The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-07-22
COTTON MARKETS
More Rains in Part Of Belt
Encourages Support, But
Buying Not Aggressive.
Tnesday afternoon. JuIy p.

"NtN -N
Further rains in part Of the belt,
chiefly along the Gulf coast and At
lantie seahoard sections, served to en-
courage enough buying today to cause
q moderately higher level OF prices.
There was nothing aggressive about the
buying and support came largely from
the recently created short interest, but
offerings were limited in quantity and
there was no resistance Of consequence
10 the upturn. Trading was rather re-
strieted and the market seemed to be
suffering somewhat from fatigue or
lack of confidence in a material ad-
vance at the present time.
News was still pretty much as II
has beer for several days. The sea-
mems strike apparently was no nearer
settlement, on the other hand, IL was
worse If anything and there seemed
good chance OF shipping being tied up
more han it has been and for a period
some DAYS. The sterling situation
WAS still unsettled, but during early
trading some adviCes said that II was
in course OF adjustment, but no par
licniars were given. Later some quo
tatlons were slightly higher, 4.32 being
the figure quoted by several sources.
but II was admitted that there rs moth
ing definite yet about what is being
done and what progress Is being made
towaFd overcoming this serious handi-
cap TO business with the foreigner.
In connection with the export outs
look. wires from New Orleans said II
was reported there that freight room
for about %, 900 bales for August-Sep-
TENDER shipment to Germany had been
booked, but there is stiil a terrific
handicap TO business In that direction.
For the day c~learances from this side
were only about 5000 bales.
Liverpool did not furnish any par
tieular incentive to action, and there
was before the close over there further
MytAanfnR IF diffaWRngng hatugnAn nauF
and distant months, Finals were steady
and is points off to . up. Spots were
marked off a points, middling 10 Il i0d,
with sales 5000 bales, including z, 700
American. Receipts for the day were
$4,000 bales, including $500 American,
Manchester advised that cloths and
yarns were quiet and firm.
Opening prices on this side were firm
and higher chiefly because Of the rains
reported, which naturally would aggra.
vate conditions. October was up II
points TO 1906, but there came some
lauidation and the option dipped TO
34,7Se before supporting orders became
sufficient 10 turn tho tide, 1t was cred
tied TO more favorable news as to ex-
change, while more detailed informa-
ton as 10 the rains stimulated 1t also,
There was liberal covering by shorts,
for impetus was given to expectations
that the weekly report tomorrow and
the coming bureau condition report
would favor the bun side. October sold
as high as S5, Csc, while December was
even stronger and increased It's pre-
MUM over October. Some little profit
taking on the bulge resulted from fear
that the present ~stagnatlon In spot.
would continue.
News from the spot department wa
unimportant and business was generally
light although New Orleans sold 1856
bales,
Futures closed SO to 30 points up, tone
steady,
New orleans closed 81 to 81 point,
IN, tone firm, Spots were unchanged
middllng at s4.b0c.
liverpool Is due to come IL to IL
points up,
In the local market business con.
tinues restricted and sales for the day
were 200 bales, with quotations un'
changed. middling "a soc.