The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-08-28
COTTON Markets
eady Tone Encouraged by
Condition Estimates and
Hopeful Labor Attitude.
Thursday Afternoon. Az. 2s

~@@na .
Naturally there was little disposition
b DO much In the speculative cotton
arket for the trade is waiting for the
aondltlon report TO be out OF the WaV
md FOR a better line on the develop
penis as TO prospective strikes, Pri-
ate guesses on the crops condition
ut today were slightly lower than those
eceived previously and Expectations as
the official n due next Tuesday
ere slightly reduced, which tended 70
tnnulate support and discourage pres
ure, There was more optimism as to
Fhat . is likely to do, stimulated by
ne attitude OF the leaders, who took
hteps = eng tne strike in California.
mus indicating that they are not dis
posed TO be radical at a time when me
administration Is apparently doing All
IN ITS power to adjust matters and bring
about a better state Of affairs. Some
concrete results Of the effort to reduce
living costs, attested by sharp breaks
~ grams ana provisions, helped to in
duce q concliatory disposition and per-
haps forestalled more radical views and
man IN short, there was more rea-
son TOT optimism on this side. which
means that chances are regarded as
more favorable for some Of the big
problems TO be adjusted without a
uiAI on strength between the two forces
OF capital and labor.
Liverpool was due 70 come higher,
but was lower than last night. and pri-
vate cables said that firmness in sterl-
Ing exchange encouraged some selling.
m that market. Finals were some bet
ter b the earlier prices, being steady
and from to Z points net to the good,
perhapS due IN a measure to adyices
from this side as to the private condi-
tion guesses. Spots were off II points,
middling to 19.14d, with sales 1000
bales, including S,l00 American. Re
ceipts were 1000 bales.
better weather conditions and pros
pects and the poor cables caused a
little weakness at the opening on this
side, while the labor unrest was also a
factor: October started at 31.65c, but
II sold up to 31.T5c before starting off
moderately, There seemed no induce
ment to fresh support and it took but
little selling to bring about a lower
level. There was, however, an ad-
vance In exchange, while two condl-
tion reports were out, one for 60,
and another reported both at Gil and
6l.S, while the average guess of mem
bers OF the New York cotton exchange
was 61,3. These also pointed TO a gov
eminent report a little lower than some
a expected and resulted in a moo,
crate upturn. Later in the day still
another report came at $40, but il
showed about the same deterioration
for the month as the others. Crop ac-
counts were without particularly new
features and seemed secondary to con
ditions affecting export prospects. The
size of the crop n statistics appar-
emily are not given as much now as the
chances for raw material demand, and
buyers who are coming home from
abroad are not bringing much that is
encouraging as to the likelihood of bus
mess on a large scale. However, stead
mess prevailed in the afternoon ano
October sold as high as 31.95, com
pared with a low Of 81, 40c in the after
noon, but reacted slightly from the
top.
Strength in the stock market reflect.
ed the more cheerful feeling and re-
duced cost Of foodstuffs was a help to
higher cotton prices, for it is felt that
relief in that direction will enable larg-
er consumption Of cotton and its prod
ucts. There continues to be little do
ing in the spot department.
Futures closed IL to II points lower
tone barely steady. New Orleans closeC
16 to Is points off. tone steady. Spots
closed unchanged middling at 31.25, ant
sales were 456 bales.
Liverpool is due to come 4 to 7 point:
higher.
In the local market sales were nom
and quotations were without change
middling at S2.50c.