The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-09-28
COTTON MARKETS
Market Receivers When Shorts
to Cover, With
Tone Still Very Nervous.
Tuesday Afternoon, Sept. %.

1ueSudy AFTERNOON, sept, Zo.
Perhaps as good a reason as any
Tor tn erecovery in the cotton market
today was that it had been badly
oevrsold and some of the shorts had
reason for taking precautionary
steps. The feature of the news was
the issuance OF several crop condition
reports, all of which showed a little
more deterioration than the average
for the period, but not enough of it.
self to occasion any particular move
ment of values. There was still a
little anxiety over the storm playing
somewhere in the Gulf of Mexico,
but this seemed rather an excuse
than a season for the changed atti-
4 tude on ehe part OF sellers.
fT One big factor in the recovery was
+ that adtices FRO mthe spot CentePs OF
"A Texas told OF growing disposition TO
n refuse TO continue dumping the ac-
\ tual freely regardless OF price, while
II was also said that Liverpool was
buying freely for the first time dur
ing the season. Appreciation Of the
\ fact that prices under cost OF pro-
spAgction would surely lessen the size
OF the crop by causing lots Of 1t to
be left in the fields also contributed
its part to the upturn. October led
in the improvement and in New York
1t reached the one day limit Of 200
points, rejecting some of it's iRflu-
ence on the rest Of the list. 1t was
first day for notices thereon in the
oNrthern speculative center and none
was issued.
At the finish the list in New York
was barely steady and from 1876 to
80 points net higher, while New Or
leans was steady and from II to 1923
up.
Liverpool to make full response
should open Is to 20 points up on
December and January tomorrow,
while October should be up so.
The foreign market this morning
more than responded to the weakness
on this side yesterday and finished
the session steady at a net decline of
/ down 1870 points, fully middling to
20.78d, with sales 5000 bales, while
h receipts were $4,000 bales, including
80, 900 American. One private cable
h said the master spinners had decid-
Il ed to adopt short time, which was
F perhaps a factor in the marked weak
ness A~~--chester reported that
n cloths were unsettled and yarn bust
n ness moderate.
"a There was nothing at the start to
indicate the lively market which was
to follow, although it was expected
THAT some leftover selling would be
Min hand for execution. Several con-
|kdition reports were out, varying in
|&percentage from 57S to slightly over
Isl, while crop indicated ranged from
Nil ,640,0 to around 12600000 bales.
'NThey evidently about met expecta-
Fions, for as price factor they were
|8hot given much mention. The mar
'1ket opened at slight advance, in
|tereased 1t and then reacted mod
erately. Then came the covering
movement, which continued with
more or less momentum during the
rest of the day although much back
ing and filling was INDUCED in and
4the market was irregular and very
nervous. When October in New York
Preached its limit at 25.45c, December
stood at 20 cents, which was 1852
points over it's early low. Then came
|lprofit- taking and some renewed SELL
|hng, but with less confidence than for
several days.
From the spot department came
tevidence of resistance to the decline
and in some centers slight advances.
SHouston elevated them so points,
middling to 20 cents, and sold 14,114
bales, while Dallas reported sales 49,
|T22 and prices were advanced so
points, middling to 22.75c. Sales
elsewhere were small, but interest
at the moment centers in what Texas
is doing, as there is the section
/ whence the bears have been getting
most of their recent encouragement.