The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-09-24
COTTON MARKETS
Market Continues Downward
Without Much Resistance.
Gables Fairly Good.
Friday Afternoon, sept. "a.


Bears In the cotton market continued
to have success today. helped by the
same influences so effectively used for
the past few days. There was still I'M
certainty as to the labor situation In
Great Britain, with some reports claim
ing the strike would probably be avoid
ed. although later cables said the out
look was not favorable because the
miners were not disposed to follow the
advice Of their executives and postpone
action until further conferences might
be had. The atmosphere in this coun-
try especially that about the specula-
tive centers. continued permeated with
price deflation, and marked easinesS
was shown In the grain markets, with
securities anything but strong. In the
belt further easness In the spot basis
was reported as the weight Of bales was
felt more havily and buying Is not yet
sufficient to absorb what is offered.
The weekly statistics were bearish Wis
ihle supply American. showing rea-
tive increase OF $4,000 bales.
At the close in New York tone was
called steady and the list was down
% points 10 an advance Of I. the later
positions narrowing differences with
the bears because Of more disposition
on the part OF trade interests to alb
sorb the latter. In New Orleans H.
nails were 20 10 20 points to the bad,
with most OF the pressure on the near
by positions,
Liverpool did not do much. for the
appear to be marking time pending
some action on the strike and lockout
situation, Finals were quiet and from
point up TO ~ down. while spots were
marked down Is points, fully mddling
10 23.l0d, and sales only 1000 bales.
Receipts were 1000 bales. Manchester
advised that cloths were unsettled and
not much doing therein. while yarns
were dun and Inactive Forwardngs
to the mills during the week were small
and the potential demand situation is
improving, but much depends on what
the next few days will bring as to the
strike matter.
At the opening the domestic markets
were under the influence OF cables that
we're mixed and OF fairly good weather,
with little to encourage support De-
cember opened at "a, soc In New York.
dipped TO 2il0c, and then recovered
slightly when favorable cables came re-
garding the strike outlook. But SELL
ers, were stil plentiful. for the trade
had plenty OF advices regarding the
lack of firmness In the spot depart
ment. The upturn was but temporary
ana then came more general pressure.
the result being that December dropped
TO %. Soc and recovered but little from
that level. The buying OF later months
was not large, yet II sufficed to narrow
differences considerably.
Tho spot situation was not much dif-
ferent, except that offerings were get
ting larger and coming from broader
territory, as picking Is progressing.
Texas seems 10 be selling freely and a
!ood volume Of sales Ia reported. Hous-
ton cut quotations Ia puInts for the
day. putting mldding to 25.75c. with
sales 1851 bales, while Dallas reduced
same grade so points to 249bc and re-
ported sales 1887 bales. Galveston
cut middling 1850 points, quoting II Mt
2o.1Sc. In New Orleans sales were only
SO2 bales and middling was reduced SO
points TO $3.50. Augusta reduced mid
ding 90 points to 1925 and sold $50
bales.
In Memphis white grades middling
and better were reduced so pints more,
middling TO 29.50c and sold 500 bales,
making the weeks total 2,l50. The I'M
sold stock here Is now estimated 70
be $4,000 bales compared with 49,
900 and SIS 900.