The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-07-23
COTTON MARKETS
July Expires at Top-Rest OF
List Weakens Early, But
Receivers Before Close.
Friday Afternoon, July rs

fTluAN AiNtFnOpN' July 80
The July option In New York expired
today at the top, 43 Use, no mercy hay
ing been extended TO the few shorts who
waited until the last day TO cover, only
a few trades were made In the option.
and II was relief to the trade TO see
The expiration Of the option which made
a record for all time. In the rest OF
the list however. easiness prevailed
and prices went lower without much
resistance, although support increased
on the way down and at the bottom oil
the list was close to the recent lowest
level after v hich a moderate recovery
took place on short covering. Crop con-
tition reports and European politics
we're the dominant influences in max
ing sentiment bearish.
was steady and from 1870 to Is points to
the bad the big break being In Au-
gust, while in New orleans the list was
irregular and from l2S down TO I'M
changed.
Weather In the belt for the past "a
hours was as a rule more satisfactory.
There were some rains along the gull
coast sections and in localities in the
eastern belt, while few interior sta
lions In Texas had light showers. TEN
peratures were normal and plenty OF
sunshine reported in Texas. lndlca-
tions were more favorable which con
tributed to the bearish feeling. Tor 1t
helped to create expectation Tor the
coming condition reports showing I'M
provement There was further effect
felt from the bearish private report is
sued late yesterday, and others are eN-
nected to follow along the same me,
For the time being expected Doll wetNll
damage Is overshadowed, though inns
Is admittedly a potenuality OF lmpor-
lance.
The situation in Europe, where Po-
mnd Is threatened with being oNertuh
oy the Russians, thereby menacing the
peace of that continent was ldClol
z n weakness, being reflected III towel
foreign exchanges and government Sc
suritIes The announcement later that
Poland had decided to ask dlrectiy toI
an armisttce perhaps helped encourage
some OF the late recovery, although the
entire outlook Is anything hut goou TOT
business with that part OF the WoiIu
oicking up as soon as expected
liverpool at first was not as bau hs
Qua. hut as the session advanced she
seemed more disposed to respond. ior
there was concern over Poland predlc-
ament. Finals were steady ana ron
10 10 IS points to the bad. spots were
marked down SO points, fully middilns
10 2S.02d, with sales 5000 bales. I'M
uorts for the day We're l3.uOO hales' III
Guiding 9, 500 American. Manchester ad,
vised that cloths were unsettled anu
yarn business was improving
Good cables and some buying Tor
Liverpool account helped give tone 10
the domestic markets early, while early
reports OF rains also helped create CON
Germ, but October, after opening AT
So. csc and touching 80 ACC then reacted
and touched 32.SOc before covering set
In. The list went up almost to the
opening level and then became weak
and sold off to new lows for the move
ment October touching S2.6Oc, but get
ting back to around 3Sc near the close
Domestic trade and mill conditions did
not get much mention in the gossip
Spot news is being watched closely
and the further breaE In quotations at
Houston indicates that the weight OF
the new crop Is beginning to be felt.
That market cut middling TO SIC ana
sales were reported as 2,tl6 bales Ad-
vices from the interior points say that
new cotton is being sold as fast as
Einncd. New Orleans reduced quota
lions 25 points middiing to S9.75c, but
sold only 1853 bales. Dallas did not
make any change and sold $50 bales
In the local market sales were report
ed as 200, making SI75 for the week,
but quotations are without change, The
unsold stock was reduced 20 le300o
bales, comparing with $1,000 a year
ago and 9n,n00 two years ago. In stock
are ?2Cn0 bales Of llnters, compared
with 50 600 and with 1886