The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-08-12
COTTON MARKETS
More Complaints From Texas
and Eastern Belt Induce
Short Covering.
ruesday Afternoon. ~. b.

Tuesday Afternoon. Aug. II.
With a fairly large short interest,
created during the past several days
while attention was directed at the gem
eraI economic ana political condition,
there was fairly large incentive to bull
ish activity today. Weather conditions
in the larger part Of he belt were
favorable 70 such, and there was more
bullish news regarding the crop than
for a long time, A private statistical
authority was out with a mid-month
report showing condition 66 per cent,
against It's own Of 69.3 for the end OF
July and a bureau Of ST., which sttmu-
lated some anxiety among the shorts,
Anticipation Of the weekly report to-
morrow being ~unfavorable also fit IN
with the general plans Of those who
were striving for higher prices.
Liverpool did nothing startling. but
was better than due after starting fully
responsive TO the action OF the Ameri-
can markets Of yesterday, Practically
all the early loss had been recovered by
the time Of our opening and towards
the close steadiness ruled, finals being
from 10 points up to 10 off, Spots were
marked up 3 points, middling 70 1890,
with sales 5000 bales, larger sales than
for some time, Nothing was received.
on this side there was the weather
man and the National Ginners' Condt-
tion report 10 greet traders at the open
ing. Some rains fell in the lower part
OF Mississippi. across Alabama and on
the Atlantic seaboard. all OF which ag-
graVated an already bad weevil situa-
tion. Some Of them were quite liberal
and advices from some sections were
distressing. The worst feature was that
more rains were promised the eastern
states,
In Texas there were no rains to speak
OF, but a flood OF advices telling OF
what the weevil and boil worm have
been and are doing, The fact that
some of the best producing counties
arc involved in this, created concern.
The Taylor report said that Texas had
lost In two weeks about . per cent IN
condition, duo to insect raVages. me
fact that the state was generally dry
and that this might put some check
10 the insects failed to attract notice,
for attention was directed for the mo-
ment at damage already done. In other
sections Of the belt rains were really
needed. but crop news vas not OF spe-
cial Importance.
october opened at SL60c, a rise over
night Of q points, but after touching
81. 7sc II dipped TO l.34G OF subsistence
Of short covering. The bad reports con-
tinued TO come, however and there was
said to be moro interest In spots, which
started another buying wave, which
carried the option TO 32.i4c before
profits were again sought.
The reaction In n short while extend
cd 70 81 zoe, but trading was small and
neither side disposed to do much.
Spot business continues small, but
there is said TO be better inquiry, the
trouble being scarcity OF offerings at
current prices, Export movement Is
still small, but those who are bnlllsh
are stIll %plnning faith to what Europe
reeds, hoping against hope that finan
cial arrangements can in some way be
made. However, continued evidence OF
difficulties in paying for material arc
coming to hand. The bears are OF the
opinion that this forestalls any chance
OF materially higher prices for a lonp
time, wen II the crop does fare badly
Futures closed ~ 10 81 points up, tone
very steady,
New orleans closed 25 TO As points
up, tone STEADY, Spots were up 4;
points, middling DIT 31,3Sc, and sales
were ga bales.
Liverpool is due to come 20 to II
points up.
In the local market sales were 2Ot
bales and quotations were unchanged
middling, $4,000.