The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-08-09
COTTON MARKETS
European Situation UnSettIing
in Its Effects on Cotton
and Close Is Lower.
Monday Afternoon. Aug.


Lower prices were recorded in the
cotton market today, chiefly because
conditions on the continent Of Europe
were less favorable and there was not
enough OF untavorahe character in crop
auNiceS To act as an offset. Sentiment
is mixed, but apparently those who
favor declines are more willing to back
their judgment, especially as there Is
no Improvement in demand for the
actual. An uncoufirmed rumor during
the early afternoon that a four day
armsitiCe had been granted the Poles
by the Russians served to bring "A quick
upturn to almost the previous closing
levels, but sinking spell followed when
there appeared To he little basis for
the report
Finals were barely steady and from
30 to 50 down in New York, while New
orleans finished steady and Sto Il
to the bad
Liverpool tomorrow should open from
10 to point off on October and De
cember aud down on January.
The foreign market this morning was
worse than due by a considerable mum
Der Of points. and cables attributed It
TO the news from the continent There
seemed small hope OF avoiding active
participation by Great Britain and
France in the fighting and this seemed
10 encourage selling in liberal volume
without meeting much resistance, At
the close the list stood SO to ~ points
TO the bad, with tone called quiet.
Spots were marked off but Is points,
fully midding at 2S20d, with sales
s 1000 bales 4 sharp break in sterling
exchange seemed to stimulate demand
for cotton already over there, Receipts
for the day were 5000 bales. including
10000 American. A report that the
Bank OF England rate would possibly
he advanced soon seemed to help IN
the reactionary tendency Of the mar
ket,
Opening prices In the domestic mar
kets were under the influence Of the
Polish news and the fact that cunstd-
cradle rain fell in the belt over the
weekend, including sections where the
weevil is very plentiful. did not seem
to be of much weight October opened
at 81 soc, off p points and IL sold off
to Si,Ssc before covering by shorts
checked the break. Then came a spell
of dizziness and but little change in
prices, after which the option jumped
to 81. 9bC on the armistlCe rumor alter,
however, Il dipped to 3l.S5c when the
report seemed haseless
The weather map showed that scat
tered showers fell in Lower and East
ern Texas over Sunday some Of which
perhaps dd good and others We're not
needed. The lower central and most
OF the eastern belt also had showers,
which were favorable for boil weevil
activities. while the promise OF more
for the central and eastern belt sug-
gested that pretty soon there win be
laud howls about the weevil. But APP
parently the market was being domi-
mated by other influences at the mo-
ment.
The stock market was weak during
the early part of the day, but recov-
cred some as the day proceeded There
was strength in grains on the war out
look.
In spots business continued limited,
although fair sales were reported IN
Texas, the section that has new cotton
to offer Houston reported sales ] S95
bales and middling unchanged at 35,25c
while Dallas sold S07 and cut middllng
90 points, 10 S4.65c, the lowest figure
reported this season. In most Of the
other centers quotations We're shaded
although there Is but little business
being done. the local sales having been
only Is 0bales and AuNista sold but
$50. 4
Advices from most of the local terri
tory tell of the crop being without much
fruit and complaints are more numer-
GUS The general appearance of the
plant is good enough but its la;eness
is very serious factor and only favor
able conditions win enable 1t to turn
out well.