The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-09-21
COTTON MARKETS
Market HeSitateS Between In
fIuenCe of Storm News and
Bad Manchester AdviCeS.
Tuesday Afternoon, Sept. 81.


Traders In the cotton market today
played safe, for they had conflict OF
influences. Those preferring the bull
side gave most weight to the approach
ing storm from the gulf, which seemed
destined TO strike the Texas coast ana
perhaps bring some damage TO the open
crop. while the other side found their
encouragement from the character OF
advices from Manchester. where the
coal strike still threatens and short time
for most OF the mills seems imminent,
The result was a market with no certain
trend and largely a waiting one. Marked
easiness In grains with stocks none TOO
strong, helped those who were against
values.
At the close futures in New York were
easy and from points up to 81 down.
while New Orleans finished steady and
is to rs lower
Liverpool tomorrow should open q to
16 points 10 the bad to make full re-
Spouse.
The foreign market early was rather
disappointing, in view OF the storm
news circulated on this side late yester-
day, hut for some reason improved just
before the close and finals were steady
and IL TO Fl points to the good. trl-
vato cables said that the strike matter
was still unsettled and that spinners
were going to have "a meeting right
away TO determine as TO short time
but that many mills were already %
serving such. In truth, there was ltitie
definite fresh news from the other side,
spots were marked up 20 points, tully
middling to % Esd, with sales 1000
bales. all American, while receipts were
/ / 200 bales. all American. Cloths and
warns were both reported as dun.
AT the opening domestic traders had
poor cables and no reports OF rains In
the belt overnight to encourage tame
start But pretty soon private adVices
told Of II raining along the coast OF
Texas, which made traders beheNe that
the storm was beginning TO work IN
land There was some covering by
shorts. for il was certain that rains
would do harm to the crop, especially
it's grade, and prices worked up about
half a cent
October opened at 2S,S5c and sold up
to 2q.4Jc, while December started AZ
90 PIC and touched 2667c, after which
profits were accepted, led by liquidaung
october longs. The rest OF the session
was featured by uncertainty as to what
the storm was going to do and radlng
became desultory, with fluctuations
within narrow range, but tending
The latest advices from the govern
ment weather sharks indicated that the
storm would strike, but they could not
say which direction II would go. Inc
action OF the market seemed to indi-
cate that traders were guessing 1t
would greatly minimize the extent Of
From the spot department came
nothing, startling. Sales at Texas
points Continue fairly liberal. Houston
elevated quotations so points, middling
10 29c and sold 10. 1873 bales, while Dali
las reported sales 6,92l bales and left
mlddling the same, at 1850. New Or
leans did better business. selling 2,346
bales and reduced lower grades 80
points and left middling and better I'M
changed.
In the local market revision OF mid
ding and better grades OF white cot
ton continued. so points being Topped
Off, leaving middling at 81 cents. with
sales for the day $50 bales.
There is much discussion at the presL
ent time as TO the quality OF the local
stock, and careful investigation leads
to the conclusion that somebody,
whether with intention or through care
lessness, has been disseminating in
formation that libels the character of
| the stock Certain buyers who have
taken II upon themselves to question
factors assert unhesitatingly to say that
they do not believe there are $4,000
| bales of cotton as low as good ordi-
| nary in the stock here, which means
| that three fourths or more Of 1t is good
| spinnable cototn and therefore not the
junk that many folks have been led
| 10 believe.