The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-16
COTTON MARKETS
DemOraliZed Conditions in Ex-
change Adversely Affect
Values in Cotton.

~@aah"AAN HAHA'A AAAfaAH aNNN "
After a period Of apparent disregard
Of what financial conditions in Europe
are and are likely TO bc for a long time.
being fully occupied with hearing abodt
the enormous demand for goods in this
country and the big handicap uudcr
which the new crop was getting started.
flention n traders today was directed
10 another side OF the picture.
Tn continued decentralization in for
tlgu exchange rates, which is but one
OF the WAYS In which the financial stu
alton abroad Is reflected. was one Of
the dominant influences and there was
a growing fear hat maybe after an the
promised expansion in demand for our
cotton might prove disappointing. Just
as demand did when the armistice was
signed last all. Traders began to ad-
NIT more openly that the needs Of
Europe the ability 10 pay the costs
of filling such were quite different
things, n thus was encouraged a
more conservative attitude toward
values. There is little disposition to
talk Of any big decline in values, but
that the market is more two-sided than
II has been for a long time hardly ad-
mits Of serious question.
The weather mar this morning was
not a bad one, although some light
NrAN w put W AIt AfAtAlai hNAA
eastern belt caused fresh concern over
the weevil, some people, however, figur-
lng that the rains would do more good
h harm. Temperatures were normal
all over and there WAS little prospect
Of further rains, except IN portions Of
The eastern belt The weekly summary.
which came later in the day. proved "A
little encouraging to some Of the bulls
and induced "A little short covering, the
basis Of concern being the reference TO
weeVil activities, hut the bulge which
came thereon proved temporary ana
gave way before liquidation later.
Liverpool was a big disappointment
She came much worse than due. al
though the natural course would be for
that market to De better than due be
cause ~ the enhanced value Of raw ma
terial already over there or en- quite.
because II would not have 10 hear the
burden Of deprecated exchange. The
HIST recovered some of its weakness be-
fore closing. but finals were irregular
and from % to II points net to the bad.
Private cables said that selling camc
from this side. while support wa not
especially good, Spots were marked off
Is points, middlinR to u 26d, with sales
5000 bales, this latter being the only
encouraging feature. Nothing was re-
ceived.
Opening prices on this side we're in
fluencrd by poor cables. good weather
map and a feeling that the weekly
would be bearlsh. October started at
$500, but soon dipped to "a. 55c, which
proved low for the time. There was n
little upturn, but after the report came
and had some bullish features buying
increased and there was but little for
sale. The price ran mp az high as
% lOC. brt the affair did not have the
old-tine snap, and then came news Of
now weak exchange was. 90-day sterling
having dropped ~ S438. which means a
big added handicap to exporters doing
business. The list began to decline, aud
IN the afternoon session October sold as
low as % S3c and did not seem any too
wei supported at the lower level
There was little news from the SPOT
department, but activity was limited.
Tor exporters are doing almost nothing
The domestic spinners are doing very
little, although adviccs from the goods
markets continue excellent. Exports for
the day were moderate and the ship
ping situation Is far from favorable, as
the marine workers strike appears to
he spreading, some Of the foreign ships
now being affected
Futures closed CO to 80 points Off.
tone barely steady.
New Orleans closed Gs 10 sc points
lower, tone steady. Spots were un-
changed, middling at 3i,25c, and sales
1853 bales,
Liverpool is due to come 16 points
lower.
In the local market, sales reported
were 700 bales, while quotations were
unchanged, middllng at 3ic,