The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-09-27
COTTON MARKETS
Texas Continues to Sacrifice
Spots and Entire Market
Works Sharply Down.
Monday Afternoon, Sept.


out In Texas actual cotton is being
dumped onto the market regardless Of
price, which, with the other bearish
helps, is making It easy for the bears
to shove values to levels that mean dis
aster to the producer IL subsequent de-
velopments do not bring the average re-
turn upward. Over the weekend there
was nothing to dissipate the prevailing
clouds from the business outlook and
price reductions were still being made
and predicted. On top of this the Sec
rotary of the treasury at Washington
again saw fit to reiterate his own and
statements from other sources that the
Z federal reserve banks would not lend
any assistance toward sustaining values
of raw materials. which fit in nicely
with the plans of the element In the
market bent on sending values down,
regardless of rhyme or reason. The ut
terances of this high official, who,
whether he realizes 1t or not, Is making
votes for the other side by his needless
butting In at a time when all men ought
4auch to do with the activity Of the
bears.
Following the closing of savings
bank in Boston on Saturday came some
wild stories also as to its causes and
effects. affording idle scandal mongers
material for circulating tales that were
largely the outgrowth Of their fertile
imagination. The only apparent basis
for further trouble today was that
few small savings banks posted notices
that they would require notice before
allowing withdrawal of savings.
After one of the most active sessions
of the year, and for several. finals
were weak and from 200 to IT'S points
to too the bad in New York N and weak and
In the foreign market this morning
there was little that was. new, but
marked weakness was displayed, re-
flecting the news from this side from
the spot sections. Finals were easy
and from III to 81 points to the bad.
Spots were marked down 81 points, and
, sales were 1000 bales and receipts 5000.
No definite news regarding the labor
situation came In cables.
At the opening prices in the domestic
markets were moderately lower. There
was little in the news different from
recently but nothing happened to alter
the feeling as to business. weather
over the weekend was good, although
shortly after the opening notice was
posted that slight disturbance was in
the eastern gulf and it might lead to
a warning later. December opened at
22.80c in New York. off 45 points, but
it sold up to 23.02c. due to covering on
certain quarters that the market was
low enough But there was too much
bearishness in the spot news from Tex
as and bears hammered without mercy,
helped by all sorts Of rumors and re-
ports, whether with tangible basis or
not mattered not. Shortly before the
close certain months reached the one
day limit Of 200 points, while the others
were near it. Finals were near the
bottom.
From the spot department came little
news, except that in Texas selling was
free in spite of the fact that some folks
were refusing to turn loose. In Hous-
ton spots were cut 200 points, middling
to 2250c, with sales 1929 bales, while
Dallas sold 1s,7Os bales and cut mid
ding 200 points to 21.95c. Spot CEN
tiers in the eastern belt are getting in
line, but as yet have sold but little.
August cut middling 200 points to 24.75c
and sold 500 bales. In New Orleans
the cut was 200 points, middling to
"a cents and sales were sol bales. Lo-
cally sales were $50 bales, but quota
tions were reduced but so points, still
called nominal with middling assoc.