The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-09-23
COTTON MARKETS
More Bad Weather In Texas
and Market Stronger on
Cables, Profits Taken.
Tuesday Afternoon, Sept. %

AANGAAA AAtNAAH DGHAs So
More unfavorable weather in Texas
and cables from Liverpool that were
better than expected. stimulated addi-
ttonal bulish feeling in the domestic
cotton markets today which sent prices
higher, but there was liberal taking Of
profits, which caused the affair to be
rather Irregular. Trading was on a
fairly large scale and sentiment IS
mixed, for there is apparently some lit
tie improvement In feeling as to foreign
exchange and demand for the actual in
the belt indicates that a considerable
unsatisfied short interest still exists
The producer also is showing deter
mined resistance to efforts at lower
prices, helped by the tendency to re-
duce yield expectations. The period Of
condition reports being just ahead
there is no disposition to offer much
pressure until the effect of such can
be discounted, n at the present time
there is anticipation of a rather bulllsh
showing.
The steel strike news today was rath-
er difficult to size up, for there were
1 claims and counter-claims But on the
whole it appeared that the situation was
hardly so encouraging as 1t was made
to appear yesterday, although the stock
market did not reflect any great CON
Germ over the situation, However, it
could not be told whether this was due
to support on the part OF the big
moneyed interests or to genuine belief
that the workers would not be success
full in their fight, The general attitude
was n Of waiting to see what will
happen.
Liverpool was due to come around 81
points to the good, and she was that
and better early. Private cables said
that Manchester was buying and there
was covering against signs Of greater
activity and ALSO on the receipt of news
1 Of NlnfaXgOFah la xrnafhnF in TnXlC and
the cotton belt, The firmness extended
throughout the session Inc finals were
at the top for the day, being Sc to 40
points net to the good, and tone called
steady. Spots were marked up 81 points,
middling to 19.3Sd, with sales 5000 bales,
but nom American. Manchester ad-
vised that business in cloths was I'M
proving while yarns were hardening.
Prices at the start in the domestic
markets were steady and higher, chiefly
on cables, and the fact that more rains
fell in Texas and the cool wave extend
was little rain and temperatures were
not low enough to hurt. The December
position in New York was up % points
to 31.60, and in a short while had
touched 81. S9c. which proved top, fol
there was lots Of profit taking on tht
bulge and some little selling on the
theory hat the rise a gone IA
enough, nearly 400 points from the re-
cent bottom. The strike news did no
look quite so encouraging, either. But
the reaction did not go far, December
dropping back to S1.43c, when support
improved. Early buying had been large
~ for foreign account, but later It was
based on good spot news and the feel
ing that the coming condition guessei
will tend to reduce crop expectations
The market backed and filled, but De,
cember in the early afternoon dipped Il
31.24c, but recovered some helped b,
the steadiness in foreign exchange, ever
German marks showing some .littl'
strength. The option recovered to Sl.63
and then met realizing again.
In the spot department business !!
hindered by the unwillingness to sci
much, but there is a distinct improve
ment in feeling.
Futures closed 81 to 80 points un
tone, steady. :,
New Orleans closed 80 to AZ point
up; tone, steady, Spots were up 3
points, middling at 81 .3Sc and sales wer
' 2,685 bales.
Liverpool is due to come 5 to s points
In the local market sales reporte'
were 1850 bales and quotations wer
unchanged; middling at sic.