The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-08-13
COTTON MARKETS
Market Steady Early, But Re-
acts on BeariSh Weekly and
Better Weather Outlook
Wednesday Afternoon, Aug. IL

~ +NH
Uncertainty appears to have seized
many traders in the cotton market and
NLouay the price tendency reflected il.
Ihere was steadiness early, helped nv
GOOD cables and continued flow OF un-
favorable crop account from certain
sectlohs. But the strength did not car
~ prices up materially, and when the
weekly weather summary came and
was less pessimistic than most folks ex-
pected more courage was manifested
among those who were bearish and
gradually the reaction set in. There
was also some weakness in the ex-
ehange markets and continued lack of
interest manifested on the buying side.
h tact that short interest had ap-
parently been much reduced enlbolden-
cd a Few bears and they found the af-
talr fairly vulnerable. The lowest
levels were about t~hree-uuarters of a
cent from the top, which brought sone
support but little recovery.
The foreign market was due to come
~ 70 Il points up, but at the time
OF opening over here was better than
that n there seemed little evidence
OF pressure. Finals were quiet at net
gains OF "a to 30 points. Spots were
marked up ~ points, middling to s.46d,
with sales 1000 bales, including $500
American. Receipts for the day were
$4,000 bales, including $500 American.
First prices over here were steady
n moderately higher. But little was
for sale and apparently sentiment lean
ed TO the bull side. The map showed
that some rains had fallen in the low
er part OF the central belt and were
heavier in the upper Atlantic seaboard
section, most Of which were merely
a~ggravating to the weevil situation.
There was promise of some more show
ers, but still the forecast in the main
was not so bad. A private report on
condition tie fiuIlrAG haipU ptUnn nc
66.7, failed to have much effect, yet in
some quarters it was considered slight
ly bearish, as he deterioration for the
first half of the month is less than nor
NAL for the period, suggesting that
perhaps the coming bureau will cause
an increase in crop indications, even
allowing for the damage being done.
October opened at 81, 10, went to S2.l5
and then dipped, but later sold up to
32.25. Then came a period Of recession,
helped by the weekly and later by
other influences, none Of them of start
31.47, after which it improved but
slightly. Trading became small. Tho
bears found some encouragement from
the probability that tomorrow morn
ing will come the census report on July
consumption, expected to be bearlsh.
In this connection, the reports indi-
cate that in dry goods circles dullness
prevails and some concessions are be-
ing made, especially in second hands,
or where there was buying for specu-
lative purposes. The fact that in the
bill before congress to fix prices or
regulate profits clothing is said to be
included as a necessity also helped en-
courage a little liquidation.
There is but little spot news at the
moment, u the coming of first
bales is beginning to have effect, for
there is as yet little indication of buy
ers getting interested. Some wires to-
day told Of hedging from the, South,
The weekly statistics on Friday are
expected to show bullish comparisons,
as spinners took but little this week a
year ago
Further easiness came in late trad
ing and october sold at 31.2Oc.
Future closed AZ to 81 points off tone
steady.
New Orleans closed As to Sc points
down, tone steady. Spots were un-
changed, middling at 31.3Sc, sales new
bales. rs
Liverpool is due to come 80 to 81
Y points lower. --t
In the local market sales were 76C
bales and quotations were unchanged
middling at 34.5Oc.