The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-08-24
COTTON MARKETS
Market Receivers When Shorts
Start COvering-LittIe
News to Account for II.
rhursdag Aftcrnoon, Aur. ?.

1 NAl SbAF NlNFlnopnt Aug -
Confirming many opinions expressed
and felt YESTERDAY that the decline was
being overduae, the market today ex-
perienced a considerable recovery after
making new lows shortly after the
opening The romehack was largely
Technical, yet d, was conducive to the
health Of the rpocu'atlVu situation ana
tended a. ras' . gay Of brightness into
the gloon. Whan has been thickening
reaction was not OF much Importance,
except that there Vas a sutceese Of
pessinligt3c r"pnr, and attention was
directed TO some features which for a
spell have apparently been in total
eclipse. one OF the factors Was the
more cheerful outlook in the war gone
in Eastern Europe and seeming col
lapse Of the Rolshevik menace
Finals In \, " York eyre steady and
rs to 140 points up, white New Or
leans colsed steady and l22 to 1870 up,
Liverpool to make proper response
should open Sc to 81 points up tomorrow
omrnng.
the better market avs that Liverpool
after showing marked easiness in the
early part OF their session turned and
started upward. while cables brought
the opinion that the worst was over
and the support was coming largely
from trade interests. At the close tone
was unsettled and the list from 1873 to
Cd points off, the big decline in the
spot position rejecting the tremendous
break in the actual, which Is partial
adjustment to the new crop basis, Sp9ts
were marked down 2Os points, fully
middling 10 2S.72d, with sales only =
600 bales Receipts for thu day were
$4,000 bales, including 100 American
Manchester advised that IN both cloths
and yarns buyers were holding OF,
First prices IN the domestic markets
were influenced downward By cables
and the fact that weather in the belt
overnight was more favorable than an
ticipated Then, too the left over sup
pIy OF bearishness was considerable IN
snite of the feeling that the decline had
been too rApid. October started at
rs. soc, off is points, sold up TO 25.s5c
and then dipped In a few minutes TO
25. 6gc, which proved bottom. That was
nearly $50 a bale off from the extreme
high for that option, and was Followed
by a rise TO 26.S2c. around which level
offerings began to increase. The gen
eral news was without much change,
but later in the day the character OF
adyices as to the situation in Poland
seemed 10 furnish excuse for additional
covering, while more trade support was
also reported, perhaps helped by some
advices from Texas spot circles that
were not quite so discourhging, Then,
too, l. was figured that the weekly re-
mort tomorrow would not read very Ia
yorable and some buying was done on
the theory that after the big drop
strength was likel yto be shown before
the coming bureau report which WIN
include but one more day octooer
AUST before the close sold as high as
III 35c, rise from the early low OF 16'
points T. -,
From the spot department came but
little news. Houston elevated quota
tions 100 points, middling to soc, and re-
norted sales slightly over 1000 bales,
while Dallas was up 95 points to 2s.sbc'
and sold 300. Augusta reduced mtddling
80 more points to 32.50c and sold only
I6s bales, while New Orleans dropped
so points to 3l.b0c and sold 266 bales;
In the local markets sales We're $50
bales but quotations were left alone.
middling remaining at S4.boc.