The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-07-27
COTTON HARKETS
Early Declines Followed by
Recovery, With Distant Up
More Than Near Months.

Tuesday Afternoon, July 81,
Further declines were recorded In the
early part OF the market today. due to
accumulation of selling orders helped
by margin calls and 10 absence OF any
thing in the overnight news To on
courage support. but sellers became
cautious on the weather outlook and
fear that the technical position was
getting favorable to an upturn. There
was less display of reactionary feeling
In the other speculative markets early
; and steadiness followed, but later In
the day stocks and grains again crum-
bled. but cotton did not share therein
One feature in the latter was that dis
tant months were given better sup
port than the near, thus narrowing dis
counts. Trading was on a fairly largo
scale and professionals supplied con-
siderable portion OF II.
Finals were steady In New York and
from unchanged TO 70 points to the
good, while in New orleans they were
al gains Of 1 to IS points.
Liverpool tomorrow morning should
open to II points to the good.
In the foreign market there was ir-
regularity and the near months were
fully responsive but in the distant bet
ter support was given. one private
cable said that spinners had called
some cotton, while another said that in
Manchester there was quietude but a
were steady and 81 points to the bad
to TO the good. Spots were marked
off SO points. fully middling to 273ld,
with sales 5000 bales, including 1l0'
American. Receipts for the day were
! 1900 bales, including 500 American
Manchester advised that cloths were
quiet and yarns were rather steadier.
Opening prices on this side were near
the previous closing level, Early re-
ports seemed to indicate IL satisfactory
state of weather In the belt ana there
was little support given, resulting in o
dip, which carried october to % .O5c.
But Japanese and other trade interests
absorbed this option freely and the en-
tire list shared in the benefits. al
though the Improvement was SLOW,
, There were only Il few rains IN inc
belt, but cloudiness was general and
II seemed that conditions favored the
weevil becoming more active. especial
" as the official forecast promised scat
I tered showers in most OF the central
and eastern belt and Cloudincss in the
west Buying was largely done by
shorts who were satisfied with profits
and by others who thought the market
ripe for some Improvement, but along
toward the close offerings became less
plentiful and the upturn was consider
. able. October sold up to 81. 73c and
the entire list displayed strength. al
though all the gain was not retained
From the spot department came lit
tie that was new and quotations as
iule were without change Houston did
most OF the business, sales through
that market totaling 4,l26 bales and
mlddling remaining unchanged at 36.50c
Dallas reduced quotations Is points,
middling to 37l0c, and reported 900
bales sold. Memphis sold 100 and New
orleans l03 bales. and left prices the
same.
There was no guess on condition Is
sued today, although the first Install
nnent on one. embracing three states.
did not quite measure up to bearish eX
pectations, The weekly tomorrow Is ex-
pected to be fairly favorable, although
probabilities are that il win have small
effect In view of the fact that traders
are looking more to the monthly re-
port due next Monday morning