The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-07-07
COTTON MARKETS
Strength in July Helps Sustain
Market But Bearish Weekly
Brings Selling.
Wednesday Afternoon. Jul,


But for the wide difference between
the July position and the fall months.
and the good support given the former
IL would seem a good guess that the
present favorable weather would bring
about a considerable decline In prices
The effort to credit the underlying sta
bility Of the market to fear Of the boil
weeyil entirely is hardly being borne
out, even though IL Is admitted that the
pest is worthy OF attention, With trad
ing in the market down TO a minimum
and an element in the trade committed
to the bull side through their holdings
Of contracts and with the scarcity OF
cotton that is tenderable or up to what
the spinners would take around current
prices II is easy 10 sustain July There
are enough uncertainties TO discourage
any pressure Of consequence when July
in New York stands over 900 points
above October and In New Orleans over
400.
Finals today were steady and from
10 points up 10 SO off in New York and
from 81 to SO down In New Orleans
Liverpool to make proper response
should open IL TO 30 points to the bad
tomorrow morning.
The weather map showed the central
belt and part OF the eastern 10 have
received some liberal showrs ovr night,
but indications wre for the spell to pass
eastward and TO be followed by clear
anxiety over the weevil was In a meas
ure removed, for II seemed that the belt
was to miss prolonged spell OF witness.
In tn minds of many in the trade II
is questionable whether the showers
have done more good or harm, the lat
ter, no doubt, having served to aggra-
vate the weevil, However, when the
weekly summary came at 10 o'clock IL
read better than any one OF the season,
and its reference to the weeril activities
l.N.tNR -Ia tn
lions, while II did say that recent sum
shine and high temperatures had helped
TO hold the pest in check, The weakS
ness in the market came chiefly after
this report was out OF the way.
Liverpool improved a little more than
expected for the day, finals being quiet
but steady at gains OF 30 TO 81 points.
Spots were marked up SO points. full
~ midding to 270Sd, with sales 5000
bales, including $500 American. Re-
ceipts for the day were 1000 bales, IN
Guiding 200 American.
First prices on this side were steady
and moderately higher. Cables brought
buying orders and there was but little
for sale. although after october opened
20 points up. at aS.6Oc, 1t clipped 70
bulge being caused by Liverpool and
Southern buying. The rain news In
spired most OF II, But as more was
learned OF the weather and there was
little fresh incentive to buylnB tne
market began to sag slightly ana IN
the late afternoon tumbled until prices
went considerably below the early high,
October touching 33,05c just before the
close A moderate recovery from the
bottom came during the last few min
utes.
From the spot department came moth
ing that was new or startling. although
no confirmation was had for advices
which New York claimed TO have re-
ceived to the effect that Southern banks
were forcing sale Of spots because OF
tive enough 10 confirm such q report
For the day sales were 1850 bales In
New Orleans, so DIN Memphis, As in
Houston and EOS In Little Rock