The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-09-18
COTTON Markets

Thursday Afternoon, Sept. IS.
Il e becoming more manifest every
day that the cotton market Is a more
two-sided affair and that traders are
disposed to exercise caution. There are
80 many things to be considered that
conservatism Is becoming more popular.
the crop complaints continue to come
and everybody seems to await the conf
ing bureau report on condition, which
Is expected to forecast a shorter crop
than the one issued early this month,
Although there has been some improve
ment IN the spot department during the
past few days, II remains to be seen
whether this will continue and whether
when the new crop really begins to move
there viii be sufficient demand to take
what will be Offered without depressing
prices. The foreign exchange situation
continues without material change, al
though some little improvement was
shown today.
One OF the big factors Just now is
that OF domestic labor troubles. Wheth-
er or not the steel workers 20 on strike
and how serious this may be for con-
ditions in general, is one OF the prob
lens for the trade and pending more
light thereon It appears to be deemed
wise TO make haste slowly.
liverpool came better than due this
morning n did not weaken much un-
III right at the close, finals being called
sSteady and being down % to rs points
, Get to the bad. almost full response.
Private cables were more optimistic IN
tenor and there is a fairly large turn
over OF the actual over there, but buy
ing on this side for that direction has
not yet assumed large proportions.
Spots were marked down 16 points, mid
ding TO 1S47d, with sales 5000 bales,
/. including $500 American. Nothing was
received.
There was little change in prices in
the domestic markets al the start for
concern was felt over the steel strike,
the attitude OF the workers seemingly
being against efforts TO postpone it.
Weather in the belt was not Bad and
there was less short interest to be
considered, the recent rise having re-
duced 1T a lot. December opened in
New York at 29.S0c, five points to the
good, but dipped to 29.44c during early
trading. The improvement seemed based
on support encouraged by advices from
the spot department and from the
fields, although buying did not de-
tvelop any snap. December went to 30
cents n better, but met more resist
hnce and then reacted to 30. S3c, but
firmer foreign exchange and less con-
Germ over the labor situation helped
induce more support and another slight
bulge followed. In the afternoon De-
4cember sold as high as 30.14c, but trad
ing was not large.
the weekly figures tomorrow are ex-
spected to show that movement Is still
quite slow, but some doubt Is ex-
pressed as to whether takings by spin
'ners will equal those OF this week last
year. Exports for the week have been
light, but there Is pretty good demand
for filling September commitments Adj
vices Indicate that producers are not
3Egoing to turn loose freely at current
J prices, but time only can determine
that.
Futures closed So to 60 points up, tone
firm.
Z New Orleans closed "a to AZ points UP,
stone steady. Spots were unchanged,
middling at SOC, with sales 495 bales.
Liverpool is due to come 10 to Is
y points up.
In the local market there is some i'm
provement in inquiry, but business con-
tlnues limited, for there Is not much
here for sale. Quotations remain the
same, middling soc, and sales were %
bales,