The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-09-30
COTTON MARKETS
Thursday Afternoon. SEMI. 81

Thursday Afternoon, Sept. 80.
IThe first frost of the season was
reported this morning from Okla
homa with indications that the upper
sections of the central and eastern
belt will get light visitation before
the cold spell passes out. AS a mar
ket factor, however, the sudden out
burst of cold failed to have much
apparent effect, as the market as
whole was bearishly inclined. The
storm which had been in the gulf
worked northeastward and brought a
lot of rain along the Atlantic sea-
board section, but these also seemed
to be OF little moment in tho eyes of
those dominating trading. The dis
turbance seemed headed out of the
belt which perhaps was one of the
excuses for the revival of bearish
pressure in the afternoon which
carried prices down about IS bale
fran the early highs.
/Hhere was little news otherwise, al
Though the tenor of reports from do
nestle goods circles was not en-
couraging. New York advised that
the large distributors were complain
ing that the retailers had not made
proportionate reductions in their
prices, thereby lettering consumers
frgA. entering the market which was
interpreted as meaning that orders
were not coming to the larger mar
kets as expected. Further weakness
In the wheat and corn markets, re-
garded as further reflection of the
deflation idea, also was contributive
TO the selling disposition in cotton.
The stock market did not display
tone of strength sufficient to en-
courage buying in any Of the mar
kets.
At the close the list in New York
was steady and from so to SO points
to the bad, while New Orleans fin
ished go to IS off.
The Liverpool market tomorrow
should open II to points off to
make proper response.
The foreign market did not have
anything special to send to this side
this morning, but came somewhat
better for near positions, reflecting
lower sterling and failure of the
Bank Of England to advance its dis
count rate. Finals were quiet and
from Sc to 16 points up, compared
with 35 to AZ up as due. Spots were
marked up point, fully middling to
20.9Od, with sales 5000 bales and
nothing receipts.
The cold weather was a factor in
the initial strength, for there was
little other basis for it, except that
a New York commission house was
out with a condition report of SIS and
the American Cotton association had
its figures out at 56.5. Rains in the
eastern belt also perhaps stimulated
little support on the theory that
they would do some damage. Decem-
Der Sypened at 22.95c, up 20 points,
touched 23.05c, which proved high.
Then came renewal of hedge selling
and little resistance, which sent VAL
ues downward until December
touched 22.3Sc. The weather was
mentioned freely but apparently did
rot alarm anybody and the forecast
Tor fair and warmer for the western
belt tomorrow was considered favor
able, as it is out there where early
frost will do the greatest harm. Mod
erate support from scattered sources
sent prices up slightly. and then came
FRESH pressure, presumably based in
"a measure on the indication of the
storm going out of the belt Reduc-
flon OF spot prices again in Texas
was also factor, no doubt, although
IN wire from Dallas said demand there
Was the best of the season. Deem
per dipped to 21.95c. with slight re-
4overy before the close.
In Houston sales reported were
~ 800 bales and quotations reduced so
points to 22.50c, while Dallas re-
auced middling so points to 22.45c,
and reported sales 1859 bales. Ad-
vices told of holders still resisting.
IN New Orleans no change was made,
middling remaining at 23c, with sales
I q ,067 bales.
In the local market sales were 22J
bales. The committee on quotations
made further effort at revising local
quotations, and their action was sub
9ected to considerable discussion
sfter the figures were posted. White
cotton grades We're elevated as much
es $50 points on good ordinary, while
pertain of the higher grades were re-
fuced $50, middling being left at q
fents aS compared with % cents yes
ferday. Quotations here continue
very much out OF line with similar
eradxS in other centers.
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