The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-08-03
COTTON MARKETS
European News DiSCOuraging
and Liberal Selling Meets
With Feeble Resistance.
Tuesday Afternoon. Aug

Tuesday Afternoon, Aug }.
After the temporary recovery in
which was slightly lower than expec-
tations the cotton market today re
turned TO its state of weakness, ag-
gravated by developments In Europ"
that stimulated pessimism Afresh The
breaking OF the conference between the
Poles and the Bolsheviki, this arous
ing fears OF the war clouds spreading
and again setting aflame the fires
which have been smoldering for some
time, was one OF the chief factors. II
had depressing effect on the foreign
exchange markets and was reflected
in weakness of the American stock
markets Cotton shared In II, although
there was increase in the number Of
complaints as TO how the crop Is farinE,
due to more activity on the part Of the
weevil and the worms, The latter pest
In portions Of the Memphis district Is
said TO be playing havoc.
At the close the list In New York
was easy and 100 to So points net to
the bad, while In New Orleans finals
were steady and fro milo to IS points
Off.
Liverpool tomorrow should open from
: TO / points to the bad
The foreign market was due TO be
IS TO 10 points TO the bad, but be-
cause OF the sharp break in sterling
the near positions were steadier than
due and the distant reflected better
the feeling as to the general situation
and outlook, Finals were steady ana
from to 20 points down, Private cables
had little TO say regarding sentiment.
hut Il was evident that the unrest on
the continent did not help matters any.
Spots were marked off SO points and
sales were 1000 bales. Receipts were
& 600 bales. Manchester advised that
cloths were quiet and without change,
llgUaN NalsF
Opening prices on this side were
without much change. but in very
FEW minutes they had broken through
the previous lows, helped by the break
OF several points in sterling and no
very bad weather In the belt. October
opened at 3l.6o, ten points to the bad,
and in short while sold as low as
80. Toe, & drop from the previous close
OF 100 points, There were rumors OF
Il break between the parties attempt
ing an armistice, but until confirma-
ton came some covering was done by
ahorts. Later there was no doubt OF II
und TO the early selling was added that
which was encouraged by weakness n
stocks. The low point was 30. SOC ana
recovery OF about the decline followed,
hut fnied TO be retained,
Added to the uneasiness over the
prospect for getting continental al
fairs somewhat settled was more con
cern over the domestic money situation,
and some advices said that selling was
being done by the Southwest against
Prospective receipts. The fact also that
October lost some Of It's premium
seemed TO indicate that the early move
ment was already being given consid-
Grafton, The section whence comes the
earliest receipts is having good wealth.
er and adHces do rot indicate that
buying Is In liberal volume.
Activity In spots continues limited,
and Houston sold only 2,555 bales, al
though reducing quotations 100 points,
middling TO 3bc New Orleans shaded
her rice another Is points. TO S;2Sc
for middlIng, and sold only 229 bales.
Augusta sold 573 bales and cut mid
ding to IS SOC. Memphis sold but 20
bales and made no change. one of
the encouraging influences for the pres
emit selling attitude among the PROBES
slonals is the feeling that the early
movement Is going to be sold freely at
whatever price will be offered.