The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-15
COTTON MARKETS
Market Disposed to React
Moderately, But Receives
Fairly Good Support.

4 tEnAa1 AllCEIOOIs july 10
In most circles there seemed TO be a
feeling that the cotton market had
reached levels justifying an attitude OF
conservatism n perhaps reaCtionary
but developments during the day did
not indicate that the buying power had
been exhausted. The general tone Of
the affair was steady, although il was
a rather erratic market and sentiment
was more divided than for some time.
The weather in the belt was favorable
during the past "A hours and prospects,
were regarded as conducive to further
petterment Of condition, although scat
tered showers were promised for the
upper central and eastern belt. Tenn
pFratures were about normal and not
Su"h as TO give rise to complaints Of
deterioration In fact. In some OF the
Weevilt infested areas the heat was con-
sidered favorable for checking the pest.
h trade assumed that the weekly
Weather report tomorrow morning
would be favorable, some suggesting
n a 1t would perhaps be the best OF the
entire season. 1t, however, did not do
more than help hold the market in
check. In connection with the weather
ana crop condition, the coming of a
private midmonth report from a promi-
neht private statistical authority show
ing percentage 6s.S as mpa with
It's report Of 500 two weeks ago. was
the occasion for some buying. as the
prevailing idea recently has been thai
the crop was improving.
Liverpool was at first not quite IN
20 expectations, but responded fully
taler' ana at the close was steady and
from y to Al points net to the good
spots were up 10 points, middling IN
2l4ld, with sales 5000 bales. inrlud-
ing 400 American. Recelpts for The
uay were $1,000, including q, 700 Amer
On this side attention at first was
ui,vC,eu 70 the census report on June
DO when came at the OPEN
mlk' ~ showed that the domestic mills
USED 4i4,40I bales, compared with XIX
90 last year same time, although tho
mudlDer OF sptndles in operation wore
SS'S4S against 1856. Indicating a small
tI output per spindle. The report vas
tpnSluefed bearish, but not more ga
man anticipated and thus il faiIed =, w
De OF much effect. u -
Inc market opened at moderate de.
lines, october being at 35.4O a dron
wi OF 20 points, After touch |
iis S0.eO during the first few minutes
tnfre was a lot Of pressure, some Of IL
tU n Cieuiled TO liquidation by a prom
lleut trader, but the entire market |
seemed TO have a leaning toward y
lower level, partly because of techni,
cal conditions. October dronned hal
as low as 1890, which proved hotton,
!, low enough to start buying again, |
"ubport came from several directions
1iu sellers were very cautious The |
ATKINS report vas the cause Of some
VI me buying, while there seemed 10 he
sood absorption for foreign account
me marine strike did not show anv
p%artlcular change. although some fur
Inef progress made toward adiustinr
al~tterences. Exports for the day wore
larry large, but the sharp decline in
sterilhe exchange and francs. prices
gong to the lowest levels on record
ulu not induce much disposition 10 huv
!1r export or to expect business TO meet
tle expectations Of the bulls, II was
figured that II French and British
eNchange was so low, the handican on
dolng business with Germany would he
severe sure enough, Most of the ey.
ports now under way have been ready
ior a long time, There il but little
puying now for foreign account
Futures closed so to % point mower
tone barely steady. ~
New Orleans closed 46 to sc nolnts
or, tone steady, Spots were m"
changed, middling 3f25c, with sales
J, 23S bales. W." 0"io9
Liverpool is due to come s TO 70
points lower. " -
In the local market sales reported
We're l,lO0 bales and quotations we're
up 90 points. middling 10 "a, Doc