The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-09-04
COTTON MARKETS
Market Continues Under Pres.
sure and Declines More.
Weather Is Favorable.

Further declines were recorded in the
cotton market today and prices went
lower than they did recently without
striking much power Of resistance. The
chief support came from trade interests,
who were providing for some of their
needs, and shorts who were satisfied,
put sentiment still appeared favorable to
lower levels, Failure Of the tropical
storm, discovered late yesterday, to ma
teralize or give promise Of striking the
oelt and favorable weather over the en-
tlre belt helped to increase willingness
20 sell, while additional weakness IN
foreign exchange was also a factor.
Ihere was much selling by western
traders, who saw the lower trend OF
values in grains and provisions and nat
orally thought this would extend to
cotton and other commodities. Many
stop-loss orders were uncovered on the
way down and thus the break was more
p~recipitate. .
Liverpool at first was about as ex-
pected, but quickly weakened and
worked lower, probably encouraged by
the weather news from this side. AZ
the finish the list over there was barely
steady and from 81 to rs points TO the
bad, whereas a break Of but SO was
due. Private cables bring little news,
but there is increasing activity in man.
ufacturing circles, which may ultimately
help check the declining tendency or
this side, although as yet it is not re-
Elected in interest in buying raw ma.
terial. Spots were marked down g.
points, middling to 1S.6ld, with sales
5000 bales, including $500 American
Receipts for the day were 1000 bales
but none American.
Initial prices on this side were lowel
in response to cables and to bettei
weather than some feared would be. De
cCmber opened at 1920 in New York
touched 30.25 on the call and theT
worked off to 1855. which was 4 point
under the recent bottom, A moderat
recovery on short covering and trad
buying followed, but the rise merely az
forded chance for another wave of sell
ing. The break did not get rapid unit
in the afternoon when December soil
down as low as 1898, recovering mod
| erately from there but displaying onl.
a little strength,
There was really but little news gu
to effect values and the liquidati0I
seemed due to elimination of feelin
that has prevailed for some days. TIL
crop is faring better than some feare,
IL might and there seems no uneasl
ness because the first ginning repor
bullish. In the spot department there
little show of activity and the exchang
situation continues against much. Tn
market feels the effect OF the reaction
AIRY tendency in other directions, whic
encourages spinners to hold off as Ion
as they deem it safe, being pretty we
protected with stocks of raw materia
Advices from New Orleans today sal
factors had simply withdrawn offer
iEgs and the only thing out was hedge
cotton. The same Is perhaps true {
other centers where there is cotton fc
sale. The holders are not showing an
alarm and may be counted on to put U
a fight. 1t will be some time yet be
fore there will be much new cotton Of
fering.
Futures closed liz to 1877 points Of
tone barely steady.
New Orleans closed 107 to 122 point
lower, tone steady. Spots were marke
down rs points, middling to 3oc, wit
sales 1863 bales.
Liverpool is due to come 80 to
points lower. .
In the local market sales were II
bales and quotations weer off so point
middling to 31,50c.