The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-07-26
COTTON MARKETS
Market Easier on Favorable
Weather and Spread Of e.
feCtS of Tight Money.
Monday Afternoon, July &c

MtllhAN -NAAtilip'iis 1ttf
Sears are working their combination
with considerable effect at the present
time, favorable weather and crop re
ports ana some OF the consequences OF
tight money The had more success
tday and the october position In New
York sold at the lowest level touched
during the reACtionary movement of a
couple of weeks ago, white the entire
list was easier and sentiment appar-
entity more beaIlsh than ever. The new
feature injected, which really was sum
ply a manifestation Of conditions known
to exist for some time. was that one
OF the large automobile concerns in
Detroit closed IT'S main plant because
of financial difficulties and inability 10
market its cars The result was i'm
mediate In all the speculative markets
and final prices were right around the
bottom,
In New York closing prices We're easy
at a decline of II TO ~ points, while
New Orleans closed steady at de-
cline OF 81 10 y points.
Liverpool to make full response should
open tomorrow morning at IL to IL
points to the bad.
In Liverpool weakness prevailed re
flecting the character OF weather and
crop news from this side and lack Of
support in that market Finals were
quiet and from II to 81 points to the
bad, whereas decline of l to would
have sufficed. Spot sales however, Were
liberal, 10000 bales changing hands at
decline Of 80 points, fully middling
TO 27.64d, Receipts We're 5000 bales,
including ], 200 American.
On this side traders were Influenced
by the weather over the week END and
expectation OF condition reports showing
Improvement The weather seemed bet
ter and there was less heard of weevil
Expectations. Some rather favorable
adviccs are coming to hand and moth
a
that sellers were rather cautious be-
cause of so much bearishnesS In the
atmosphere and fear Of the short side
being overdone. The map later showed
that but little rain had fallen In the
belt and the outlook was not very bad
though some little support was given
when showers were promised part of
the central and eastern belt II such
should come. they would make wecvil
worse, but other things soon applied
in directing sentiment.
At the opening October was off %
points, at S2,S0c. and a few more points
were Topped off before some recovery
came on short covering. The early low
was 52.62c. and then a recovery to
Ss.0ac came. after which sagging set
IN, to extend in the late session to
a2.bOc, The weakness in stocks and
grains, encouraged by the news from
Detroit, which Il was feared was but
the beginning OF similar action in other
directions. had depressing effect on
cotton. October sold down to 80 soc.
From the spot department came little
that was encouraging and the only
center reporting much business was at
Houston, where 2,795 bales changed
hands and middling was reduced so
points to 36, Soc. Some private adviccs
said that the basis In Texas was Inn
proving, but II was attributed to the
fact that futures were weaker than the
value ideas OF spot people, Dallas sold
500 bales and cut quotations 20 points
TO ST2sc In the local market sales
were 300 bales, and EQUATIONS left the
same. New orleans sold as bales and
made no change.