The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-10-16
MORE BREAK IN
COTTON VALUES
Trade Conditions Fail to Stimulate Spinners to Depart
From Waiting Atttude-British Coal Strike
Seems Assured-Weather Is Favorable

ment of its policies being promised
for Saturday morning. But little
market effect was had from hope of
relief however, as statements were
plain that help would not be given
for withholding of cotton from the
market. In connection with the visit
OF the various interests from the ag-
ricultural sections, the schism which
| arose between the grain people and
those from the cotton belt over eff
forts to put the price Of the latter
| upward indicated the difficulties in
the way Of outlining policies which
will please all the producers.
Trading Moderate.
From the trading standpoint the
week was not notable and flunctua-
tions were not very wide. The
premium on October was slashed, re-
flecting fear of tenders and weakness
In the actual while all positions made
| new lows for the season. For the
week futures In New York lost 280
to los points, while in New Orleans
losses ranged from 100 to 140 points.
In the spot department business
was light, except that Texas con-
| tfnued to market on a fairly free
scale. Middling ct the leading GEN.
ters closed the period at 1890 in
Dallas to 20 cents at Savannah, de-
clines of rs to 200 points,
The course of values was down.
! ward most of the time. but pace was
generally slow, for in all directions
| 1t was felt that they had gone below
| cost of production and the technical
condition of the markets had gotten
| 80 that a flare back might be had at
any time. The character Of the news
was but little changed, although it
| was notable that the Southwest was
| not pressing its cotton for sale so
| freely, though enough was available
to fill all the moderate requirements.
Liverpool took a big tumble on Tues
day, the day observed as holiday in
the United States, and cables did
| not show disposition to improve any
time before the week closed. Most
of the strength shownH was negative,
while pressure was limited. Lowest
points were reached Friday, when De-
cember in New York sold at 1890.
! with finals only a slight distance
above the bottom. The chief item
of news for the day was the positive
ordering Of the coal strike in Great
| Britain. y..
Statistics were about a nd-off,
although the visible supply Of Amer
lican showed a slight relative loss.
Movement Is hindered and stocks are
accommodating somewhat at counties
points although the bulk Of the car
rying is being done at the plantation
and where stocks are not counted.
Exports for the week were slightly
better, but are still moderate. Re-
duction in ocean freight rates, with
| indications that they will be cut
| further when more business is avail
able for the ships, afforded slight
encouragement as to export move
ment, but until the foreign SINNERS,
get in position or show disposition
| to buy raw material needs more free
! " rates will hardly be given much
market weight! -,
What the next few weeks will
bring is problematical, but the pre-
vailing view Is that the worst mas
| been witnessed. 1t will be necessary,
however. for business to show exc
| banding tendency before the splnners
| can be expected to enter the marker
| for much Of their raw material peeds,
| even though they feel that values are
| verv cheap. They have their money
! troubles as well as other people,
| though in. less measure compared
with the cotton producer.
/ The recent developments have
aroused much discussion as to the
part the retailers of the country are
| playing, and opinion has veered more
and more to the idea that their dis
| inclination to recognize the altered
| conditions and accept some inevitable
losses of profits as we'll as purchase
costs is one of the big reasons why
progress is not better toward normal
! ity of trade and industry.