The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-07-21
COTTON MARKETS
ReaCtionary Disposition More
Prominent. But July Gees
Higher Than Ever.

For some reason reaction ideas were
llttlc more TO the fore today and a
setback took place. although sellers
were cautious July shorts continued
TO receive punishment and the option
sold as high as 43 cents, but apparently
the influence on the rest OF the list was
smaller. Weather conditions over the
beit were stili not altogether favor.
able, scattered showers having been re-
CelNcd IN the central and eastern belt,
but the market seemed to be giving its
attention more to other factors. Be-
fore the weekly summary came there
was mixture Of easiness and strength.
for traders seemed disposed TO hesitate
because they expected the report to
be bultsh Rumor Regarding a bcarish
private condition report was the excuse
Tor some OF the pressure. Lowest prices
came when the summary was better
than expected, bat firmness in July
had some offsetting effect
Finals were barely steady and from
unchanged to % points to the bad in
New York. while IN New Orleans they
were steady and 80 to "a off
Liverpool Is due to open to 4 points
Off tomorrow morning.
The foreign market today was without
its recent snap and apparently the
bull edge was off over there, the i'm
provement In mill conditions having
been pretty thoroughly discounted.
Gables did not bring any news Of con-
and finals were barely steady and from
80 10 10 points to the bad. Spots were
marked UP a point, fully middling TO
S.75d, with 1000 bales. including 5.T00
American. Receipts for the day were
500 bales, all American.
At the opening on this side easiness
prevailed although private reports told
or more showers In the weeYil sections
and Of the plant getting Too sappv
Later details did not show quite so
tN.at TOD hi
nothing very bad indicated, although
cloudy and showery conditions were
promised by the official forecaster.
However, there were coming from
Texas some claims that the weevil so
far had not done serious damage and
some rather liberal ideas as to yield
were given circulation. The summary
later said the weevl was present and
fairly active, but 1t was still rather
future than an actual and present dam
age, except in the lower sections. The
market acted as II II had been largely
discounted the elimination OF con-
siderable part Of the short interest by
the rise Of nearly 400 points having
made the technical position less strong,
october IN New York opened at Soc
about half n cent. The lowest point
was reached after the summary, at
S4A3c, after which moderate recovery
took place.
hepOTls a. 10 domestic rhue condl-
lions and the general financial outlook
seemed to be getting more of a hearing
than In some days, but this was per-
haps because the market was ripe for
spell of reaction. or at least was high
enough for the time being
In the spot markets business con-
tinued limited, although sales were !, 1854
bales in Houston. at a decline OF so
points, middllng to $3.50, while New
Orleans sold 1875 bales and middling
and above advanced IS points. Lower
grades, however, were reduced 80, so
differences widened rs points for the
day. In the local market only 100 bales
changed hands.