The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-26
SMALL CHANGE IN
COTTON MARKET
Rains in Certain Areas Help Offset Some Bearish
Factors and Bring New ~Highs-Sellers Cautious,
While Buying Disposition Is Less-Labor Trou-
bles Factor.

pared with a month ago. and the trade
is making up its mind apparently along
the line hat the bureau report, due
about Aug. l, will be lower. However
II is understood by most people that a
small estimated reduction In condition
might point TO a larger yield than as
stunned to be in prospect earlier, as the
same percentage closer to time OF ma
turity means better chance OF yield,
From the speculative standpoint the
period under review was commonplace,
despite the fact that new highs were
recorded. The rise eliminated on Wed
nesday and the reaction vas only about
100 points at the weeks close, with
sentiment more evenly divided than for
a long time. One feature was that the
| blatant positions seemed better support
I'd and thus lost less for the week than
did those carer by, which is thought
to reflect bullish confidence, The list
Of options in New York finished at net
loss of AZ to 5 points, while in New
Orleans the same were 80 points down
to 10 up. In the spot markets business
was restricted and quotation changes
somewhat irregular, varying from gains
Of so to decliHes of IS points, middling
ranging at the leading centers from
$3.50 to So cents. ,
Exchange Shade Steadier.
There was only limited activity in
spots and exports were small. The for
eign exchange situation was slightly
better on the surface, although the rise
in rates was perhaps due to lack OF
bills as much as to anything else. Re
ports had 1t that steps were being ta-
ken to stabilize rates, but the week
passed without anything very definite,
and it was notable that nobody predict
ed any advance OF consequence, which
means that those who would sell cot.
ton to the foreigner must still contend
with deprecated credits and thus pro-
tect himself in the price which he
charges. 1t remains to be seen what
can or will be done TO facilitate the
supplying of the demands which are ad'
mittedly so large, yet which are not al
essential as food. The idea still pre-
walls that the British are not so anx-
ious for higher exchange rates as are
some people on this side, due to a de-
sire to restrict raw material purchases
until there Is further progress made In
getting back to a position to bettel
take care of business which in a meas
ure has been lost to them during thu
war.
The marine strike materially put 6
check to exports, for the boats were
tied up at so many places and ther'
was no disposition to try to get thu
cotton cleared. This was a far-reach
ing matter and probably In a way helped
check the decline IN exchange, by limit
ing the bills offered for sale.
The possibilities that lay before tn
spread of the strike in the British Goa
mines were so great that naturally !
had restraining effect on buying. !
was said that many Of the cotton mill
would soon have to shut down II thei
fuel supply was stopped, although tn
spinners had plenty of demand and wer'
working on a profit basis unheard Of.
ION this side there was more or les
r concern over labor unrest, but q NOR,
noticeable feature was that the rus
for goods subsidized a little, whether be
3 cause of the height to which prices ha
) attained or for other reasons can no
be told. This in a measure had influ
ence on bullish activity in the marke
and stimulated willingness on the par
| of some longs to liquidate some Of thei
e holdings.
= The outlook for the market is nebu
lous. It will perhaps be determine
Q largely by the weather, for the crucis
, period is at hand, The coming wee
t will see the usual quota of crop report
and an effort to discount the officis
: one. Erratic changes are very prob
: able.