The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-07-29
COTTON MARKETS
More BeariSh Reports Induce
EaSineSS. But Short Cover
ing Brings Recovery.
Thursdny Afternoon. July 30.


Weather which was fairly good and
served to induce additional pressure
during the early part OF today's ses-
sion and lower prices than recorded
recently, but some support was forth
coming and most of the declines were
recovered. though not all retained at
the close. Cables, which were disap-
pointing and reflected unsatisfactory ad-
vices as to trade conditions. helped in
the early weakness, while domestic
traders were disposed to caution be-
cause Of lack of incentive to much con-
fidence. Trading was but fairly active
and the belief that large scattered
short interest exists was one reason
why bearish features in the news did
not get more attention.
At the close the list in New York
was very steady and 10 to 40 points
off, while in New Orleans tone was
steady and the list so to SO off.
Liverpool tomorrow should come . to
points up 10 make full response,
The foreign market was due to come
higher today, but instead closed barely
steady and az to IL points net to the
lad. Private cable adviCes told OF bust =
ness conditions being such as to in
duce liquidation, for talk Of short time
and closed mills seemed more plenti-
ful. The easiness in sterlin geNchange
perhaps helped explain the continued
good demand for spots. for sales werl
again fairly large, though below recent
volume. Apparently the conditions on
the continent did not help confidence,
while II was believed that crop accounts
from this side and the larger offer
ines OF new cotton were factors in the
reaction, Spots were marked off 4
points. fully middling TO q 2ad, with
sales 5000 bales. including $500 Amer
lean, Receipts were 5000 bales. includ
ing 1900 American.
There was little change in the do
nestle markets at the opening. but
very quickly the list sold off and Oc.
tober touched 80 cents. lower than any
time recently, and poor cables and bear
ish crop condition figures contributed
TO the selling. Good buying was ac-
credited to large spot interests. which
brought some recovery but weather
news was not favorable to much
strength for the map showed that
there was little basis for complaint other
than what has been had for days
Showers wire chiefly along the Gulf
coast. few being reported In the in
terror, while the favorable feature was
that the threatened tropical storm had
apparently disappeared. Forecast was
for good weather, but there was an
effort made to give fresh emphasis to
that as vet damage Is largely prospec-
tive, The October position worked
back up to 81, 47c. but met fresh selling,
while the distant positions were not so
we'll supported and net losses for the
day on them were the largest,
In the spot department nothing new
was presented and business continued
slack. The financial situation Is still
locked to as a big factor and nothing
Is coming to lend much announcement.
although the picture could hardly be
darker than has already been painted.
The opinion OF the head OF the federal
reserve system that there would be
plenty of funds to meet requirements
for moving the crops lent n little en-
couragement. but did not suggest any
relief from the necessity OF selling
promptly. while the transportation ques-
ton Is still full of problems.
Sales for the day were 400 in Mem
phis, 445 in Dallas and 1856 In New Or
leans. The report from Houston was
for reason delayed, Dallas was the
only one of the above centers to reduce
quotations, making middllng S6.75c.