The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-31
COTTON MARKETS
aeaGtionaFy Feeling Helped
by Favorable Weather and
Pre- Report Liquidation.
Thursday afternoon, July 81.

ANNAAH S1Ag -
Following the sudden squirt yesterday.
which apparently was due more to
technical conditions thar to any change
Of sentiment or news, there came a
different story today. Reactionists had
another inning and there was more at
tention given to some things that at
times many traders nave seen fit TO
disregard. Weather conditions in the
belt as a whole were favorable, while
a condition report from a well-known
New York trade authority helped to
elevate slightly expectations of the
bureau report of tomorrow, it's figures
being O1 compared with is figure OF
IA a month go. The average guess,
however, of members of the New York
cotton exchange is for 69.2, which in
0icates that there must be an extreme
ly low guess for the bulls to get much
encouragement therefrom. In other
words, the market has discounted a
low guess by the government, and as
the crop has been doing some better
during the past few days there is now
disposition TO look al the bear side
with a little more favor.
Another factor which probably had
some effect though merely psychology
cal, was the greater emphasis being
given TO official efforts toward reducing
the high cost of necessities. One OF
the largest labor organizations in the
NOhllAAg was ACpOl lOu " hhNO opPSoiSN
to President Wilson to do something
definite toward it, the leaders being
quoted as saying they preferred this
now to further raise IN wages. This
and other news as 10 something to
check the rising costs and if possible
bring some relief had effect on the
grain and provision markets and ill.,
directly o IN cotton, for once this move
ment gets under way there is no tell
ing how far it might go.
In this connection, there is growing
appreciation Of the situation abroad
from a financial standpoint and reali-
cation that selling of cotton to some
Of the counties over there is going 10
have to be on a credit rather than a
cash basis, which probably means de-
lays and restricted buying. This is a
feature noted by many Well-informed
observers for some time and Is worthy
of careful consideration.
Liverpool came fully as good as due
at first, but failed to hold 1t and al
the close was barely steady and only
20 to 40 points to the good, whereas 81
was due. Spots were marked up 81
points, middling to 20.56d, with sales
5000 bales, including 400 American
Receipts for the day were 1000 bales
including $500 American.
First prices on this side were lower
october in New York being down Il
3 4,10c, but there was fairly good sup
port and soon it sold up to 34.33c. Some
pressure came from several directions
and the option dipped to 22.S4c, bu
recover to 34.11c followed. Then a Jul
and after a time more selling. New
of a dock workers strike at Harve
France, showed the continuance OF la
Dor unrest, while more attention to tn.
annual statistics soon to be issued
which will lend more encouragement Il
the bears than to the bulls, togethe
with the weakness In other ~speculatlV'
markets resulted in a gradual decline
A short while before the close Octobe
sold at 33.60c, a drop overnight o
70 points. Trading was no large an
most everybody was getting ready 70
the bureau, due tomorrow at 10 ocloc
which will compare with 10 a mont
ago, 1875 last year and a 10-year aver
age of about rs.
There continued little doing in spot
and quotations at some of the center
we're slightly reduced. export move
ment continues very small.
Futures closed 70 to los points lower
New orleans closed so to 81 point
off, tone steady, Spots were marke'
down down rs points, middling TO S3'5oc
with sales 1,728 bales. .
Liverpool should come tomorrow IA U
II points lower:
In the local market business con
tinues light, sales for the day beinl
450 bales and quotations
middling at 34.50c.