The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-09-23
COTTON MARKETS
Downward Trend Of Values
Meets Little Resistance.
Price Cutting Continues.
Thursday Afternoon, Sept. %.

thursday AIkeTuOOI, NSpN. go
Further progress toward lower levels
was made today without attracting i'm
portant resistance Announcement OF
reductions OF 50 la per cent In the
price of its output by the largest cotton
min group in the country. following so
closely the reductions BY the large auto
concern. accentuated the reactlonary
attitude and encouraged expectation Of
spread of such steps. which gave stimu-
lus TO bearish feeling In the cotton mar
ket. While the reductions are regarded
as healthy and viii perhaps soon result
in more active buying and then In
creased consumption of raw material
the time has apparently not yet come
when bulls get much help therefrom
Weakness continued in grain, while the
security market also reflected the de-
flation movement. From Great Britain
came little that was new or encourag-
ing. so incentive TO bullsh activity
from that direction was lacking. Wealth
err conditions in the belt were in the
main favorable, although some sec
tons had rains that were not needed
At the close the list in New YORK
was easy and from 100 to IS points not
lower. while New Orleans finished
steady and -05 to so down. Some OF
the options went below the lowest lev
els OF the season, established on the
opening day OF this month.
points lower to make proper response.
In the foreign market there was still
not much OF special interest and un-
favorable views were held early as TO
the labor and business sisutation, but
later on cables expressed some hope OF
avoiding the coal strike. which perhaps
helped to make finals better than due.
1t was rumored that the miners had
postponed action for a couple OF weeks,
thus allowing. II this was true more
time for adjusting differences. II was
announced that general shut down
of mills would come soon unless some
of the strikers went back TO work
right away. AT the close futures were
l3 to points net to the bad, with tone
quiet Spots were off point. fully
middling to 232Sd, with sales 1000
bales including $500 American. Re-
ceipts for the day were 1000 bales, IN
Guiding 700 American. =.
In New York opening prices were OH
moderately, December being down IL
points to 25.20d, that proving top !or
the day. rather bullish private esti-
mate on condition of the crop for Ser
TENDER Is, figures being $3.50 and point
ing to an out-turn OF l2,3OO,OOO Daies,
encouraged a little support but only
slight recovery following the early dip,
and thereafter bears had things their
own way. Business and economic news
had chief influence. and professionals
did their part IN neiplhs 10 push Nuiu. 2
downward December sold almost TO
her previous low for the season, while
subsequent months went under such and
but little recovery fro mthe bottom
came at the close. Reports OF spot basis
easing in Texas helped to discourage
support, hut in many quarters caution
was urged. as the decline has been
rapid.
Spot quotations were generally re-.
duced Houston, which cut them 100
points yesterday, took off that much
again today, leaving middling at u
cents and reported sales for the day
H. O65. Dallas Topped off % points,
making middling 25,45c. and sales were
4. a6S Augusta reduced middling ST
points to IS Ssc and sales were report,
cd as 293 bales. New Orleans reduced
mlddllng 100 points to e7 cents and sold
continues and white grades middling
and above were cut so points, middling
to 80 cents. with sales only 100 bales