The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-08-19
ROUND The TICKER

U lHE ILIkEk
Cotton.
New ~York.-llonry Clews X Co. letter
says: Despite a much improved tech
meal position and the publication OF a
census bureau report showing a do
nestle mill consumption OF bn9. 7FS bales
for July, more favorable than expected,
the market exhibited little or no rest
lienCy, and after a short lived rally the
downward course of prices was resumed,
There Is no doubt that the continued
agitation against the nigh cost Of lIv-
Ing Is having a very unsettling effect
on cotton values, while the apprehen-
sion over the labor situation is hecom-
ing so acute that domestic spinners
have commenced to curtail their pur.
chases of spots anticipated a genera
falling off IN the demand for goods. The
market, too, Is evidently taking into
consideration the fact that export de-
mand has practically ceased,
Cotton was worth fully S5c per
pound on Aug. /. when the department;
OF agriculture issued It's crop report
ehowing the lowest July condition on
record Since that time there has been
u decline Of more than & cents per
pound in the future market, and In
consequence an almost complete cessa-
ton Of spot demand, And yet, the only
change In actual conditions occurring
during that period is an additional de-
t%erloration in the crop status and pros
poets. On Aug. | tho foreign exchange
situation was not materially better than
II Is now, On Aug. ! the foreign imam
cial conditions were no more untavor-
able than they are at the present time.
Today the unrest In the laboring world
is no more pronounced or portentlous
Il aGua . .ung "a. AA. fIh.a .AAAaaA.HA
cost of producing cotton has undergone
no change during the past two weeks,
unless It be that the per pound cost
OF producing the new crop has been In
creased, because Of the decreased pro-
ductlon indicated by progressive de-
terioration and insect damage, The
worlds need Of cotton Is fully as great
and as acute now as 1t was on Aug,
], and the prospective supply of raw
material has decreased, the crop con-
dition has grown worse and the supply
outlook has become more alarming,
Why. then should future contracts
now sell fer 5 cents per pound, or $2b
per bale, less than they brought two
weeks ago2-W, r. Thompson,
New York,-Glover says: We are still
at war with central powers Of Europe
while II In busy fixing up the peace
treaty, When we have finished we ex-
pect to see them take up foreign ex-
/ tUhHke OF circuit WITH EUROPE. Before
the war our manufacturing industries
were as a rule simply large enough for
domestic uses. The war forced them
into larger and stu larger production,
In order to run our industries full at
present we must export. The question
Of exchange therefore Ia not merely a
| matter of business relating to grain and
cotton as before but the war affects all
business relating to grain and cotton as
before, but the war affects all business
and being so general we expect to feel
| the demand from all business people
to force Washington to do something
in the matter Of credits with Europe
and they will buy cotton AS soon as the
treaty OF peace Is signed. for Europe Is
very short OF cotton. ] would buy cot
ton as soon as peace treaty Is signed.
Notwithstanding census bureau In a
report issued today on cottonseed and
cottonseed production places the pro-
ductlon of linters from Aug 1, 1918, to
July 81, 1919, at 92S,9iS bales, against
1,i3O, f20 last year.
Cotton opinions. Hirsch Lilithnl e.
Co. For the time being a trading, posi-
ton seems best. =. NJ, Weld. We ad-
wise moderate purchases at present
prices as there is too much company
on the bear side. and the bears point
Of view IL too obvious, II. W. Wagner;
We expect lower prices, Orvis Bros, !;
Possible we are seeing the worst Of
our troubles right now Maury Rogers
selling on strong spots. Jung: Senti-
| ment locally very bearish based on poor
exchange rates. Market however, acts
short and any good news could cause
sharp rallies, Thompson McKlnnon; It
IL not advisable TO follow the long side
OF cotton whether the crop be large or
small but believe values Will seek Il
lower level. Logan; Under present
run OF Influences II may be somewhat
difficult to foster q resumption OF bull
ish efforts Carpenter & Co: The
| market may halt but 1t looks as though
It viii sag until the general situation
az a whole takes a turn for the better.
Cotton Letter-New York-The ques-
ton OF foreign exchange continues a
| most disturbing one to the cotton trade
as well as other markets and with the
| prospects for still lower rates 1t ~ a
| serious question, So serious that the
| English premier advocated the granting
of powers to the board Of
| trade to check undue importations at
prices below the cost OF production
for similar goods In Great Britain,
Add to this situation the coal prob
lem OF the whole Of Europe plus the
troublesome labor question and the
| economic situation is anything but
pleasant to contemplate,
Trade in manufactured goods both
at home and abroad Is tapering off
| and the crop outlook considered as de-
veloping fairly we'll witt expectation of
a bearish monthly report from the gov
eminent On Sept. /. t~'
I'VE cannot take a hopeful view for
| values and expect lower prices with
| occasional reaction "-Fallon to Shep-
ard a. Gluck.
New OrIeans-A special cable to the
New York Times says that since Aug,
/ the opening Of The new cotton sea
son Bremen and Berlin have been in
| direct radio communication with
America which means "a decided i'm
| provement in cotton circles,