The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-07-09
COTTON MARKETS
Close Averages Lower, Helped
by UntavorabIe Trade and
Good Crop Reports.
Friday Afternoon, July 9, 1890.

FRIDAY Afternoon, July 3, 1870.
Although somewhat irregular, reflect
ing adjustment of one or two positions
TO the price of the spot month, the av-
erage of the market at the close today
was moderately lower, Sentiment In
speculative circles continues 10 lean
toward the bear side, encouraged by
the unsatisfactory character Of reports
from the manufacturing end OF trade
and the favorable accounts from the
fields. Dizziness, however. ia the most
notable feature OF the market and sem
timent is apparently ready to be dis
rected ladMSay by the developments Of
weather
Finals were steady and from 20 points
up to 81 down in New York, while
New Orleans finished steady and from
up to Is down. In the spot depart
phis selling 700 bales, the largest
amount OF any center in the belt. and
quotations were generally lowered,
Liverpool did not show any particu-
lar feature In the early part OF trad
ing and seemed TO be guided largely by
Publication Of figures on export bust
ness in cotton cloths and yarns for the
month of June. showing healthy gains
over the corresponding month of last
year. perhaps helped develop a little
favorable feeling toward the market
for they belied some of the recent re-
ports as to low unsatisfactory trade
has been in Lancashire, They showed
that exports to this country have been
liberal, which was not a favorable bit
of news TO the domestic manufacturers.
The report from Manchester today
however was poor one, showing cloths
dull and inactive and yarns easy. How
ever, q late cable from Liverpool to a
local exporter said that Manchester was
displaying revtving interestin raw ma
,ttbnt.Hh fatlaA n
specify whether this was for early ship,
ment or from the new crop. Liverpool
futures closed steady and IL to 20
points to the bad. Spots were marked
down 50 points, fully mtddling to $3.50,
with sales 5000 bales Receipts for
the day were 1000 bales. of which -
500 were American.
Opening prices were but little changed
from last night. and for a brief spell
held fairly steady. as offerings were
limited and some buying was being
done by Liverpool and the South. DC
tober opened at S2s2c, touched as high
as $4,000. and then gradually sold off
10 SO, soc, recovering to 80 72c, and then
sagging againtoward the close
The weather map was good one,
though showing some few, showers IN
Texas and cloudlness, which was not
favorable for holding the weevil In
check. For most OF the belt. however,
conditions were excellent and there
seemed less chance Of rains for the
next few days. On the weather alone
sentiment was bearish, but technical
conditions we're such as to discourage
sellers, as there was not enough new
in news from trade centers to justify
much increase In the short interest.
Besides, the July position was relative
y steady and there i fear sdu OF I,6 trGSs
should be widened too much,
Financial difficulties and improving
crop conditions are credited with eaus-
ing the spinners to buy so sparingly
although many of them are facing re-
duced time and some have already
closed down.
In the local market sales vera 1850
bales for the week( reducing lnsold
stock in the hands OF factors to 10000
bales, compared with $4,000 year ago
and 81. 900 in 1918. Linters In stock
are $4,000 bales. compared with $1,000
and with 10000.