The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-09-11
COTTON MARKETS.


Thursday Afternoon, Sept. IL.
Uncertainty perVades the speculative
department Of the cotton market, but
there is a subsistence Of extreme bear
ishness and more disposition to hear the
other side Of the story. There is no ap-
parent disposition to do much on the
buying side, but confidence in further
declines is lessening and traders are
disposed to be mixed in their views.
Today saw q conflict of influences and
some cratic changes, The storm IN the
gulf was a factor, for 1t developed uneX-
pected severity over night, n this
morning seemed to be headed for the
continent between Florida and New Or
leans. This naturally caused some anx-
iety, for a storm now with torrential
rains would do much harm, However,
at the opening bearishness prevailed, in
spired by the news that the steel work
ers had called a strike for Sept. %,
having declined President wilson's Of
fer to delay it until after his return
from his trip. The possibilities attend
ing such a strike were so ~far-reaching
that 1t had depressing effect on all the
ma-Aets and overshadowed the change
Of the storm.
Prices at the opening were easier in
New York, but in New Orleans first
prices were at slight gains. However,
the Southern market soon weakened
and further recession too place, In
j New York December started at 2S.5Sc
'Aand touched 28.35o before turning up
ward. The fact that the stock market
] after it's weak opening recovered,
seemed to encourage support In cotton
and short covering was INDUCED i'll,
Then attention was directed more at
The weather, reports along toward mid
day indicating that the storm was likely
to strike where ii would do harm.
December sold above 20 cents, but was
disposed to sag some. Then it was that
L - -.-.A kkaAa Il -1<@aEaA
American bankers had made arrange
ments to extend Germans some large
credits, this helping to boost values
again, December going to 29.15c. 1t was
accompanied by some rather bullish ad-
vices from certain portions of the belt
and reports of better inquiry for the
actual. 1t was not long, however, be-
fore the big New York bank credited
with having extended the credits issued
q denial, which caused some reaction In
prices.
The market is paying lots of atten-
zion to the foreign situation, and II
here is not a lot of credit extended
The outlook for export business is
gloomy indeed. Sterling today wa!
luiet and disposed to sag a little, while
he German mark was quoted as low
S 3.75, the lowest on record. However
The weekly statistics are expected te
ONE bullish tomorrow and there is in
ication that the South is not going tc
bffer its early cotton freely around cur
ent levels.
Liverpool this morning paid little at
tention to the storm situation, closing
uiet at 2 points off to 2 up, wherea!
IN advance of SO to "a points was due
pots were marked down 10 points, mid
ling to 17.60d, with sales 1000 bales
Including $500 American. Receipts 10
he day were 10000 bales, but non
american.
In the spot department business con
nued nothing, but advlces a Ina
licking is progressing rapidly, tn
leather having caused rapid opening o
atured cotton.
Futures closed 20 points up to l
down, tone barely steady. -"
New Orleans closed 5 to % points uT
kbne steady.
Liverpool tomorrow should come 10 t
H8 points higher. d.
In the local market sales were 5
bales and quotations unchanged; MID
Ctlling at soc.