The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-17
COTTON MARKETS
Rains in Eastern Belt Offset
to Exchange News and Mar
ket Turns Upward.
Thursday Afternoon, July i

AAAAsuay AIlCEHOQns July IL
Although there continued to be a de-
moralization in the foreign exchange
market, quotations dropping much fur
taer, the cotton market received good
support and recovered on the coming of
some rains in the lower central and the
eastern belt with some indications of
more. Attention was thus directed
again 10 the new crop situation, for
many complaints came as a result Of
the rains, which were not expected.
Liverpool was during the early ses-
SION much worse than due, but recover
ered some months later, and at the
ciose was mixed. On near months the
tone was easy and prices were off some,
Whlle the distant were steady and bet
yer than due. The list showed a de-
cLne OF 23 to an advance of 2 points.
Private advices said there was good
information from trade circles and that
some OF the straddles with this side
were being undone, this confirmed later
When IL was said that Liverpool was
puylng freely over here, especially Of
There apparently was a feel
ns tlat the government would sooner
OF later come to the aid of the exchange
Spots were marked down 81
points. middling to 20. 75d, with sales
5,OOo bales, including 1900 American.
receipts for the day were $4,000 bales,
lnciudlng. 1900 American.
FIRST prices on this sid were lower
N response to poor cables and to con-
Of troubles of the day before.
Nothing had been done to stabilize ex-
cnange and the marine strike appeared
10 De getting worse. Sentiment was
more or less bearish, as it was felt that
the prospect for spot business was poor,
october opened at "a. zoe, but sold off
10 A3 9Gr in a short uFbfla oa1,, A,,--s.z
When there came in buying based on
the rain reports from the east Some
heavy e fell in h coast sections,
Whlie a barometer pressure along the
gun suggested danger of some sort of
storm disturbance, which naturally
M3uIu De expected to bring additional
rains TO the eastern belt and perhaps
the central. This encouraged further
Duying and some OF the shorts covered
freely. october went up to 1860. hut
eased off a little and later sold back Ia
Sf.oSc without attracting pressure OF
consequence.
Prices on sterling were lower and
LOCATIONS were hard to keep track of,
me idea that steps would be taken
Don by the government or strong H.
nanclal interests seemed to mitfRata
IN a measure against bears making eff
ieCtlVe use OF the state of things. as
uiu the renewed concern over the crop
~ hhC dlllS are expected TO
arouse fresh agitation OF the POSSIBLE
WeeVll depredations. That the low ex-
change rates are largely due to the big
buying. already done by the foreign
countries in this country admits of nc
doubt, and thus the effect is some.
what lost, but what will be done as
10 arranging for continued ayments
Tor supplies remains to be seen. The
present handicap on the exporter is
tremendous, the depreciation on cotton
from what was normal before the wal
amounting to something like $40 a bale
spot news for the day was not i'm.
portant and ~clearances were about is.
900 bales, despite the strike of marine
workers. Quotations at some center,
were reduced, but business generally
steady. NP' ''"
New Orleans closed 8 to % points IN
tone steady. Spots were marked oil
90 points, middling to 33.75c, with sales
1874 bales. ~
Liverpool is due to come 16 to II
points up.
In the local market sales were onl,
$50 bales and quotations were uN.
changed, middling at 34c.