The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-09-10
COTTON MARKETS
October Shorts Subjected to
Sever Punishment, But
Late Months Hold Back.

FRIDAY Afternoon, sept. 10.
with cables from Liverpool showing
the effect OF British concern over the
coal strike situation and weather In
the cotton belt more favorable Than eX-
pected weakness WAS shown at the start
or the domestic markets today. II fall
ed TO last, however. and was followed
by a sharp upturn in the near positions.
which had some effect on the others.
though in decreasing degree as they
were distant, Shorts in October. eS-
pecially in New York took fright when
they say trade interests absorbing what
few offerings there were. realizing that
their position Is precarious in view OF
the small protective stock in New YcrS
and the chances OF being able TO get
any help from new cotton OF tenuerable
grade. The pne-day limit was almost
reached in New York, October selling
as high as $3.50 after touching 21.72
on the opening call.
At the close much Of the strength
was retained and the list in New York
FINISHED firm and ll5 points up 10 y
down, while>New Orleans left off steady
and SO points up TO 22 down.
The foreign market showed marked
weakness this morning. which led to
the view that the strike news yester-
day came too late for reflection, Per-
haps another reason for the casiness
was that weather In the belt was some
what better, Before the close. how
TO discussion OF the strike situation
had not been entirely or finally closed
which induced little covering because
II was felt that the bgness of the strike
consequences would go far towards
preventing II being called. Finals were
quiet and 81 to al points net lower
Spots were off 26 points, fully middling
to 23.i5d. with sales 1000 bales. For
the day receipts were 5000 bales, in
Guiding 1900 American.
The chief influences at the opening
on this side were poor cables and more
encouraging reports as to the weather
over night in the belt. Private reports
told OF rains being moderate and con
lined largely to the upper part of the
Eastern belt, while the Memphis dis
trict did not have any more than were
known before the market closed the
day before. October opened at 2775
and on call TOUGHER 2772. after which
supporting orders came In, led by Oc-
tober. The news from trade circles
were not significant or very important,
but the rush to buy october was
thought to indicate better prospects
for early cotton finding ready market.
II also reflected opipion as to effects
or the weather on the grade of the
crop. But little resistance aas met in
the upward rush Of prices except that
strength was largely in October and
December. The former went up 1888
points from the lowest, while Deem
Der went up 10. The reaction from
the top was moderate, which helped to
lessen disposition TO take the short side
In the spot department business was
still confined almost entirely to Texas.
although reports are coming to the ef-
feet that September commitments from
the Atlantics are fairly large. and are
more for October. Texas sales were the
largest of any day yet, Houston report
ing 1885 bales at an advance OF so
points, mddling TO 80 cents. while Dali
las reported them $3.50 bales at As
points up, midding 29.25c. New Or
leans sold 1880 bales and left mddling
unchanged at 1925, while Memphis sold
only 200. making 1900 for the week,
and made no change in quotations.
The fact that the only section having
any new cotton for sale seems to be
enjoying ready market for It encourages
the idea that early receipts will move
freely in all sections. especially at cur
rent prices.
The weekly statistics made bearish
showing. Hester made movement into
sight $4,000 bales, compared with 49,
600 last year while spinners took 1872
600 against l6S. 900 VISIBLE American
decreased 1871 bales. compared with
decrease OF IS 900 year ago
In the local market unsold stock in
factors hands was estimated to 1871. =
600 bales. against 81 900 and So. 900,
while linters in stock are 10000 bales
compared with $1,000 and $1,000.