The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-07-22
COTTON MARKETS
July Goes Higher Than Ever,
But Big Break in Market
Just Before Close.
Thnrsdnr Aftcrnonn. LulN

Thursday Afternoon, July -.
Although the July position in New
York went to the highest price ever
recorded for an option In the cotton
market, selling at 49, 75c due to bclated
covering by shorts who failed 10 get
their cotton there In time for delivery,
the general tone OF the market today
was easier. This became marked dur
ing the last half hour or SO, when
wave Of selling came which sent prices
SHARPLY lower without meeting any re
Z sistance Of consequence, II was based
on report that a private bureau was
coming out shortly with a very bearish
report on condition OF the crop. con-
firmed later by the issuance Of the fig
ures ait 16.4, which is 81 points better
than the official report for June 20.
The drop was over 100 points. and most
Of j. came during late trading
Finals In New York were weak and
from rs points up. only July. to $50
off for Augusta. most OF the list being
Off around 40 points. In New Orleans
finals were irregular and from point
up to $40 off.
Liverpool 10 make proper response
should open 6S to a. points to the bad
tomorrow morning.
The weather this morning was not
quite so bad as for the previous q
hours, rains having been chiefly along
the gulf sections and the Atlantic sea.
hoard, while some few stations In West
ern Texas had little more None
OF the rains was good for helping the
weeNil situation, but that factor did not
seem 70 get much hearing and the grow
ing idea that the prospects In Texas
ana Oklahoma are satisfactory on the
whole offset Tears or the weevil. Fore
cast was for better weather hut there
was some indication Of more showers
by the end of the week In the mean
time high temperatures were promised
which will be favorable
Liverpool did not show any particular
feature and closed quiet and from G
points up to off SHOTS were marked
down 20 points, fully middling to ~ SD
with sales 5000 bales while receipts
were III 600 bales, including 6l0O Amer.
lean. Tho edge seemed of the foreign
market and apparently the short cover
lrg had about been completed for the
time being
Nothing at the opening Of the domes-
NC markets suggested any material
chanEe for news from the min districts
was about as II had been Weather was
!he hlg factor, although the strength
~ July received little attention. Later
" the dav report came to the effect
that conditions In China were very
bad with the cotton trade and two large
banks had been closed, which did not
encourage optimism as to the EXPORT
prospect, SELLERS were emboldened by
VI Ntd ltltI ana crop nc
counts, while professionals were more
disposed TO sell, seeding tho technical
position Of the market was weaker,
the October position opened at "a CSC.
touched two points better and then grad
ually .receded, selling to 80 zoe right at
the close. which Is but 20 points over
the low level touched before the re.
cent recovery
In the spot department business was
done at lower quotations as rule
Houston sold 3.6ls balea. but quota
tons were marked off 1876 points, mid
sunng 70 SLSOc, Dallas did not Sell any
thing, but reduced quotations I46 points
TO 1885, New Orleans sold 1859 bales
and the only change was to raise good
middltng 20 points. Memphis sold $50
bales and made no change.
Advices from the extreme southwest
ern section of Texas indicate that
picking and ginning are being pushed
and that prospects are favorable while
selling Is proceeding as fas as pos
xible.