The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-08-11
COTTON MARKETS
Market ErratiC, But Declines
When Weekly Better Than
EXpeCted-MuCh Rain.

W cuitSudN AFTERNOON, aug II.
The cotton market Just now seems to
respond to every within and fancy OF a
limited number OF traders. and keeping
up with its fluctuations is a task with
the cable news this morning more en-
couraging as to the Polish Russian sit
uation and rains over a large part of
the belt, and indications OF more,
higher prices came without much resiS-
lance. Anticipation OF an unfavorable
weekly summary helped In the strength.
But this latter failed to meet cNpoCta-
tions, reading more favorable to the
bear side than 10 the other so a con-
siderable decline followed, which at its
climax had prices practically IS a bale
from the top OF the forenoon. Slight
recovery came before the close.
In New Yor finals were firm and IS
10 SS points net 10 the bad. while New
Orleans closed steady and AZ to GO
points off
Liverpool tomorrow should come SO
TO al points to the bad
The foreign market this morning
was much better than expected and
sterling exchange also was improved
by several points, which tended TO de-
velop some optimism as to the war
situation. Private cables did not tell
much, but the quotations were suffic-
lent. although information was stll
rather vague and the Poles were still
faring badly at the hands Of the Rus
SlsAllHs 4 ne tlthhA hhllE ltfAAhlt sFtbl %
ed 10 be that chances Of the big coun-
tries becoming involved in the war
seemed less, At the close the list was
y 10 30 points net TO the good and
the tone was called very steady Spots
were marked up 50 points, fully mid
ding TO % SD with sales 1000 bales,
including $500 American. Receipts
were $500 bales. all American.
Early weather news indicated that
rains in the belt were more general
than In some time, but were not heavy
as a rule. There was much cloudness
and the barometer lines and forecast
pointed to more unsettlement, all OF
which was not what the crop was
thought to need Temperatures were
somewhat higher but conditions seem
ed ideal for the weevil This and the
cables encouraged bullish feeling, to-
ly summary al 10 o'cloC would confirm
deterioration claims. The latter was
bad enough for the lower and south
east sections OF the belt. but had some
very favorable features for territory
that was larger and more productive
Al the opening October was moder-
ately higher, starting al S2,22, later
touching % g. but that proved top.
The reaction became rather hurried
after the weekly came and late In the
afternoon after the report came as to
condition, showing less deterioration
than anticipated. the lowest marks were
made. October touching Size. The re-
covery to SIS came within a few min
ntes. While the report was not con-
firmed. the first ones from this au-
thortty rarely are, although the mar
ket seemed 10 accept the Information.
In the spot department business con-
tiued light and the tendency OF prices
is downward. Most Of the Centers re-
duced quotations today and adjustment
TO the new-crop basis seems under way
everywhere. except at some OF the
eastern centers Memphis sold 200 bales
and cut middling 50 points TO 750.
New Orleans made no change and sold
$50 bales. Houston was off 20 points,
middllng to 355 50 and sold about 2.ls0
bales. while Dallas dropped 30 points
10 IS 10 and sold a small amount.