to arouse Dessimlsm. for
this has been one of the bases for bear
ishness in cotton for some time. De-
cember sold off to 1856, a drop Of ITO
points from the forenoon low, but later
recovered to ear 20 cents, II was
CldlIIltu AldI lht JdDS WOlV buS l!l6
some on the way down, as were other
trade interests, but one of the reas-
ons for the bearish activity was the alb
sence of information from the belt that
spot demand was improving any. With
the time almost at hand for offerings
to increase sufficiently to give a line
, on the attitude of buyer and seller the
, bears are doing all in their power to
get values down.
The movement into sight showed a big
loss compared with a year ago, while
takings by the spinners were consld-
erably ahead Of a year ago for the first
time in many moons. The latter were
. estimated at about 214, 900 bales, COM
y pared with 7 1000 a year ago, thus
making visible comparisons more bull
ish than for some time.
Futures closed IL to 30 points off,
tone steady.
New Orleans closed Z to 10 points
lower, tone steady.
Spots were reduced 100 points, mid
ding to 29c.
In the local market sales for the day
were 100 bales, making 326 for the
week. Quotations were unchanged,
middling at 31.50c.
Estimated unsold stock in the hands
of factors is $1,000 bales, compared
with So, 1000 last year and 5000 in 1917.
Linters in stock are So, 900 bales,
AGAINST 95, 900 last year and $4,000 in
1917,