The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-10-21
COTTON MARKETS
British Rail Workers Will Join
Strike of Miners, But e.
feet Moderate.
Thursday afternoon. oct II.

thursday afternoon, oct. Il.
Attention today was directed chief
ly az what was happening in Great
Britain. as there was paucity OF do
mestic news to affect values and Il
was the dav for the rail workers To
announce their plans rs to the big
strike. Cables came below eNpecta-
tions and some private ones express
ed less favorable views Rs to the out -
look, but the market did not recede
Very far until it was annoupced later
that the men had voted for Soing out
i'm sympathy, the date being set at
Sunday midnight This added to the
feeling OF depression and perhaps
stimulated tho additional wave Of
selling, which carried prices to their
lowest points Of tlN dun and rather
colorless session. Quotations for the
most active positions did not go down
from the early high points quite 100
points. but resistance was feeble and
the later recovery was thought Ia
reflect the growing view thn' the dis
counting process has been ample.
AT the close the list In New York
was 10 to 4S points net To the bad
and in New Orleans no to 81 down,
tone called very steady I'm both cen
decline was on October IN which only
a few trades were made. a few
tenders having been made.
Liverpool TO make proper response
should come TO points off to-
morrow morning.
The foreign center was due to he
i2 to Is points TO the good, but APP
parently the labor outlook was less
optimistic and instead finals were |
to % points to the bad. though tone
was called steady. Spots were mark
ed down 10 points, fully middlinr to
16.17d, with sales 1000 bales. inClud-
ing $500 American. Receipts were
$4,000 bales, including $500 Ameri-
can.
Opening prices on this side were
lower, in line with cables. continued
favorable weather over the belt and
lack OF appreciable change in the
character of domestic news. DeCem-
Der opened at 1915, touched 1929
and then began to react. chiefly be-
cause buyers were scarce. Trading
was light and without definiteness,
but later there was more pressure,
which eliminated shortly after the
news came as to the action of the
British railroad people. December
touched 1910 and then improved
slightly, but shortly before the close
shot up to 1903 on short covering.
which had little apparent reason
other than that the decline had been
overdone.
From the spot department came
little news, although the idea seems
spreading that the worst has passed,
More attention Ia given TO the sta
tistical position with the mills and
It is believed that the reports OF
better inquiry are but forerunners Of
more general buying, which once ii
gets started will continue indefinite
~. Then. too, there is more evil
dence of resistance.
In Houston sales were 6,36l bales
at no change in quotations, while
Fort Worth sold $500 bales and cut
middling so points to 1850. Dallas
reduced middlinR Is points to 1875.
New Orleans made no change and
sold 1881 bales, while Memphis sold
1850 bales and left prices the same.
In connertion with the news as to
more holding of the actual, the local
cotton exchange received shortly be-
fore the close the following prepaid
message signed by Mike II. Thomas:
"Dallas--Over 1900 Texas bankers
meeting herey toda resolved so per
cent acreage reduction hold all cot
Hold tight. Texas will hold" Which,
according TO some of the local trade
was IA fine specimen Of grim humOr
in view OF the attitude of Texas as
10 selling its present crop.