The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-08-23
COTTON MARKETS
Unexpected Weakness in
Liverpool on RumorS and
Further Declines This Side
Monday Afternoon, Aug. 20.

Monday Afternoon, RuE So
Apparently the wave of bearishness
IN cotton as yet knows no end. for
today declines we're greater than ioT
any one day during the DOWNWARD
movement. Although one excuse rs as
Tess the chief one today was marked
weakness In Liverpool. which was at
trlbuted to rumors OF financial trounlcS
in the Far East and to fears OF Dig
coal strike In Great Britain. ketleGtlon
an this side was seemingly without
hesitation and final prices were near
the lowest Of the day and under the
most extreme Of recent predictions
The entire market seemed one OF http
lAssness and expressions were generauy
10 the effect that the discountins OF
had economic news had been already
overdone, though few traders are as
nnsed 10 commit themselves positively
as TO the course of values.
At the close the list in New hork
was easy and from S2a to lSo points 70
the had, the biggest drop in August,
which is OF small significance, New
orleans finished the day barely STEADY
and from % TO 16s points to the bad
Liverpool 10 make full response TO-
morrow should open Sc to ~ points 10
the bad. -
The Liverpool market at first was
better than due and worked moder-
ately over the previous close over
there. presumably on the character OF
news from the Polish Russian conilct'
but suddenly values began to cru Its,
and absorptive power seemed almost
entirely lacking The decline continued
untl the close. which was quiet ana
from 95 points net to tho bad 10 one
poi.it to the good. Private cables SAID
there were rumors OF business ana H.
nancial troubles In the East, bringing
cancellations 10 Manchester, while Ia
hor troubles were threatening at nome,
the result being heavy liquidation ana
small take-off. Nothing dennite was
given out as to the troubles. but such
ala not seem to foaZe the traders
Spots we're marked down % points,
fIilly middling to 25,7Sd, with sales 5000
bales, Including $500 American ne
ceipts were 5000 bales, including 2'OOV
American ,..
higher, encouraged by weather news,
which for the week.-mrs. was none too
good, as scattered rains fell over
large part OF the belt But the cover,
ing failed TO last and the tides turned
quickly which found support scanty
and al tho sam old arguments used
with effect. The reports of crop de-
teriora,ion and of conditions indicating
ovcrestin,a ting of the crop seemed or no
mor.tn and failed 10 check the seuthg,
taking Of profits being about the only
source Of buying. October started the
day at q. 40, touched 27.So and then
started backward continuing without
any important interpuptio until the ses..
sion closed, The lowest point touched
was 2S.a5, which Is /. 1870 points, $3.50
a bale, under the highest reached dur
ing April The discouragtng feature to
those who see into the future was that
sentiment seemed as bearish as ever
among the traders.
From the spot department came little
Information, but wires from New York
In the afternoon said that some selling
was based on advlces 60 the effect that
the lack OF demand and approaching
weight Of bales was leading 10 low Of
feTs from sections where receipts are
picking up Reports from the Texas
eenters, excepting Galveston. We're de-
layed for some reason. but IL remains TO
be seen whether holders will follow the
break In futures. Galveston marked the
price off 100 points. mddlng To ale,
New orleans cut the price 30 points,
Kidding to 32c. aud sold 100 bales.
Memphis reduced midding so points to
1850 and sold so bales.