The news scimitar. (Memphis, Tenn.) 1907-1926, 1920-08-25
COTTON MARKETS
Market Extremely Nervous
and Closes LoWer-Weekk
Summary About Standoff

wednesday Afternoon, Aug. 25.
Ner NERVOUSNESS characterized the cotton
crate declines Al its low al Tho ioss
from the opening was about 1875 points
nul some recovery followed when shorts
covered There was nothing startling
IN the news, but more rains fell where
not needed IN the eastern nart Of Texas
and the weekly summary contained
some things which suggested the wis
uom or caution after such break as
the market has had during the past
week or so, The first installment OF
crop condition EuesSes came, although
one was without confirmation. The
other was indicative OF Crop OF about
lSbooOOO bales, including nnters De
velopments In Europe again figured and
perhaps contributed to the sharp dip in
, ame e earn Iternoon' for revival Of
AZ the finish the list in New York
was steady and from Is to. As points
20 the close, while New Orleans fin
ished steady and AZ to 65 points net
lower
Liverpool should come II to 9 points
TO the good tomorrow to make proper
response.
The foreign market started out pref
y well, being up approximately what
was due, But after a brief spell Of
ferings increased and there was hur-
ried downturn, which continued right
up 70 the close, finals being weak and
Irregular at n decline OF 20 TO IA points
10 the good. The list was due TO come
about 81 points up. Spots were marked
up II points fully middling 10 s3.S3d
with sales 3, 900 bales, including $500
American, Receipts for the day were
10000 bales, including 1000 American,
Private cables said that traders still
feared labor troubles, while further can
cellations were being received at the
mills.
The best prices of the day were at
the. start, October in New York being
10 points up, at q ,4Oo Some heavy
Texas. while light ones were reported
from other portions Of the state, all
Of which were not favorable. The rest
OF the belt was In pretty good shape,
except that temperatures were rather
lew in the upper part OF the central ana
eastern belt. The weak cables en-
couraged selling and the condition re
port OF T09 compared with last months
1853 from this same authority also en-,
couraRed pressure. The weekly falled
to have more than temporary effect
and after II came and proved no worse
than expected other factors got in their
work.
In the early afternoon October sold
down to 26,25c. and then recovered TO
"a lie, shortly before the close. But
little other than the technical position
seemed responsible for the come
back. .,..-,...- -.
In the spot department pusln'sS I'h-
tinred moderate, although Houston re-
ported sales S,252 bales, middling down
s5 points TO 80 75c Dallas reported J.
700 bales, and cut middling to 29b5e
In other markets business was llghI
Memphis selling only 200 and New
Orleans 100 Adjustment Of quotations
10 the new crop basis Is nearly conf
Melted. and the few remaining mar.
keta Including Memphis. are expected
10 do II soon. The movement continues
lirht. both at Interior points and ports
and exports are practically nothing. The
weekly summary said that picking was
getting under way in the upper portions
OF Georgia, and II rains cease, as now
come general over most Of the belt very
soon.