The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-24
COTTON MARKETS
Market Reacts Moderately on
Better Weather and Lack OF
Aggressive Support.

hAAtEAat NAtNi tA"lt Nt.t H'
Nothing startling happened bon the
lotion market today. and the reaction
which came was due as much as any
Thing to the absence Of aggressive buy
Ing power. Apparently the hu,li-b news
Tor the m has been exhausted adI
some traders are disposed 10 IUnh at
influences likely To afford a check TO
further advance. Profit taking was lu-
dulEed in to a moderate degree. but
sellers We're not acting boldly and there
remains plenty TO encourage those who
,ook tor higher levels,
The weather man showed that more
raius fell IN the southern section Of
Texas, along the Gulf coast and over
considerable portion OF the Atiantlr-
Elsewhere skies were clear no
rams had been received. The rains We're
armful to prospects, Sut some people
observed that the big producing SEE
lions we're not getting them and per
bapS the belt as a whole was Earring
better than II has. The indications
we're for no material change, except
that chances were not quite so good
80. more rains
The first OF the private crop condI-
ton reports came, a New York com
mission house placing its figures o.
b9,2 compared with its report Of bS .
a month ago. The trade apparently is
getting its ideas around 10 expecting
mat lllf kpNFI illlltiA Aflfpll VIII FIlbh
loss compared with last months 10,
due to the rains that nave been falling
for the past several days in a Consid-
cradle part OF the belt. However, the
market today acted AS if In q large
neasur this view had beer discounted
Liverpool did not do very much, but
was disappointing, closing steady aud
from z points TO the bad TO IA to the
good Spots were marked up "a points,
middlng to 2l.2Od, with sales 1000 halcs,
including $500 American. Private adj
vices told of widespread concern over
The labor unrest over there and it was
Naid that II the supply Of Goa Is not
soon increased some of the cotton mills
win be forced 20 close down. However,
some private opinions during the day
we're that signs were appearing that
ore adjustment was not far on.
Prices on this side at the opening
were not far from last nights closing,
but there was n hurried upturu after a
few minutes, probably helped by the
Improvement in sterling rates, 1t being
mp q couple of points during the fore
noon, although there was nothing def
mite as to that Is being done to
stabilize 1t. There vas sttll the un.
favorable effect Of the marine workers
strike and its possible effects on ship
ping, which already is helping the bear
side as an offset for the rains, More
over, the spirit Of unrest In working
circles on both sides Of the water tended
to encourage liquidation, and gradually
this turned the tide and brought about
q decline, which by midufternoon
amount to about S. a bale from yes
lerday's highest
October started at $500, touched
35 soc, and then shot up to 3b 12c, but
reacted and sold down to 35c in the
afternoon. Trading was only fairly ac-
tive and il appeared that traders were
disposed to await developments and the
coming of more condition reports, for
only one day remains to be included in
The next one, which perhaps viii come
around Aug /.
There Is little news from the spot de-
partment, but exports are still small
and the waiting attitude prevails there
10 a large extent,
Futures closed 90 to SIS points off, one
steady.
New orleans closed 4 to rs points,
off, tone steady.
Liverpool is due to come 81 to ~
points lower.
In the local market sales reported
were 1000 bales n quotations were
unchanged, middling at S45Oc.