The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-08-27
COTTON MARKETS
Weekly Summary Shade Bet
ter Than Expected, But
Market Continues Narrow.
Wednesday Afternoon, Aug. 27.


The cotton market continues a mar
row affair, and both sides seem con-
tent to keep close 10 shore Traders
are between the Scylia and Charybis
OF unsatisfactory conditions for the
new crop and the unsettled state of
affairs and the effect such will have
on consumption for the ensuing sea-
s9h II seems to be a matter of
whether the prospective shortage OF
yield will be sufficient to offset the
continued restriction in use Of raw ma
tertal and sustain values around cur
rent levels. Those who arc buIlish
look to the former for guidance, while
the a are p%inning faith on the lat
yer, n II seems that views are not
divergent enough just at the moment
10 Induce much activity by either,
n market today was a narrow one,
but there is no disposition to attempt
pressure OF consequence with the bu-
reau condltion report just ahead and a
triple holiday intervening. The week
Y summary during the morning was
hardly as unfaVorable as some ex-
pected. although confirming reports of
large insect damage and Of ~lateness. 1t
a small effect on values. The wealth
er maj this morning was a good n
little or no rain having fallen and the
low temperatures in the eastern belt
not being serious enough to be worthy
of serious note. A private report on
condition was reported to be 6l,6, COM
pairing with the same authority's
guess OF 6S.S a month ago, The indi-
Gated yield was reported at II, 900, 900.
Apparently his also failed to be a
factor Of consequence. II a just
about the time that the exchange mar
ket was displaying some strength, ster-
ling jumping to 4,23 for a brief time,
SO that the market was influenced up
ward by this and the other was neg
lected.
The Liverpool market came a little
better than expected early but re-
acted later and closed quiet and steady
at a net gain of 8 to 6 points, which
was against Is to II up as due, Spots
were marked off 10 points, middling to
1860, with sales 1900 bales, including
$500 American. Receipts were 1000
bales, including 21,5o0 American. Pri-
waite cables contained nothing worthy of
repetition and the foreign market evil
IDENTIFY was colorless.
Opening prices on this side were
slightly to the bad, but there was not
much news and a little recovery came,
but later a Dip which carried October
in New York to 31.30c after 1t had been
up to 3l.70c, The lower level attracted
some support, Japanese and Western
interests being credited with buying
some, but after a rise OF So points for
October the advance Subsided and the
affair got into a rut again, The news
that the head of the steel corporation
had refused to treat with the union
leaders, making possible a contest be-
2 tween that organization and Its work.
ers, seemed to be of some effect, and it
helped to start a reaction in the stock
market. One Of the chief reasons why
there is lack of support for cotton is
the fear of labor unrest growing worse
instead of better.
Exports for the day were about 1000
bales, making the weeks total $1,000,
compared with $4,000 last year for the
same time, but there continues to be
but little interest shown by buyers in
the actual.
Futures closed unchanged to A points
off, tone barely steady.
New Orleans closed II points off to
4 up, tone steady.
Spots were rs points up, middling
31.25, with sales 3S2 bales.
Liverpool is due to come 5 to IL
points up.
Locally there were sales Of 200 bales
and quotations were not changed, mid
ding at 32.50c.