The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-09-02
COTTON MARKETS
.Bureua Report About as Ex.
peCted and Followed by De
cline and Recovery.

A4Ee11g AANCENOOAl, 6EDL-
No surprise came with the bureau re-
port on cotton crop condition, the fig
ures 6l4 being near to average expects-
tlons, indicating an outtuTn of IL, 23O, 900
bales. AS sentiment apparently for
some dayse has leaned to the bear side,
provlqlnB there was no worse crop stu
atlon than taken into account, so a
sharp dip in prices followed the issu-
anoe OF the report. 1t in a few minutes
amounted to over S45 a bale, but COM
siderable disposition was shown to Alb.
sorb offerings at the lower level and as
sellers We're a bit shy recovery of part
OF the loss followed. Around levels an.
proxtmating half a cent to the had
traders seemed mixed in their views
ana fluctuations were kent within a
narrow n and with trading light.
FOLLOWING the triple holiday interest
conferred almost entirely in the coming
OF the condition report. There had been
little news from other directions. All.
though the trend of it as to labor and
industrial conditions in this countr
was toward a more optimistic view Of
things. Apparently the radical elements
were not in the ~ascendancy n a seri-
Y effort Is under way TO solve some
Of h problems without resorting to
violence or trying of things tina are en-
tirely new and revolutionary.
The flash of 6l.4 found traders ready
for liquidation If there was not to be a
surprise as was seen a month 60. This
showed that deterioration for the month
was less than normal, 1t amounting to
81, whereas average is something over
per cent. However, the bulls had
the arguments of the crops lateness
n the probability of heavier d~eteriora-
tion during September than usual t
help offset the other. The details of the
report We're of little interest and atten-
ion turned quickly to other things.
December, which opened in New York
at 3l.95c and had sold as high as 80. 19c,
started downward n touched as low
as $4,000, while October went down from
Sl.84c to S0.40c, both quickly recovering
part of the decline. December seemed
TO steady around 32c and a little better
selling as high at $4,000 in the earl!
afternoon.
Liverpool came at some decline early
but closed steady at a net loss Ct
36 to 4S points, having a few minutes
in which to reflect views as to the bu.
reau report. Spots We're marked uI
a point, middling to 1920, with sale
1000 bales, including 2,400 American
Receipts were 1000 bales, including
3,400 American. Manchester advise,
that cloths were dull and yarns dul
and irregular, but private press report
told OF more activity in manufacturing
due to subsistence of labor troubles.
The weather map this morning wa
a good one, though showing some rath
er low temperatures in most sections
this helping to check maturity Of younI
fruit. There were no rains scarcely an,
indications were for conditions to con
tinue favorable and to slightly warn
up. Howeer, some expect the week.,
summary tomorrow to read slight
bullish.
There was nothing new in the spo
department and sterling was lower, be
ing quoted during the morning d
ASK. No reports yet tell of any spe
clal interest on the part Of buyers 70
domestic or export, but offerings ar
very light.
Futures closed &c to 80 points of
tone, steady,
New Orleans closed n to n point
lower; tone steady. Spots were vi
changed, middling at 31.55c, with sale
Al bales.
Liverpool is due to come five to tw
points up.
In the local market sales were II
bales and quotations unchanged; mix
ding at 32.50c.