The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-08-14
COTTON MARKETS
Better Consumption Than Ex-
peCted Tends to Offset
BeariSh Feeling.
Thursday afternoon. Aug. IA.

Thursday afternoon, Aug. IA.
Consumption Of cotton in the United
States during July fell behind the same
period last year, but showed a goodly
gain over June and the increased num-
Der of ~spindles operated suggested
that chances were good for larger out
put from this time forward. OF lint
cotton there were used sos, 793 bales,
compared with SAL, 457 a year ago, but
OF hnters only 21,177 against 1O7, sos.
Spindles In operation were 34,1S4,407
compared with 1885,, Ss2, while stock
in the hands of manufacturers were
1SOS, SOL compared with 1, ass, 22S. While
the showing was to some extent bear
ish, 1t was less so than expected and
AFTER 1t came encouragement was given
to some of the traders and a moderate
upturn followed. The fact, however,
that labor In the mills is working on
eAless time, Is apparently less efficient
and there continues to be considerable
unrest held incipient bullish feeling In
check Some wires during the early
day told OF prospect Of a lot of the
New England mills closing down be-
cause OF trouble with labor.
Inc weather may this morning was
better than usual, although some of
the western belt would welcome rains
and the crop is probably suffering some
for lack Of moisture. However, there
seems no disposition 10 give serious
attention to the lack Of rain in Texas,
Tor the boil worm win be checked by
the dryness, thus the lack Of rain be-
ing OF some good. Besides, there is
ample protection against the plant SUI
fering seriously. The eastern belt had
but little, which was basis for better
FEELING regarding the crop over there.
There was some promise of showers
Tor the lower central and eastern belt,
put indications were not very pro-
nounced.
Liverpool did not do anything start
ling, but apparently is disposed to pro-
Vde for some Of her needs around cur
rent levels. At the close over there
AZ to 81. points to the bad, which was
worse than due. Spots were off 80
points, middling to 19.13d, with sales
1000 bales, including $500 American.
Receipts for the day were 5000 bales,
including LOO American,
h early show Of strength on this
side reflected feeling regarding the con-
sumption report, but some bearishness
was encouraged by the report that in
the bill pending before congress to reg
be made to include clothing and cot
ton goods, This helped to emphasize
the effect of the movement for lower
prices in necessities.
October, which opened at 31.15c, sold
up to S1.40c, then dipped to 80. SOc, but
$500 NONNAAAA6 Alu oOillC tiduG buylllE
brought about recovery to nearly the
early high. There was still plenty to
encourage a bullish feeling, among
which was evidence of some trade buy
ing of the actual for early fall ship
ment and the plentitude OF crop com
plants because of the weevil and boil
4 worms.
Later on, however, buying power sub
sided and liquidation set in on a mar
row market, the result being a decline
to lower than last weeks lowest levels
OeNober selling at 80, 55c and the entire
list being poorly supported at the de.
cline. Feeling in professional circles
was bearish, largely based on the weak.
ness in general as a result of inroads
on prices in many directions.
Futures closed rs to 95 points lower
tone barely steady.
New Orleans closed 66 to Sc points
lower, tone steady. Spots were off 81
points. middling at 30,SSc, and sales
were 565 bales.
Liverpool is due to come 27 point,
lower.
In the local market sales were 25(
bales and quotations were off 80 points
middling to 34,00c.