The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-07-30
COTTON MARKETS
Bears Have Another Day Of
Success and CoISlng Level
Lowest of Week.
Friday Afternoon. Iulr 40.


More success for the bears resulted
today. although net change was mod.
crate, There was continued good
weather in the belt and several moro
crop condition reports to encourage
pressure. wnIie a monthly review OF the
situation In the United States by the
tederal reserve system head in Wash
inEton lent further encouragement TO
me reaction idea. In addition was the
information that selling OF the new cot
ton In Texas was being done as rap
Idly az possible. Foreign news was
also OF the same character as recent
~ and lower prices for silver and
decline IN sterling exchange did not
stimulate optimism
At the colse the list in New York
was 20 to 50 points to tho bad, with
tone called barely steady, while New
Orleans finished steady and 2i to 80
points 10 the bad.
Liverpool was due to come somewhat
higher, but instead finished at de-
cline OF 10 to an advance OF 8 points,
the nears being the ones to decline.
Trade accounts from the manufacturing
district over there do not improve and
private cables today said there was no
incentive to buying while crop reports
were as good as they are now. In spots
quotations were elevated II points, full
~ middllng to q, 40d. with sales 900
bales, including 3.l00. Imports for the
day were $500 bales all American. Man
chester reported conditions in cloths
and yarns quiet. Liverpool will be
eolsed Monday because OF bank clerks
holiday,
First prices in the domestic markets
were but slightly changed from the pre-
vious close and news overnight was
without much color. The weather news
from the belt was In the main favora-
Bile, some rains having been received
where needed in sections Of Texas.
while the rest OF the belt had none
which was rgarded Us favorable Tenn
peratures were slightly higher and
there was little complaint. Some more
condi ton guesses were out, but they
failed 10 be different from the ones al
ready received, the average OF those
received TO date pointing 10 an official
guess around rs or slightly better From
that therefore, came little inducement
to activity.
But the statement from the federal
reserve system and other factors stlmu-
lated further selling and discouraged
buying. October In New York opened
at sale dipped to Ss,O5c and then re-
covered on short covering to 80. soc. but
OF the session, helped by some spot
advices that were not very favorable
more selling was done and October
touched 32.02, with the rest Of the list
breaking through the low points OF yes
terday. October failed to do SO, but
seemed to be given support by spot
interests,
In the spot department business was
small and quotations at some centers
reduced again, New Orleans sold SCI
bales and sSt Quotations 30 points mid;
change and sold al6 bales, middling at
36, soc Dallas cut prices 20 points, mid
ding to SO. bSc and sold coo.
Locally sales were only 300 bales,
making 2.t50 for the week, no change
being made in quotations. Unsold stock
is now i9l 900 bales, compared with
50, 900 last year. and $4,000 two years
ago, Linters in stock are 20, 900 bales,
compared with so, 900 and 49, 900.